NEW YORK (TheStreet) -- Silver Wheaton Corp (SLW) wasn't immune from an industry-wide sell-off on gold mining stocks, despite the fact the company's gold output contributes only 0.04% to total production. Investors were feeling bearish across all precious metal miners on Monday after gold prices tumbled to their lowest levels since July.
The Vancouver-based miner shed 5.9% to $19.72, adding to the company's year-to-date losses of 45.3%.
Gold prices were lower after November manufacturing data came in at the highest levels since mid-2011, sparking concerns the Federal Reserve would begin tapering monetary stimulus. By late afternoon, bullion was selling 2.3% lower to $1,219.71 an ounce.
Gold investments have become unfavorable over the year as low inflation created an adverse environment and investors shirked precious metals for more preferable equities. Year to date, the SPDR Gold Trust (GLD) has dropped 27.4% and the iShares Gold Trust (IAU) has fallen 27.3%, while the S&P 500 climbed 26.6%.
TheStreet Ratings team rates Silver Wheaton Corp as a Hold with a ratings score of C+. The team has this to say about their recommendation:
"We rate Silver Wheaton Corp (SLW) a HOLD. The primary factors that have impacted our rating are mixed -- some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its revenue growth, largely solid financial position with reasonable debt levels by most measures and expanding profit margins. However, as a counter to these strengths, we also find weaknesses including a generally disappointing performance in the stock itself, deteriorating net income and weak operating cash flow."