Lundin Mining (TSE:LUN) Shares Down 9.2% on Analyst Downgrade

Lundin Mining Co. (TSE:LUN)’s share price was down 9.2% during mid-day trading on Thursday after Morgan Stanley lowered their price target on the stock from C$14.80 to C$12.00. The company traded as low as C$9.34 and last traded at C$9.44. Approximately 2,475,907 shares traded hands during trading, a decline of 9% from the average daily volume of 2,726,637 shares. The stock had previously closed at C$10.40.

LUN has been the subject of a number of other reports. Scotiabank downgraded shares of Lundin Mining from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, January 15th. Jefferies Financial Group reduced their target price on Lundin Mining from C$20.00 to C$16.00 in a report on Monday, January 6th. National Bankshares boosted their price target on shares of Lundin Mining from C$17.00 to C$17.50 and gave the company an “outperform” rating in a report on Wednesday, April 2nd. UBS Group lowered their target price on Lundin Mining from C$17.00 to C$15.50 in a research note on Tuesday, January 7th. Finally, Stifel Canada upgraded Lundin Mining to a “strong-buy” rating in a report on Wednesday, March 19th. Six research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of C$16.46.

Insider Activity

In related news, Director Adam Ian Lundin bought 150,000 shares of the business’s stock in a transaction dated Thursday, April 3rd. The stock was bought at an average price of C$10.82 per share, for a total transaction of C$1,623,000.00. Also, insider Nemesia S.a.r.l. acquired 2,000,000 shares of Lundin Mining stock in a transaction dated Thursday, April 3rd. The shares were purchased at an average price of C$11.35 per share, with a total value of C$22,700,000.00. Insiders own 15.70% of the company’s stock.

Lundin Mining Trading Up 7.6 %

The business’s 50-day moving average price is C$11.84 and its two-hundred day moving average price is C$12.80. The company has a debt-to-equity ratio of 41.58, a current ratio of 1.40 and a quick ratio of 0.90. The company has a market capitalization of C$6.25 billion, a price-to-earnings ratio of 20.30, a P/E/G ratio of -0.26 and a beta of 1.66.

Lundin Mining Company Profile

Lundin Mining Corp is a diversified Canadian base metals mining company with operations in Brazil Chile Portugal Sweden and the United States of America producing copper zinc gold and nickel. Its material mineral properties include Candelaria Chapada Eagle and Neves-Corvo.