Lundin Gold (TSE:LUG) Stock Passes Above Fifty Day Moving Average – Here’s What Happened

Shares of Lundin Gold Inc. (TSE:LUG) passed above its 50-day moving average during trading on Monday . The stock has a 50-day moving average of C$39.85 and traded as high as C$44.69. Lundin Gold shares last traded at C$44.56, with a volume of 345,425 shares trading hands.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on the stock. Royal Bank of Canada raised their target price on shares of Lundin Gold from C$31.00 to C$35.00 and gave the stock a “sector perform” rating in a report on Tuesday, February 11th. TD Securities lifted their price objective on Lundin Gold from C$40.00 to C$46.00 and gave the company a “buy” rating in a research note on Thursday, February 27th. Jefferies Financial Group cut Lundin Gold from a “buy” rating to a “hold” rating and decreased their price objective for the company from C$37.00 to C$36.00 in a report on Wednesday, December 11th. Cibc World Mkts lowered Lundin Gold from a “strong-buy” rating to a “hold” rating in a report on Thursday, March 20th. Finally, BMO Capital Markets downgraded Lundin Gold from an “outperform” rating to a “market perform” rating in a report on Tuesday, December 10th. Eight investment analysts have rated the stock with a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, Lundin Gold currently has a consensus rating of “Hold” and an average target price of C$35.45.

Lundin Gold Stock Performance

The firm has a market cap of C$7.53 billion, a price-to-earnings ratio of 24.77 and a beta of 1.23. The company has a 50 day moving average price of C$40.22 and a 200 day moving average price of C$34.98.

Lundin Gold Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, March 26th. Stockholders of record on Wednesday, March 26th were issued a $0.43 dividend. This is a positive change from Lundin Gold’s previous quarterly dividend of $0.20. This represents a $1.72 annualized dividend and a dividend yield of 3.90%. The ex-dividend date of this dividend was Tuesday, March 11th. Lundin Gold’s dividend payout ratio is currently 60.06%.

Insider Activity

In related news, Director Ronald F. Hochstein sold 88,750 shares of Lundin Gold stock in a transaction that occurred on Wednesday, February 26th. The shares were sold at an average price of C$41.42, for a total value of C$3,675,732.13. Also, Senior Officer Chester See sold 5,800 shares of the stock in a transaction that occurred on Friday, February 28th. The shares were sold at an average price of C$40.92, for a total transaction of C$237,321.50. Over the last ninety days, insiders sold 144,685 shares of company stock valued at $5,854,985. 58.72% of the stock is currently owned by corporate insiders.

About Lundin Gold

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.