McEwen (NYSE:MUX) Hits New 12-Month High – Time to Buy?

McEwen Inc. (NYSE:MUX) (TSE:MUX) hit a new 52-week high on Thursday . The company traded as high as $19.12 and last traded at $18.80, with a volume of 1793062 shares traded. The stock had previously closed at $17.71.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on MUX shares. Roth Capital set a $23.00 target price on shares of McEwen in a research report on Thursday. Weiss Ratings reiterated a “sell (d+)” rating on shares of McEwen in a report on Wednesday. HC Wainwright increased their price objective on McEwen from $17.00 to $21.50 and gave the company a “buy” rating in a report on Friday. Finally, National Bankshares reiterated an “outperform” rating on shares of McEwen in a research note on Wednesday, July 16th. One investment analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, McEwen presently has an average rating of “Moderate Buy” and an average price target of $19.00.

McEwen Price Performance

The stock has a 50 day simple moving average of $13.38 and a two-hundred day simple moving average of $10.40. The firm has a market cap of $1.03 billion, a PE ratio of -75.86 and a beta of 0.99. The company has a debt-to-equity ratio of 0.26, a quick ratio of 1.82 and a current ratio of 2.35.

McEwen (NYSE:MUX) (TSE:MUX) last announced its quarterly earnings results on Wednesday, August 6th. The basic materials company reported $0.06 earnings per share for the quarter, missing the consensus estimate of $0.09 by ($0.03). The company had revenue of $46.70 million for the quarter, compared to analysts’ expectations of $49.05 million. McEwen had a negative net margin of 8.05% and a negative return on equity of 2.76%. Sell-side analysts expect that McEwen Inc. will post -0.72 earnings per share for the current year.

Insider Activity

In other news, VP Jeffrey Chan sold 13,333 shares of the business’s stock in a transaction that occurred on Monday, September 22nd. The stock was sold at an average price of $14.89, for a total value of $198,528.37. Following the completion of the sale, the vice president directly owned 2,267 shares in the company, valued at $33,755.63. The trade was a 85.47% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Robert Ross Mcewen sold 50,000 shares of the business’s stock in a transaction on Friday, September 19th. The stock was sold at an average price of $14.35, for a total transaction of $717,500.00. Following the completion of the sale, the chief executive officer directly owned 450,000 shares of the company’s stock, valued at approximately $6,457,500. The trade was a 10.00% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 77,192 shares of company stock worth $1,110,702 over the last three months. Corporate insiders own 16.10% of the company’s stock.

Institutional Investors Weigh In On McEwen

Several large investors have recently bought and sold shares of the company. U S Global Investors Inc. grew its holdings in shares of McEwen by 23.4% during the first quarter. U S Global Investors Inc. now owns 405,584 shares of the basic materials company’s stock worth $3,062,000 after buying an additional 76,972 shares in the last quarter. Alps Advisors Inc. increased its position in shares of McEwen by 41.9% in the first quarter. Alps Advisors Inc. now owns 729,515 shares of the basic materials company’s stock valued at $5,508,000 after buying an additional 215,396 shares in the last quarter. SBI Securities Co. Ltd. increased its position in shares of McEwen by 9,935.0% in the first quarter. SBI Securities Co. Ltd. now owns 14,350 shares of the basic materials company’s stock valued at $108,000 after buying an additional 14,207 shares in the last quarter. Private Advisor Group LLC increased its position in shares of McEwen by 16.6% in the first quarter. Private Advisor Group LLC now owns 14,743 shares of the basic materials company’s stock valued at $111,000 after buying an additional 2,098 shares in the last quarter. Finally, Universal Beteiligungs und Servicegesellschaft mbH purchased a new position in McEwen during the 1st quarter valued at about $378,000. 17.03% of the stock is currently owned by hedge funds and other institutional investors.

About McEwen

McEwen Mining Inc engages in the exploration, development, production, and sale of gold and silver. It also explores for copper deposits. The company owns 100% interests in the El Gallo and Fenix projects located in Mexico; and the Black Fox Mine and Stock Mill, Grey Fox, and Froome and Tamarack properties in Canada.