Scotiabank Raises Lundin Gold (TSE:LUG) Price Target to C$31.50

Lundin Gold (TSE:LUG) had its price objective lifted by Scotiabank from C$25.50 to C$31.50 in a report issued on Thursday morning,BayStreet.CA reports.

A number of other brokerages have also commented on LUG. TD Securities increased their price target on Lundin Gold from C$27.00 to C$38.00 in a research note on Friday, October 18th. Royal Bank of Canada raised their price objective on Lundin Gold from C$25.00 to C$27.00 in a research note on Tuesday, September 10th. Canaccord Genuity Group lowered Lundin Gold from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, October 22nd. CIBC raised their price objective on Lundin Gold from C$28.00 to C$34.00 and gave the company an “outperform” rating in a research note on Wednesday, September 11th. Finally, Jefferies Financial Group raised their price objective on Lundin Gold from C$35.00 to C$37.00 and gave the company a “buy” rating in a research note on Thursday, October 17th. Four investment analysts have rated the stock with a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of C$29.92.

Lundin Gold Stock Performance

TSE:LUG opened at C$33.30 on Thursday. The company has a current ratio of 1.98, a quick ratio of 1.41 and a debt-to-equity ratio of 14.28. Lundin Gold has a 12-month low of C$14.23 and a 12-month high of C$35.89. The stock has a 50-day moving average price of C$31.68 and a 200 day moving average price of C$25.74. The stock has a market capitalization of C$7.99 billion, a P/E ratio of 25.81 and a beta of 1.23.

Lundin Gold (TSE:LUG) last released its earnings results on Thursday, November 7th. The company reported C$0.76 earnings per share (EPS) for the quarter, topping the consensus estimate of C$0.60 by C$0.16. Lundin Gold had a return on equity of 22.88% and a net margin of 24.30%. The firm had revenue of C$440.77 million during the quarter. Equities research analysts forecast that Lundin Gold will post 2.5603448 EPS for the current fiscal year.

Lundin Gold Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 20th. Shareholders of record on Thursday, December 5th will be issued a dividend of $0.20 per share. The ex-dividend date is Thursday, December 5th. This represents a $0.80 annualized dividend and a yield of 2.40%. Lundin Gold’s payout ratio is currently 82.95%.

Insiders Place Their Bets

In other news, Director Ronald F. Hochstein sold 16,200 shares of Lundin Gold stock in a transaction on Tuesday, September 17th. The stock was sold at an average price of C$29.50, for a total value of C$477,891.90. Also, Senior Officer Sheila Margaret Colman sold 16,000 shares of Lundin Gold stock in a transaction on Thursday, September 12th. The shares were sold at an average price of C$28.74, for a total value of C$459,913.60. Insiders have sold 72,840 shares of company stock worth $2,146,122 in the last ninety days. 58.72% of the stock is owned by company insiders.

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.