Olympiad Research LP Makes New Investment in McEwen Inc. $MUX

Olympiad Research LP bought a new stake in shares of McEwen Inc. (NYSE:MUX) (TSE:MUX) in the third quarter, Holdings Channel reports. The fund bought 25,897 shares of the basic materials company’s stock, valued at approximately $443,000. McEwen accounts for approximately 0.6% of Olympiad Research LP’s investment portfolio, making the stock its 22nd largest holding.

A number of other institutional investors have also recently made changes to their positions in the stock. Everstar Asset Management LLC raised its position in McEwen by 4.3% in the second quarter. Everstar Asset Management LLC now owns 28,988 shares of the basic materials company’s stock worth $279,000 after acquiring an additional 1,188 shares during the period. Geode Capital Management LLC grew its holdings in shares of McEwen by 0.3% in the second quarter. Geode Capital Management LLC now owns 509,426 shares of the basic materials company’s stock worth $4,897,000 after purchasing an additional 1,585 shares during the last quarter. CoreCap Advisors LLC bought a new stake in McEwen during the 3rd quarter valued at $27,000. Inceptionr LLC boosted its position in McEwen by 21.7% during the 2nd quarter. Inceptionr LLC now owns 19,496 shares of the basic materials company’s stock valued at $187,000 after acquiring an additional 3,480 shares in the last quarter. Finally, American Century Companies Inc. grew its holdings in McEwen by 7.6% in the second quarter. American Century Companies Inc. now owns 109,210 shares of the basic materials company’s stock worth $1,050,000 after purchasing an additional 7,702 shares during the last quarter. Hedge funds and other institutional investors own 17.03% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have recently commented on MUX shares. Roth Mkm restated a “buy” rating and issued a $23.00 target price (up previously from $21.00) on shares of McEwen in a research note on Wednesday, December 17th. Canaccord Genuity Group set a $25.00 target price on McEwen and gave the company a “buy” rating in a report on Wednesday, October 15th. Weiss Ratings reiterated a “sell (d+)” rating on shares of McEwen in a report on Monday, December 29th. Finally, HC Wainwright upped their price objective on shares of McEwen from $17.00 to $21.50 and gave the company a “buy” rating in a research note on Friday, October 10th. One analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $23.17.

McEwen Price Performance

Shares of NYSE MUX opened at $23.72 on Thursday. The company has a debt-to-equity ratio of 0.26, a quick ratio of 1.58 and a current ratio of 2.10. McEwen Inc. has a one year low of $6.38 and a one year high of $25.19. The firm has a market capitalization of $1.29 billion, a P/E ratio of -107.82 and a beta of 1.08. The company’s fifty day moving average is $19.35 and its two-hundred day moving average is $16.04.

McEwen (NYSE:MUX) (TSE:MUX) last posted its quarterly earnings results on Wednesday, November 5th. The basic materials company reported ($0.01) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.31 by ($0.32). McEwen had a negative net margin of 7.16% and a negative return on equity of 2.45%. The company had revenue of $50.53 million for the quarter, compared to analyst estimates of $60.00 million. Analysts forecast that McEwen Inc. will post -0.72 EPS for the current fiscal year.

About McEwen

McEwen Mining Inc (NYSE: MUX) is a Canada-based precious metals company focused on the exploration, development and production of gold, silver and copper. Headquartered in Toronto, the company pursues a diversified portfolio of assets across the Americas, with operations and projects spanning Argentina, Mexico, Canada and the United States. McEwen Mining employs an integrated approach that combines in-house technical expertise with strategic partnerships to advance its assets from resource definition through to commercial production.

The company’s flagship producing asset is the San José mine in Argentina, a high-grade silver-gold operation.