Everstar Asset Management LLC Takes Position in McEwen Inc. $MUX

Everstar Asset Management LLC acquired a new position in shares of McEwen Inc. (NYSE:MUX) (TSE:MUX) in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 17,000 shares of the basic materials company’s stock, valued at approximately $128,000.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in MUX. Total Wealth Planning & Management Inc. bought a new stake in McEwen in the 4th quarter worth about $96,000. SBI Securities Co. Ltd. boosted its holdings in McEwen by 9,935.0% in the 1st quarter. SBI Securities Co. Ltd. now owns 14,350 shares of the basic materials company’s stock worth $108,000 after buying an additional 14,207 shares during the period. Private Advisor Group LLC boosted its holdings in McEwen by 16.6% in the 1st quarter. Private Advisor Group LLC now owns 14,743 shares of the basic materials company’s stock worth $111,000 after buying an additional 2,098 shares during the period. Algert Global LLC purchased a new stake in McEwen in the 4th quarter worth approximately $294,000. Finally, Universal Beteiligungs und Servicegesellschaft mbH purchased a new stake in McEwen in the 1st quarter worth approximately $378,000. 17.03% of the stock is owned by institutional investors.

Insider Activity at McEwen

In other McEwen news, Director Ian J. Ball sold 2,656 shares of the company’s stock in a transaction on Tuesday, August 12th. The stock was sold at an average price of $10.49, for a total value of $27,861.44. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Corporate insiders own 16.10% of the company’s stock.

McEwen Stock Performance

MUX opened at $13.77 on Tuesday. The firm has a market cap of $744.77 million, a P/E ratio of -55.06 and a beta of 0.96. McEwen Inc. has a 1-year low of $6.38 and a 1-year high of $14.29. The company has a 50 day simple moving average of $11.13 and a two-hundred day simple moving average of $9.05. The company has a debt-to-equity ratio of 0.26, a current ratio of 2.35 and a quick ratio of 1.82.

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

Analysts Set New Price Targets

Several research firms have recently weighed in on MUX. National Bankshares restated an “outperform” rating on shares of McEwen in a research report on Wednesday, July 16th. Wall Street Zen lowered shares of McEwen from a “hold” rating to a “sell” rating in a report on Thursday, May 22nd. Roth Capital set a $15.00 target price on shares of McEwen and gave the company a “buy” rating in a research note on Tuesday, July 1st. Finally, HC Wainwright lifted their price target on shares of McEwen from $15.50 to $17.00 and gave the company a “buy” rating in a research report on Tuesday, July 29th. One equities research analyst has rated the stock with a Strong Buy rating and four have assigned a Buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Buy” and an average target price of $14.83.

McEwen Company Profile

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.