McEwen (NYSE:MUX) Stock Price Down 6.7% – Here’s What Happened

McEwen Inc. (NYSE:MUX) (TSE:MUX)’s share price was down 6.7% on Wednesday. The stock traded as low as $18.75 and last traded at $18.75. 148,080 shares changed hands during trading, a decline of 87% from the average session volume of 1,161,603 shares. The stock had previously closed at $20.09.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on MUX shares. Zacks Research upgraded shares of McEwen from a “strong sell” rating to a “hold” rating in a research note on Friday, September 11th. Wall Street Zen raised McEwen from a “sell” rating to a “hold” rating in a report on Saturday, September 12th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of McEwen in a research report on Friday, August 28th. HC Wainwright reiterated a “buy” rating and set a $28.00 price target (down from $29.50) on shares of McEwen in a report on Friday, August 7th. Finally, Roth Capital set a $31.00 price objective on McEwen and gave the stock a “buy” rating in a research report on Monday, August 10th. Three equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $28.00.

McEwen Stock Performance

The company’s 50 day moving average price is $19.03 and its 200-day moving average price is $20.33. The company has a debt-to-equity ratio of 0.17, a quick ratio of 1.61 and a current ratio of 2.04. The company has a market cap of $1.15 billion, a PE ratio of 14.82 and a beta of 1.26.

McEwen (NYSE:MUX) (TSE:MUX) last posted its quarterly earnings data on Wednesday, August 5th. The basic materials company reported $0.14 EPS for the quarter, missing the consensus estimate of $0.28 by ($0.14). McEwen had a net margin of 32.46% and a return on equity of 13.48%. The firm had revenue of $59.23 million during the quarter, compared to analysts’ expectations of $65.51 million. Equities research analysts anticipate that McEwen Inc. will post 0.83 earnings per share for the current fiscal year.

Insider Buying and Selling at McEwen

In other news, Director Richard Brissenden sold 3,275 shares of the stock in a transaction on Monday, June 29th. The stock was sold at an average price of $18.13, for a total transaction of $59,375.75. Following the completion of the transaction, the director owned 18,022 shares in the company, valued at approximately $326,738.86. This represents a 15.38% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 14.80% of the company’s stock.

Institutional Investors Weigh In On McEwen

Several institutional investors have recently added to or reduced their stakes in MUX. Bank of New York Mellon Corp increased its holdings in McEwen by 5.8% during the 1st quarter. Bank of New York Mellon Corp now owns 10,780 shares of the basic materials company’s stock valued at $220,000 after purchasing an additional 589 shares during the period. Kercheville Advisors LLC lifted its holdings in McEwen by 10.0% in the 1st quarter. Kercheville Advisors LLC now owns 11,000 shares of the basic materials company’s stock worth $225,000 after buying an additional 1,000 shares during the period. KBC Group NV bought a new stake in shares of McEwen in the 1st quarter worth approximately $27,000. Leonteq Securities AG bought a new stake in shares of McEwen in the 1st quarter worth approximately $31,000. Finally, Hollencrest Capital Management increased its stake in shares of McEwen by 12.8% during the second quarter. Hollencrest Capital Management now owns 38,622 shares of the basic materials company’s stock valued at $700,000 after buying an additional 4,379 shares during the period. 17.03% of the stock is owned by hedge funds and other institutional investors.

About McEwen

McEwen Inc is a mining company focused on the exploration, development, and production of gold, silver, and copper. The company’s portfolio includes operating mines, advanced development projects, and exploration properties in the United States, Canada, and Argentina.

Its principal gold assets include the Fox Complex in Ontario, Canada, and the Gold Bar mine in Nevada. McEwen also has an interest in the San José mine in Argentina, which has historically produced gold and silver, and is advancing the Los Azules copper project in San Juan Province, Argentina, through its McEwen Copper subsidiary.

McEwen was founded by mining entrepreneur Rob McEwen, who serves as chairman.