McEwen Mining (NYSE:MUX) Shares Cross Above Two Hundred Day Moving Average – Here’s Why

McEwen Mining Inc (NYSE:MUX) (TSE:MUX) shares crossed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $8.29 and traded as high as $8.42. McEwen Mining shares last traded at $8.10, with a volume of 596,947 shares traded.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on the company. StockNews.com downgraded McEwen Mining from a “hold” rating to a “sell” rating in a research report on Wednesday, February 19th. Roth Mkm dropped their price target on McEwen Mining from $13.00 to $12.50 and set a “buy” rating for the company in a research note on Friday, March 21st. Finally, HC Wainwright reiterated a “buy” rating and set a $18.00 price objective on shares of McEwen Mining in a research note on Wednesday, March 19th.

McEwen Mining Price Performance

The business has a fifty day moving average price of $7.47 and a 200 day moving average price of $8.29. The company has a market cap of $436.87 million, a price-to-earnings ratio of 3.70 and a beta of 1.21. The company has a debt-to-equity ratio of 0.06, a quick ratio of 0.74 and a current ratio of 1.17.

McEwen Mining (NYSE:MUX) (TSE:MUX) last posted its earnings results on Friday, March 14th. The basic materials company reported ($0.15) EPS for the quarter, missing analysts’ consensus estimates of ($0.13) by ($0.02). The company had revenue of $33.52 million during the quarter, compared to the consensus estimate of $32.20 million. McEwen Mining had a return on equity of 20.77% and a net margin of 51.31%. As a group, research analysts anticipate that McEwen Mining Inc will post -0.72 earnings per share for the current year.

Hedge Funds Weigh In On McEwen Mining

Several large investors have recently bought and sold shares of MUX. New Age Alpha Advisors LLC acquired a new stake in McEwen Mining during the 4th quarter worth approximately $38,000. Aquatic Capital Management LLC lifted its holdings in shares of McEwen Mining by 357.9% during the fourth quarter. Aquatic Capital Management LLC now owns 7,327 shares of the basic materials company’s stock worth $57,000 after purchasing an additional 5,727 shares during the period. Total Wealth Planning & Management Inc. acquired a new position in shares of McEwen Mining during the fourth quarter worth $96,000. Private Advisor Group LLC grew its stake in shares of McEwen Mining by 18.8% in the fourth quarter. Private Advisor Group LLC now owns 12,645 shares of the basic materials company’s stock worth $98,000 after purchasing an additional 2,000 shares during the last quarter. Finally, Sprott Inc. acquired a new stake in McEwen Mining in the fourth quarter valued at $100,000. 17.03% of the stock is currently owned by institutional investors.

About McEwen Mining

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.