Lundin Gold (TSE:LUG) Lowered to Neutral Rating by CIBC

CIBC downgraded shares of Lundin Gold (TSE:LUG) from an outperform rating to a neutral rating in a research report released on Thursday,BayStreet.CA reports. The firm currently has C$44.00 target price on the stock, up from their prior target price of C$41.00.

A number of other brokerages have also issued reports on LUG. Cormark lowered Lundin Gold from a “moderate buy” rating to a “hold” rating in a research report on Thursday, February 20th. Royal Bank of Canada boosted their price target on Lundin Gold from C$31.00 to C$35.00 and gave the stock a “sector perform” rating in a research report on Tuesday, February 11th. Desjardins boosted their price target 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. Jefferies Financial Group lowered Lundin Gold from a “buy” rating to a “hold” rating and cut their price objective for the company from C$37.00 to C$36.00 in a report on Wednesday, December 11th. Finally, BMO Capital Markets lowered Lundin Gold from an “outperform” rating to a “market perform” rating in a report on Tuesday, December 10th. Nine equities research 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. Based on data from MarketBeat.com, Lundin Gold has an average rating of “Hold” and an average price target of C$35.45.

Lundin Gold Price Performance

Shares of LUG opened at C$43.60 on Thursday. The company has a market cap of C$7.44 billion, a P/E ratio of 24.47 and a beta of 1.23. The stock has a fifty day moving average price of C$38.73 and a 200 day moving average price of C$34.00. Lundin Gold has a 12 month low of C$18.08 and a 12 month 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. Stockholders of record on Wednesday, March 26th will be issued a dividend of $0.43 per share. This represents a $1.72 annualized dividend and a dividend yield of 3.94%. This is an increase from Lundin Gold’s previous quarterly dividend of $0.20. The ex-dividend date is Tuesday, March 11th. Lundin Gold’s dividend payout ratio is currently 60.06%.

Insider Activity

In related news, Senior Officer Sheila Margaret Colman sold 9,900 shares of the company’s stock in a transaction on Wednesday, February 26th. The stock was sold at an average price of C$41.74, for a total transaction of C$413,226.00. Also, Director Pablo Mir sold 11,535 shares of the company’s stock in a transaction on Tuesday, January 7th. The shares were sold at an average price of C$30.78, for a total value of C$355,001.16. Insiders sold a total of 144,685 shares of company stock valued at $5,854,985 over the last three months. Insiders own 58.72% of the company’s stock.

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.