McEwen (NYSE:MUX) Downgraded to “Sell” Rating by Wall Street Zen

Wall Street Zen lowered shares of McEwen (NYSE:MUX) (TSE:MUX) from a hold rating to a sell rating in a research note issued to investors on Saturday.

MUX has been the topic of a number of other research reports. HC Wainwright reiterated a “buy” rating and issued a $28.00 price objective (down from $29.50) on shares of McEwen in a research note on Friday. Weiss Ratings downgraded shares of McEwen from a “hold (c+)” rating to a “hold (c)” rating in a research report on Tuesday, June 2nd. Finally, Zacks Research lowered shares of McEwen from a “hold” rating to a “strong sell” rating in a report on Wednesday. Three investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, McEwen currently has a consensus rating of “Hold” and an average price target of $29.33.

McEwen Stock Performance

Shares of MUX opened at $19.21 on Friday. The stock has a 50-day moving average of $18.37 and a two-hundred day moving average of $21.85. McEwen has a one year low of $9.82 and a one year high of $29.70. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.81 and a current ratio of 1.14. The stock has a market cap of $1.18 billion, a P/E ratio of 15.25 and a beta of 1.23.

McEwen (NYSE:MUX) (TSE:MUX) last announced its quarterly earnings data on Wednesday, August 5th. The basic materials company reported $0.14 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.28 by ($0.14). The firm had revenue of $59.23 million during the quarter, compared to analysts’ expectations of $65.51 million. McEwen had a return on equity of 14.34% and a net margin of 32.46%. As a group, research analysts predict that McEwen will post 0.99 EPS for the current year.

Insider Buying and Selling

In other McEwen news, Director Richard W. Brissenden sold 3,275 shares of McEwen stock in a transaction on Monday, June 29th. The shares were sold at an average price of $18.13, for a total value of $59,375.75. Following the completion of the transaction, the director owned 18,022 shares of the company’s stock, valued at approximately $326,738.86. The trade was a 15.38% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 14.80% of the company’s stock.

Institutional Investors Weigh In On McEwen

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. KBC Group NV purchased a new position in McEwen during the first quarter valued at $27,000. Leonteq Securities AG acquired a new position in shares of McEwen during the 1st quarter worth about $31,000. Parkside Financial Bank & Trust acquired a new stake in McEwen in the 4th quarter worth about $37,000. Banque Cantonale Vaudoise acquired a new stake in McEwen in the 4th quarter worth about $40,000. Finally, National Bank of Canada FI increased its stake in McEwen by 3,328.3% during the 3rd quarter. National Bank of Canada FI now owns 3,634 shares of the basic materials company’s stock worth $62,000 after buying an additional 3,528 shares in the last quarter. Hedge funds and other institutional investors own 17.03% of the company’s stock.

About McEwen

McEwen Mining Inc (NYSE: MUX) is a Canada-based precious metals company focused on the exploration, development and production of gold, silver and copper. Headquartered in Toronto, the company pursues a diversified portfolio of assets across the Americas, with operations and projects spanning Argentina, Mexico, Canada and the United States. McEwen Mining employs an integrated approach that combines in-house technical expertise with strategic partnerships to advance its assets from resource definition through to commercial production.

The company’s flagship producing asset is the San José mine in Argentina, a high-grade silver-gold operation.