Wesdome Gold Mines (TSE:WDO) Stock Crosses Below 200-Day Moving Average on Analyst Downgrade

Shares of Wesdome Gold Mines Ltd. (TSE:WDO) crossed below its 200-day moving average during trading on Monday after Canaccord Genuity Group downgraded the stock from a buy rating to a hold rating. The stock has a 200-day moving average of C$27.83 and traded as low as C$27.11. Canaccord Genuity Group now has a C$33.00 price target on the stock, up from their previous price target of C$30.00. Wesdome Gold Mines shares last traded at C$27.74, with a volume of 746,573 shares trading hands.

Several other equities analysts have also commented on WDO. Canadian Imperial Bank of Commerce boosted their price target on Wesdome Gold Mines from C$32.00 to C$35.00 in a research report on Friday, August 21st. Stifel Nicolaus downgraded shares of Wesdome Gold Mines from a “buy” rating to a “hold” rating and set a C$34.00 price objective for the company. in a research report on Monday, October 19th. Desjardins dropped their price objective on shares of Wesdome Gold Mines from C$42.00 to C$41.00 and set a “buy” rating on the stock in a research note on Thursday. National Bank Financial boosted their target price on shares of Wesdome Gold Mines from C$34.50 to C$40.00 and gave the stock an “outperform” rating in a research report on Wednesday, August 19th. Finally, BMO Capital Markets cut shares of Wesdome Gold Mines from an “outperform” rating to a “hold” rating and boosted their target price for the stock from C$30.00 to C$34.00 in a research report on Wednesday, August 19th. Three analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of C$34.50.

Insider Buying and Selling at Wesdome Gold Mines

In related news, Director Anthea Ingrid Bath sold 66,961 shares of the company’s stock in a transaction that occurred on Tuesday, August 18th. The stock was sold at an average price of C$31.15, for a total transaction of C$2,085,835.15. Following the sale, the director directly owned 130,128 shares of the company’s stock, valued at approximately C$4,053,487.20. This represents a 33.98% decrease in their position. Company insiders own 0.17% of the company’s stock.

Wesdome Gold Mines Trading Down 0.9%

The company has a quick ratio of 0.37, a current ratio of 6.90 and a debt-to-equity ratio of 0.73. The firm’s 50 day simple moving average is C$33.67 and its two-hundred day simple moving average is C$27.83. The stock has a market cap of C$3.98 billion, a P/E ratio of 10.01 and a beta of 1.32.

Wesdome Gold Mines (TSE:WDO) last issued its earnings results on Thursday, August 13th. The company reported C$0.65 earnings per share for the quarter. Wesdome Gold Mines had a net margin of 38.46% and a return on equity of 43.77%. The company had revenue of C$266.76 million for the quarter. As a group, equities research analysts predict that Wesdome Gold Mines Ltd. will post 1.29 earnings per share for the current fiscal year.

Wesdome Gold Mines Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, September 29th. Investors of record on Tuesday, September 29th were paid a dividend of $0.0306 per share. The ex-dividend date was Tuesday, September 15th. This represents a $0.12 annualized dividend and a yield of 0.4%.

Wesdome Gold Mines Company Profile

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.