Short Interest in McEwen Mining Inc (NYSE:MUX) Drops By 21.1%

McEwen Mining Inc (NYSE:MUX) (TSE:MUX) was the recipient of a significant decrease in short interest in the month of December. As of December 15th, there was short interest totalling 1,050,000 shares, a decrease of 21.1% from the November 30th total of 1,330,000 shares. Based on an average daily trading volume, of 610,000 shares, the days-to-cover ratio is presently 1.7 days. Currently, 2.4% of the company’s shares are short sold.

Hedge Funds Weigh In On McEwen Mining

A number of hedge funds have recently made changes to their positions in MUX. Tidal Investments LLC boosted its position in McEwen Mining by 1.8% during the 3rd quarter. Tidal Investments LLC now owns 152,859 shares of the basic materials company’s stock worth $1,422,000 after purchasing an additional 2,632 shares during the period. Virtu Financial LLC lifted its stake in shares of McEwen Mining by 32.3% during the third quarter. Virtu Financial LLC now owns 16,555 shares of the basic materials company’s stock worth $154,000 after purchasing an additional 4,046 shares in the last quarter. Geode Capital Management LLC boosted its position in shares of McEwen Mining by 5.8% in the third quarter. Geode Capital Management LLC now owns 471,119 shares of the basic materials company’s stock worth $4,383,000 after buying an additional 25,844 shares during the period. Y Intercept Hong Kong Ltd acquired a new stake in shares of McEwen Mining in the third quarter valued at about $176,000. Finally, Quarry LP purchased a new stake in shares of McEwen Mining during the 3rd quarter valued at about $51,000. Hedge funds and other institutional investors own 17.03% of the company’s stock.

McEwen Mining Trading Up 2.2 %

MUX stock traded up $0.17 during trading on Tuesday, reaching $7.78. 347,902 shares of the stock traded hands, compared to its average volume of 651,844. The firm has a market capitalization of $411.76 million, a PE ratio of 3.55 and a beta of 1.43. The company has a debt-to-equity ratio of 0.06, a current ratio of 1.17 and a quick ratio of 0.74. The business’s 50 day moving average price is $8.77 and its 200-day moving average price is $9.17. McEwen Mining has a 52-week low of $5.92 and a 52-week high of $12.50.

McEwen Mining (NYSE:MUX) (TSE:MUX) last issued its earnings results on Tuesday, November 5th. The basic materials company reported ($0.04) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.04 by ($0.08). McEwen Mining had a return on equity of 20.77% and a net margin of 51.31%. The firm had revenue of $52.25 million for the quarter, compared to analysts’ expectations of $48.60 million. During the same quarter in the previous year, the firm posted ($0.39) EPS. As a group, sell-side analysts forecast that McEwen Mining will post -0.68 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several research firms have commented on MUX. StockNews.com cut McEwen Mining from a “hold” rating to a “sell” rating in a report on Saturday, November 30th. Roth Mkm decreased their target price on shares of McEwen Mining from $12.75 to $12.25 and set a “buy” rating on the stock in a research report on Thursday, November 7th. Finally, HC Wainwright upped their price target on shares of McEwen Mining from $15.00 to $19.00 and gave the stock a “buy” rating in a research report on Thursday, November 7th.

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.