Lundin Gold (TSE:LUG) Downgraded to Hold Rating by Cibc World Mkts

Cibc World Mkts downgraded shares of Lundin Gold (TSE:LUG) from a strong-buy rating to a hold rating in a report released on Thursday,Zacks.com reports.

Several other equities analysts also recently weighed in on the stock. CIBC downgraded shares of Lundin Gold from an “outperform” rating to a “neutral” rating and lifted their price target for the company from C$41.00 to C$44.00 in a report on Thursday. Jefferies Financial Group cut shares of Lundin Gold from a “buy” rating to a “hold” rating and reduced their price objective for the company from C$37.00 to C$36.00 in a research report on Wednesday, December 11th. Desjardins boosted their target price on Lundin Gold from C$38.00 to C$42.00 and gave the stock a “buy” rating in a research report on Thursday, February 13th. TD Securities increased their price objective on shares of Lundin Gold from C$40.00 to C$46.00 and gave the company a “buy” rating in a research report on Thursday, February 27th. Finally, Scotiabank lifted their target price on Lundin Gold from C$30.00 to C$31.50 in a report on Wednesday, January 15th. Nine analysts have rated the stock with a hold rating, three have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of C$35.45.

Lundin Gold Stock Performance

TSE:LUG opened at C$43.60 on Thursday. The stock has a 50-day simple moving average of C$38.73 and a two-hundred day simple moving average of C$33.96. The firm has a market capitalization of C$7.44 billion, a PE ratio of 24.47 and a beta of 1.23. Lundin Gold has a 52-week low of C$18.08 and a 52-week high of C$45.82.

Lundin Gold Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, March 26th. Shareholders of record on Wednesday, March 26th will be paid a $0.43 dividend. This is an increase from Lundin Gold’s previous quarterly dividend of $0.20. This represents a $1.72 dividend on an annualized basis and a yield of 3.94%. The ex-dividend date is Tuesday, March 11th. Lundin Gold’s dividend payout ratio is currently 60.06%.

Insider Transactions at Lundin Gold

In other Lundin Gold news, Director Pablo Mir sold 11,535 shares of the stock in a transaction dated Tuesday, January 7th. The shares were sold at an average price of C$30.78, for a total transaction of C$355,001.16. Also, Director Ian Gibbs sold 14,200 shares of Lundin Gold stock in a transaction that occurred on Friday, March 7th. The shares were sold at an average price of C$41.40, for a total transaction of C$587,880.00. Over the last three months, insiders have sold 144,685 shares of company stock valued at $5,854,985. 58.72% of the stock is currently 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.