Royal Bank of Canada Forecasts Strong Price Appreciation for Lundin Gold (TSE:LUG) Stock

Lundin Gold (TSE:LUG) had its price target raised by Royal Bank of Canada from C$37.00 to C$42.00 in a research report sent to investors on Friday,BayStreet.CA reports.

Other analysts also recently issued reports about the company. BMO Capital Markets downgraded Lundin Gold from an “outperform” rating to a “market perform” rating in a research report on Tuesday, December 10th. TD Securities boosted their price objective on shares of Lundin Gold from C$40.00 to C$46.00 and gave the stock a “buy” rating in a research report on Thursday, February 27th. Scotiabank raised their target price on shares of Lundin Gold from C$30.00 to C$31.50 in a report on Wednesday, January 15th. Cibc World Mkts downgraded shares of Lundin Gold from a “strong-buy” rating to a “hold” rating in a report on Thursday, March 20th. Finally, Cormark cut shares of Lundin Gold from a “moderate buy” rating to a “hold” rating in a research note on Thursday, February 20th. Eight investment analysts have rated the stock with a hold rating, three have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company has an average rating of “Hold” and an average target price of C$38.18.

Lundin Gold Price Performance

Shares of TSE:LUG opened at C$41.75 on Friday. The firm has a market capitalization of C$7.13 billion, a price-to-earnings ratio of 23.44 and a beta of 1.23. The business’s 50 day simple moving average is C$40.55 and its 200-day simple moving average is C$35.09. Lundin Gold has a 12 month low of C$18.08 and a 12 month high of C$45.82.

Lundin Gold Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, March 26th. Stockholders of record on Wednesday, March 26th were issued a dividend of $0.43 per share. This is a boost from Lundin Gold’s previous quarterly dividend of $0.20. The ex-dividend date of this dividend was Tuesday, March 11th. This represents a $1.72 annualized dividend and a dividend yield of 4.12%. Lundin Gold’s dividend payout ratio (DPR) is 60.06%.

Insider Activity at Lundin Gold

In related news, Senior Officer Sheila Margaret Colman sold 9,900 shares of the business’s stock in a transaction that occurred on Wednesday, February 26th. The shares were sold at an average price of C$41.74, for a total value of C$413,226.00. Also, Director Pablo Mir sold 11,535 shares of the stock in a transaction that occurred on Tuesday, January 7th. The stock was sold at an average price of C$30.78, for a total transaction of C$355,001.16. Over the last ninety days, insiders sold 144,685 shares of company stock worth $5,854,985. 58.72% of the stock is currently owned by insiders.

About Lundin Gold

Lundin Gold Inc operates as a mining company in Canada. The company holds interests in 28 metallic mineral concessions and three construction material concessions covering an area of approximately 64,454 hectares located in Southeast Ecuador. It primary holds 100% interests in the Fruta del Norte gold project that comprising seven concessions covering an area of approximately 5,566 hectares located near the city of Loja in Ecuador.