McEwen (NYSE:MUX) Rating Lowered to “Strong Sell” at Zacks Research

McEwen (NYSE:MUX) (TSE:MUX) was downgraded by equities researchers at Zacks Research from a “hold” rating to a “strong sell” rating in a research note issued on Wednesday,Zacks.com reports.

Other research analysts have also recently issued reports about the company. HC Wainwright lifted their price objective on McEwen from $21.50 to $29.50 and gave the company a “buy” rating in a research report on Wednesday, March 18th. Weiss Ratings raised McEwen from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Wednesday, March 11th. Wall Street Zen cut shares of McEwen from a “buy” rating to a “hold” rating in a research note on Sunday, March 29th. Finally, Roth Mkm increased their price objective on shares of McEwen from $30.00 to $35.00 and gave the stock a “buy” rating in a research note on Wednesday, March 18th. Four equities research 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, the stock has a consensus rating of “Moderate Buy” and an average price target of $29.83.

McEwen Stock Performance

Shares of MUX traded up $1.14 on Wednesday, reaching $25.87. The company’s stock had a trading volume of 116,843 shares, compared to its average volume of 1,227,990. The company has a debt-to-equity ratio of 0.23, a current ratio of 1.69 and a quick ratio of 1.27. The stock has a market capitalization of $1.54 billion, a P/E ratio of 43.65 and a beta of 1.28. The stock’s 50 day simple moving average is $23.61 and its two-hundred day simple moving average is $21.18. McEwen has a 12-month low of $6.88 and a 12-month high of $29.70.

McEwen (NYSE:MUX) (TSE:MUX) last posted its quarterly earnings data on Thursday, March 12th. The basic materials company reported $0.66 EPS for the quarter, topping the consensus estimate of $0.25 by $0.41. The firm had revenue of $64.60 million during the quarter, compared to analyst estimates of $72.83 million. McEwen had a return on equity of 6.89% and a net margin of 17.43%. Research analysts forecast that McEwen will post -0.72 earnings per share for the current fiscal year.

Institutional Trading of McEwen

Several hedge funds have recently bought and sold shares of the stock. Geode Capital Management LLC lifted its stake in McEwen by 0.3% in the 4th quarter. Geode Capital Management LLC now owns 522,435 shares of the basic materials company’s stock worth $9,673,000 after purchasing an additional 1,461 shares in the last quarter. CoreCap Advisors LLC purchased a new stake in McEwen in the 3rd quarter worth $27,000. Parkside Financial Bank & Trust purchased a new stake in McEwen in the 4th quarter worth $37,000. Banque Cantonale Vaudoise purchased a new stake in McEwen in the 4th quarter worth $40,000. Finally, Sprott Inc. grew its holdings in McEwen by 22.2% during the 4th quarter. Sprott Inc. now owns 12,309 shares of the basic materials company’s stock valued at $228,000 after buying an additional 2,233 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.