Wesdome Gold Mines (TSE:WDO) Cut to “Hold” at BMO Capital Markets

BMO Capital Markets lowered shares of Wesdome Gold Mines (TSE:WDO) from an outperform rating to a hold rating in a research report sent to investors on Wednesday morning, MarketBeat.com reports. The brokerage currently has C$34.00 price objective on the stock, up from their previous price objective of C$30.00.

Several other research analysts have also recently weighed in on the company. Canaccord Genuity Group upgraded Wesdome Gold Mines from a “hold” rating to a “buy” rating and boosted their target price for the stock from C$30.00 to C$31.00 in a report on Monday, June 1st. Canadian Imperial Bank of Commerce raised Wesdome Gold Mines from a “neutral” rating to an “outperformer” rating and increased their price target for the company from C$31.00 to C$32.00 in a report on Friday, July 17th. Stifel Nicolaus upgraded Wesdome Gold Mines to a “strong-buy” rating in a research report on Monday, June 29th. National Bank Financial raised Wesdome Gold Mines from a “sector perform” rating to an “outperform” rating and boosted their price objective for the stock from C$34.00 to C$37.00 in a research note on Friday, July 3rd. Finally, Desjardins upped their target price on Wesdome Gold Mines from C$32.00 to C$34.00 and gave the company a “buy” rating in a report on Thursday, April 23rd. One analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus target price of C$33.38.

Wesdome Gold Mines Stock Performance

TSE:WDO opened at C$34.97 on Wednesday. The company’s 50-day moving average price is C$27.70 and its 200-day moving average price is C$26.29. The company has a current ratio of 6.90, a quick ratio of 0.37 and a debt-to-equity ratio of 0.73. The company has a market cap of C$5.02 billion, a P/E ratio of 12.62 and a beta of 1.33. Wesdome Gold Mines has a twelve month low of C$16.53 and a twelve month high of C$35.35.

Wesdome Gold Mines (TSE:WDO) last posted its quarterly earnings results on Thursday, August 13th. The company reported C$0.65 earnings per share for the quarter. The firm had revenue of C$266.76 million for the quarter. Wesdome Gold Mines had a net margin of 38.46% and a return on equity of 43.77%. On average, sell-side analysts forecast that Wesdome Gold Mines will post 1.293456 earnings per share for the current fiscal year.

Insider Activity

In other news, insider Rajbir Gill purchased 1,047 shares of the business’s stock in a transaction dated Tuesday, June 30th. The stock was acquired at an average price of C$24.02 per share, for a total transaction of C$25,148.94. Following the acquisition, the insider directly owned 24,669 shares of the company’s stock, valued at approximately C$592,549.38. This represents a 4.43% increase in their ownership of the stock. Also, insider Philip Chow Yee purchased 6,250 shares of Wesdome Gold Mines stock in a transaction dated Tuesday, June 30th. The shares were purchased at an average cost of C$24.15 per share, for a total transaction of C$150,937.50. Following the transaction, the insider owned 12,500 shares in the company, valued at approximately C$301,875. This trade represents a 100.00% increase in their position. Insiders have sold 84,394 shares of company stock worth $2,509,289 over the last quarter. 0.17% of the stock is currently owned by corporate insiders.

About Wesdome Gold Mines

Wesdome is a Canadian-focused gold producer with two high-grade underground assets, Eagle River in Northern Ontario and Kiena in Val-d’Or, Québec. The Company’s primary goal is to responsibly leverage its operating platform and high-quality brownfield and greenfield exploration pipeline to build a value-driven mid-tier gold producer.