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

Lundin Gold Inc. (TSE:LUG) – Stock analysts at Cormark boosted their FY2024 earnings estimates for Lundin Gold in a research note issued to investors on Wednesday, November 6th. Cormark analyst N. Dion now expects that the company will earn $2.18 per share for the year, up from their prior estimate of $2.08. Cormark currently has a “Hold” rating and a $32.00 target price on the stock. The consensus estimate for Lundin Gold’s current full-year earnings is $2.56 per share. Cormark also issued estimates for Lundin Gold’s FY2025 earnings at $2.47 EPS.

Lundin Gold (TSE:LUG) last announced its earnings results on Thursday, August 8th. The company reported C$0.55 earnings per share (EPS) for the quarter, missing the consensus estimate of C$0.62 by C($0.07). The company had revenue of C$412.43 million for the quarter. Lundin Gold had a net margin of 24.30% and a return on equity of 22.88%.

LUG has been the subject of several other research reports. Scotiabank increased their price target on shares of Lundin Gold from C$23.50 to C$25.50 in a research report on Monday, August 19th. Raymond James cut Lundin Gold from an “outperform” rating to a “market perform” rating and lifted their price objective for the company from C$25.00 to C$29.00 in a research note on Monday, September 23rd. Desjardins raised Lundin Gold to a “moderate buy” rating in a research report on Thursday, October 31st. TD Securities raised their target price on shares of Lundin Gold from C$27.00 to C$38.00 in a report on Friday, October 18th. Finally, National Bankshares increased their price target on shares of Lundin Gold from C$30.75 to C$32.00 and gave the stock an “outperform” rating in a research report on Wednesday, August 14th. Four investment analysts have rated the stock with a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of C$29.42.

Lundin Gold Stock Performance

TSE:LUG opened at C$32.67 on Friday. The company has a market capitalization of C$7.84 billion, a price-to-earnings ratio of 25.33 and a beta of 1.23. The company has a debt-to-equity ratio of 14.28, a current ratio of 1.98 and a quick ratio of 1.41. Lundin Gold has a 1-year low of C$14.23 and a 1-year high of C$35.89. The business has a 50 day moving average of C$30.83 and a 200 day moving average of C$24.79.

Insider Activity at Lundin Gold

In other news, Senior Officer Terrence Smith sold 25,740 shares of the company’s stock in a transaction dated Friday, September 20th. The shares were sold at an average price of C$29.52, for a total value of C$759,826.78. In other Lundin Gold news, Director Ronald F. Hochstein sold 16,200 shares of the firm’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. Also, Senior Officer Terrence Smith sold 25,740 shares of the company’s stock in a transaction on Friday, September 20th. The stock was sold at an average price of C$29.52, for a total value of C$759,826.78. In the last 90 days, insiders have sold 72,840 shares of company stock worth $2,146,122. Company insiders own 58.72% of the company’s stock.

Lundin Gold Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, September 25th. Stockholders of record on Wednesday, September 25th were given a dividend of $0.551 per share. This represents a $2.20 annualized dividend and a dividend yield of 6.75%. This is a boost from Lundin Gold’s previous quarterly dividend of $0.10. The ex-dividend date was Tuesday, September 10th. Lundin Gold’s dividend 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.