March was a large month in insider buys for Revett Minerals (RVM). With share prices near a three-year low, Chairman Timothy Lindsey made six different buys into the company and CEO John Shanahan added a few shares as well.
Most notably Chairman Lindsey added a total of 182,100 shares to his stake in the month of March. The shares went for an average price of $2.20, and Lindsey spent a total of $394,343. The chairman has consistently added shares as the price goes down, but recently the price has just continued to go down. Lindsey now holds on to 693,170 shares of Revett stock.
Timothy Lindsey is a director as well as the chairman of the board of Revett Minerals. From March 2005 to the present Lindsey has served as a principal of Lindsey Energy and Natural Resources, an independent consulting firm specializing in energy and mining industry issues.
Revett Minerals is a silver-copper producer that owns and operates the Troy Mine and the pre-development stage Rock Creek Project. The Rock Creek Project contains an inferred resource estimate of 300 million ounces of silver and 2.5 billion pounds of copper. These properties are both located in Northwestern Montana.
The company’s total revenue decreased by 16% to $59.2 million from $70 million in 2011. The net income was $4.1 million or $0.12 per share compared to $13.5 million and $0.35 per share in 2011. The most significant events affecting operations at the Troy Mine in 2012 was limited access to the main producing areas in the first quarter due to unusually high spring runoff, and the suspension of mining activities late in the fourth quarter because of unstable and unsafe ground conditions.
The company has reported that its Rock Creek Project will be ready to begin producing by the middle of 2013.
According to the GuruFocus analysis of Revett Minerals, the company’s revenue has been in a decline for the past five years.
|Market Cap: 69.9 M||P/E: 17||Shiller P/E: n/a|
|P/B: 0.8||P/S: 1.64||EV/EBITDA: 8.49|
|52 Week Low: 1.57||52 Week High: 4.26||Average Volume: 179,151|
Guru Chuck Royce holds 260,521 shares of Revett, and Jim Simons owns 43,800 shares of the company.
With its shares down 2.41%, Revett Minerals trades at $2.02.
For more information on insider trading at the company look at the Revett Minerals Insider Trading History page.