Lundin Gold (TSE:LUG) Cut to “Hold” at Cibc World Mkts

Lundin Gold (TSE:LUG) was downgraded by research analysts at Cibc World Mkts from a “strong-buy” rating to a “hold” rating in a note issued to investors on Thursday,Zacks.com reports.

LUG has been the topic of several other reports. BMO Capital Markets cut Lundin Gold from an “outperform” rating to a “market perform” rating in a report on Tuesday, December 10th. Scotiabank lifted their price objective on Lundin Gold from C$30.00 to C$31.50 in a research note on Wednesday, January 15th. Cormark downgraded Lundin Gold from a “moderate buy” rating to a “hold” rating in a research report on Thursday, February 20th. Jefferies Financial Group cut shares of Lundin Gold from a “buy” rating to a “hold” rating and reduced their price target for the stock from C$37.00 to C$36.00 in a research report on Wednesday, December 11th. Finally, Royal Bank of Canada increased their price objective on shares of Lundin Gold from C$31.00 to C$35.00 and gave the company a “sector perform” rating in a research report on Tuesday, February 11th. Nine equities research analysts have rated the stock with a hold rating, three have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company has an average rating of “Hold” and an average target price of C$35.45.

Lundin Gold Stock Performance

Shares of TSE:LUG opened at C$43.60 on Thursday. The firm has a market cap of C$7.44 billion, a price-to-earnings ratio of 24.47 and a beta of 1.23. The firm has a fifty day moving average price of C$38.73 and a 200 day moving average price of C$33.96. Lundin Gold has a fifty-two week low of C$18.08 and a fifty-two week high of C$45.82.

Insider Activity at Lundin Gold

In other news, Senior Officer Sheila Margaret Colman sold 9,900 shares of Lundin Gold stock in a transaction on Wednesday, February 26th. The stock was sold at an average price of C$41.74, for a total value of C$413,226.00. Also, Director Ian Gibbs sold 14,200 shares of the company’s stock in a transaction on Friday, March 7th. The stock was sold at an average price of C$41.40, for a total value of C$587,880.00. Insiders sold a total of 144,685 shares of company stock worth $5,854,985 in the last quarter. 58.72% of the stock is owned by company 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.