Cormark Research Analysts Boost Earnings Estimates for Lundin Gold Inc. (TSE:LUG)

Lundin Gold Inc. (TSE:LUG) – Analysts at Cormark increased their FY2024 earnings per share estimates for Lundin Gold in a research report issued to clients and investors on Thursday, October 10th. Cormark analyst N. Dion now expects that the company will post earnings per share of $2.08 for the year, up from their previous estimate of $1.96. Cormark currently has a “Hold” rating and a $32.00 price objective on the stock. The consensus estimate for Lundin Gold’s current full-year earnings is $2.56 per share.

A number of other research analysts have also recently issued reports on LUG. Canaccord Genuity Group increased their target price on shares of Lundin Gold from C$27.50 to C$28.50 in a report on Tuesday, August 20th. CIBC upped their price objective on Lundin Gold from C$28.00 to C$34.00 and gave the company an “outperform” rating in a research report on Wednesday, September 11th. Jefferies Financial Group raised their target price on shares of Lundin Gold from C$29.00 to C$35.00 in a research report on Friday, October 4th. National Bank Financial upgraded Lundin Gold from a “hold” rating to a “strong-buy” rating in a research report on Sunday, July 7th. Finally, Scotiabank boosted their target price on shares of Lundin Gold from C$23.50 to C$25.50 in a report on Monday, August 19th. Three analysts have rated the stock with a hold rating, four have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of C$28.33.

Lundin Gold Price Performance

Lundin Gold has a 1-year low of C$14.23 and a 1-year high of C$32.85. The business’s 50-day moving average price is C$27.42 and its 200-day moving average price is C$22.70. The stock has a market capitalization of C$7.85 billion, a PE ratio of 25.31 and a beta of 1.23. The company has a quick ratio of 1.41, a current ratio of 1.98 and a debt-to-equity ratio of 14.28.

Lundin Gold (TSE:LUG) last released its quarterly earnings results on Thursday, August 8th. The company reported C$0.55 EPS for the quarter, missing the consensus estimate of C$0.62 by C($0.07). The company had revenue of C$412.43 million for the quarter. Lundin Gold had a return on equity of 22.88% and a net margin of 24.30%.

Lundin Gold Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, September 25th. Investors of record on Wednesday, September 25th were issued a $0.551 dividend. This is an increase from Lundin Gold’s previous quarterly dividend of $0.10. This represents a $2.20 dividend on an annualized basis and a dividend yield of ∞. The ex-dividend date of this dividend was Tuesday, September 10th. Lundin Gold’s payout ratio is presently 84.25%.

Insider Activity

In other Lundin Gold news, Senior Officer Chester See sold 14,900 shares of Lundin Gold stock in a transaction that occurred on Monday, September 23rd. The shares were sold at an average price of C$30.10, for a total transaction of C$448,490.00. In other Lundin Gold news, Senior Officer Terrence Smith sold 25,740 shares of the business’s stock in a transaction dated Friday, September 20th. The stock was sold at an average price of C$29.52, for a total value of C$759,826.78. Also, Senior Officer Chester See sold 14,900 shares of the business’s stock in a transaction on Monday, September 23rd. The stock was sold at an average price of C$30.10, for a total transaction of C$448,490.00. In the last 90 days, insiders sold 72,840 shares of company stock worth $2,146,122. Insiders own 58.75% 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.