Lundin Gold (TSE:LUG) Share Price Crosses Above 50 Day Moving Average – Here’s Why

Lundin Gold Inc. (TSE:LUG)’s stock price crossed above its fifty day moving average during trading on Wednesday. The stock has a fifty day moving average of C$90.81 and traded as high as C$92.79. Lundin Gold shares last traded at C$91.66, with a volume of 378,556 shares changing hands.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on LUG shares. Royal Bank Of Canada dropped their price target on shares of Lundin Gold from C$98.00 to C$89.00 in a research note on Wednesday, September 16th. Canadian Imperial Bank of Commerce reduced their price objective on Lundin Gold from C$137.00 to C$131.00 in a research report on Monday, August 10th. Jefferies Financial Group lowered their target price on Lundin Gold from C$90.00 to C$88.00 in a research note on Monday, July 6th. Finally, Desjardins dropped their target price on Lundin Gold from C$105.00 to C$100.00 and set a “buy” rating on the stock in a research report on Monday, July 27th. Two investment analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, the company currently has an average rating of “Buy” and an average price target of C$99.33.

Lundin Gold Stock Up 0.6%

The company has a market capitalization of C$22.15 billion, a P/E ratio of 23.79 and a beta of 1.64. The company’s 50-day simple moving average is C$91.12 and its 200 day simple moving average is C$92.35.

Lundin Gold (TSE:LUG) last released its quarterly earnings results on Thursday, August 6th. The company reported C$1.19 earnings per share for the quarter. Lundin Gold had a net margin of 46.31% and a return on equity of 81.63%. The business had revenue of C$678.70 million for the quarter. As a group, equities research analysts forecast that Lundin Gold Inc. will post 2.5603448 earnings per share for the current year.

Lundin Gold Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, September 25th. Shareholders of record on Friday, September 25th will be given a $1.0934 dividend. This is an increase from Lundin Gold’s previous quarterly dividend of $0.91. This represents a $4.37 dividend on an annualized basis and a dividend yield of 4.8%. The ex-dividend date of this dividend is Thursday, September 10th. Lundin Gold’s payout ratio is presently 102.60%.

About Lundin Gold

Lundin Gold, headquartered in Vancouver, Canada, owns the Fruta del Norte gold mine in southeast Ecuador. Fruta del Norte is among the highest-grade operating gold mines in the world. The Company’s board and management team have extensive expertise and are dedicated to operating Fruta del Norte responsibly. The Company operates with transparency and in accordance with international best practices. Lundin Gold is committed to delivering value to its shareholders through operational excellence and growth, while simultaneously providing economic and social benefits to impacted communities, fostering a healthy and safe workplace and minimizing the environmental impact.