McEwen Mining Inc (NYSE:MUX) (TSE:MUX)’s share price shot up 6.2% during mid-day trading on Wednesday . The company traded as high as $1.55 and last traded at $1.54. 2,400,017 shares traded hands during mid-day trading, an increase of 11% from the average session volume of 2,166,462 shares. The stock had previously closed at $1.45.
A number of brokerages have recently weighed in on MUX. Zacks Investment Research downgraded McEwen Mining from a “hold” rating to a “sell” rating in a report on Wednesday. HC Wainwright set a $3.00 price target on McEwen Mining and gave the company a “buy” rating in a report on Friday, May 24th. ValuEngine downgraded McEwen Mining from a “buy” rating to a “hold” rating in a report on Friday, May 17th. Finally, Cantor Fitzgerald upgraded McEwen Mining from a “hold” rating to a “buy” rating in a report on Tuesday, April 2nd. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and two have given a buy rating to the company. The stock currently has an average rating of “Hold” and a consensus price target of $3.00.
The company has a debt-to-equity ratio of 0.11, a current ratio of 1.99 and a quick ratio of 1.06. The firm has a market cap of $536.40 million, a price-to-earnings ratio of -11.85 and a beta of -0.64.
McEwen Mining (NYSE:MUX) (TSE:MUX) last issued its quarterly earnings results on Tuesday, April 30th. The basic materials company reported ($0.03) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.02) by ($0.01). McEwen Mining had a negative net margin of 48.87% and a negative return on equity of 10.14%. The firm had revenue of $15.64 million during the quarter, compared to the consensus estimate of $25.03 million. Sell-side analysts expect that McEwen Mining Inc will post -0.06 EPS for the current year.
In related news, Director Richard W. Brissenden sold 26,000 shares of the company’s stock in a transaction on Tuesday, May 7th. The stock was sold at an average price of $1.93, for a total transaction of $50,180.00. Following the completion of the transaction, the director now directly owns 4,000 shares in the company, valued at approximately $7,720. The sale was disclosed in a document filed with the SEC, which is available through this link. 22.70% of the stock is currently owned by insiders.
A number of institutional investors and hedge funds have recently modified their holdings of the stock. Jane Street Group LLC bought a new position in McEwen Mining during the 1st quarter worth $317,000. Morgan Stanley grew its stake in McEwen Mining by 117.6% during the 1st quarter. Morgan Stanley now owns 4,402,152 shares of the basic materials company’s stock worth $6,603,000 after buying an additional 2,378,786 shares during the last quarter. Hsbc Holdings PLC grew its stake in McEwen Mining by 223.8% during the 1st quarter. Hsbc Holdings PLC now owns 35,919 shares of the basic materials company’s stock worth $54,000 after buying an additional 24,827 shares during the last quarter. Geode Capital Management LLC grew its stake in McEwen Mining by 14.0% during the 1st quarter. Geode Capital Management LLC now owns 2,142,140 shares of the basic materials company’s stock worth $3,213,000 after buying an additional 262,575 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. grew its stake in McEwen Mining by 12.8% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 1,030,860 shares of the basic materials company’s stock worth $1,547,000 after buying an additional 116,976 shares during the last quarter. Hedge funds and other institutional investors own 25.67% of the company’s stock.
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About McEwen Mining (NYSE:MUX)
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.
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