McEwen Mining (NYSE:MUX) Trading Down 5.6%

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McEwen Mining Inc (NYSE:MUX) (TSE:MUX) was down 5.6% during mid-day trading on Friday . The stock traded as low as $1.82 and last traded at $1.87, approximately 5,359,438 shares were traded during mid-day trading. An increase of 123% from the average daily volume of 2,407,828 shares. The stock had previously closed at $1.98.

Several analysts recently issued reports on MUX shares. 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. Zacks Investment Research downgraded GENEL ENERGY PL/ADR from a “hold” rating to a “sell” rating in a report on Thursday, July 4th. ValuEngine upgraded United Overseas Bank from a “sell” rating to a “hold” rating in a report on Monday, June 17th. Finally, Cantor Fitzgerald increased their price target on Horizon Therapeutics from $26.00 to $32.00 and gave the company a “buy” rating in a report on Tuesday, April 2nd. One research analyst has rated the stock with a hold rating and three have given a buy rating to the stock. McEwen Mining presently has a consensus rating of “Buy” and a consensus price target of $3.00.

The company has a market cap of $709.20 million, a PE ratio of -14.38 and a beta of -0.41. 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 business’s fifty day simple moving average is $1.65.

McEwen Mining (NYSE:MUX) (TSE:MUX) last announced its earnings results on Tuesday, April 30th. The basic materials company reported ($0.03) earnings per share for the quarter, missing the consensus estimate of ($0.02) by ($0.01). The business had revenue of $15.64 million for the quarter, compared to analyst estimates of $25.03 million. McEwen Mining had a negative net margin of 48.87% and a negative return on equity of 10.14%. On average, analysts expect that McEwen Mining Inc will post -0.06 EPS for the current fiscal year.

In other news, Director Richard W. Brissenden sold 26,000 shares of the firm’s stock in a transaction dated 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 sale, the director now directly owns 4,000 shares in the company, valued at $7,720. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 22.70% of the stock is owned by company insiders.

Several institutional investors have recently made changes to their positions in MUX. Pictet Asset Management Ltd. grew its stake in McEwen Mining by 134.8% in the first quarter. Pictet Asset Management Ltd. now owns 24,732 shares of the basic materials company’s stock worth $37,000 after purchasing an additional 14,200 shares in the last quarter. Mercer Global Advisors Inc. ADV acquired a new position in McEwen Mining in the first quarter worth about $54,000. First Republic Investment Management Inc. grew its stake in McEwen Mining by 39.1% in the first quarter. First Republic Investment Management Inc. now owns 35,050 shares of the basic materials company’s stock worth $53,000 after purchasing an additional 9,850 shares in the last quarter. Heathbridge Capital Management Ltd. acquired a new position in McEwen Mining in the first quarter worth about $60,000. Finally, GSA Capital Partners LLP grew its stake in McEwen Mining by 393.6% in the fourth quarter. GSA Capital Partners LLP now owns 60,674 shares of the basic materials company’s stock worth $110,000 after purchasing an additional 48,383 shares in the last quarter. Institutional investors own 25.21% of the company’s stock.

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.

See Also: Book Value Per Share – BVPS

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