Cormark Has Strong Estimate for Lundin Gold FY2024 Earnings

Lundin Gold Inc. (TSE:LUG) – Research analysts at Cormark upped their FY2024 earnings estimates for shares of Lundin Gold in a report issued on Wednesday, December 11th. Cormark analyst N. Dion now anticipates that the company will post earnings per share of $2.37 for the year, up from their prior forecast of $2.35. Cormark currently has a “Hold” rating and a $32.00 target price on the stock. The consensus estimate for Lundin Gold’s current full-year earnings is $2.56 per share.

A number of other analysts have also issued reports on the company. Desjardins raised Lundin Gold to a “moderate buy” rating in a research report on Thursday, October 31st. CIBC boosted their target price on Lundin Gold from C$34.00 to C$41.00 in a research report on Monday, December 2nd. Scotiabank dropped their price target on shares of Lundin Gold from C$31.50 to C$30.00 in a research note on Tuesday. Raymond James downgraded shares of Lundin Gold from an “outperform” rating to a “market perform” rating and boosted their price target for the stock from C$25.00 to C$29.00 in a research note on Monday, September 23rd. Finally, Jefferies Financial Group downgraded shares of Lundin Gold from a “buy” rating to a “hold” rating and dropped their price target for the stock from C$37.00 to C$36.00 in a research note on Wednesday. Six research analysts have rated the stock with a hold rating, three have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, Lundin Gold presently has an average rating of “Moderate Buy” and an average target price of C$32.55.

Lundin Gold Stock Down 1.7 %

Shares of TSE LUG opened at C$31.38 on Friday. The firm has a market cap of C$7.53 billion, a price-to-earnings ratio of 24.33 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 has a 52-week low of C$14.23 and a 52-week high of C$35.89. The business’s 50 day moving average is C$32.81 and its two-hundred day moving average is C$27.06.

Lundin Gold (TSE:LUG) last announced its earnings results on Thursday, November 7th. The company reported C$0.76 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of C$0.60 by C$0.16. The company had revenue of C$440.77 million for the quarter. Lundin Gold had a return on equity of 22.88% and a net margin of 24.30%.

Lundin Gold Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, December 20th. Investors of record on Friday, December 20th will be paid a dividend of $0.20 per share. The ex-dividend date is Thursday, December 5th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 2.55%. Lundin Gold’s payout ratio is currently 82.95%.

Insider Buying and Selling

In other Lundin Gold news, Director Ronald F. Hochstein sold 16,200 shares of the company’s stock in a transaction on Tuesday, September 17th. The shares were sold at an average price of C$29.50, for a total value of C$477,891.90. Also, Senior Officer Chester See sold 14,900 shares of the company’s stock in a transaction 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. Over the last quarter, insiders sold 56,840 shares of company stock worth $1,686,209. Corporate 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.