Cormark Weighs in on Lundin Gold’s FY2024 Earnings (TSE:LUG)

Lundin Gold Inc. (TSE:LUG) – Cormark boosted their FY2024 earnings per share estimates for Lundin Gold in a report released on Wednesday, December 11th. Cormark analyst N. Dion now forecasts that the company will post earnings per share of $2.37 for the year, up from their previous estimate of $2.35. Cormark has a “Hold” rating and a $32.00 price objective on the stock. The consensus estimate for Lundin Gold’s current full-year earnings is $2.56 per share.

Lundin Gold (TSE:LUG) last announced its earnings results on Thursday, November 7th. The company reported C$0.76 EPS for the quarter, beating the consensus estimate of C$0.60 by C$0.16. The company had revenue of C$440.77 million for the quarter. Lundin Gold had a return on equity of 22.88% and a net margin of 24.30%.

Several other research analysts also recently weighed in on LUG. Desjardins upgraded shares of Lundin Gold to a “moderate buy” rating in a report on Thursday, October 31st. Raymond James cut shares of Lundin Gold from an “outperform” rating to a “market perform” rating and raised their price target for the company from C$25.00 to C$29.00 in a research report on Monday, September 23rd. Canaccord Genuity Group downgraded Lundin Gold from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, October 22nd. Royal Bank of Canada upped their price target on Lundin Gold from C$27.00 to C$31.00 in a report on Friday, December 6th. Finally, CIBC upped their target price on shares of Lundin Gold from C$34.00 to C$41.00 in a research note on Monday, December 2nd. Six analysts have rated the stock with a hold rating, three have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Lundin Gold has a consensus rating of “Moderate Buy” and an average price target of C$32.55.

Lundin Gold Price Performance

LUG stock opened at C$31.38 on Friday. Lundin Gold has a 1 year low of C$14.23 and a 1 year high of C$35.89. The stock has a market capitalization of C$7.53 billion, a PE ratio of 24.33 and a beta of 1.23. The company’s 50-day moving average is C$32.81 and its 200-day moving average is C$27.10. The company has a debt-to-equity ratio of 14.28, a current ratio of 1.98 and a quick ratio of 1.41.

Insider Activity

In related news, Senior Officer Terrence Smith sold 25,740 shares of the business’s stock in a transaction dated Friday, September 20th. The stock was sold at an average price of C$29.52, for a total transaction of C$759,826.78. Also, Director Ronald F. Hochstein sold 16,200 shares of the business’s stock in a transaction that occurred on Tuesday, September 17th. The shares were sold at an average price of C$29.50, for a total value of C$477,891.90. In the last three months, insiders have sold 56,840 shares of company stock worth $1,686,209. 58.72% of the stock is currently owned by insiders.

Lundin Gold Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 20th. Stockholders of record on Friday, December 20th will be issued a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a dividend yield of 2.55%. The ex-dividend date is Thursday, December 5th. Lundin Gold’s payout ratio is currently 82.95%.

Lundin Gold Company Profile

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.