McEwen (NYSE:MUX) Shares Down 10.4% – Here’s Why
by Jessica Moore · The Cerbat GemMcEwen Inc. (NYSE:MUX – Get Free Report) (TSE:MUX)’s stock price traded down 10.4% during mid-day trading on Tuesday . The company traded as low as $23.12 and last traded at $23.0290. 241,626 shares changed hands during trading, a decline of 83% from the average session volume of 1,383,434 shares. The stock had previously closed at $25.71.
Analysts Set New Price Targets
MUX has been the subject of a number of research reports. Weiss Ratings reissued a “sell (d+)” rating on shares of McEwen in a research report on Monday, December 29th. Roth Mkm restated a “buy” rating and issued a $30.00 price objective (up previously from $23.00) on shares of McEwen in a report on Friday, January 30th. Four research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. According to MarketBeat.com, McEwen has a consensus rating of “Moderate Buy” and a consensus target price of $25.50.
Read Our Latest Analysis on MUX
McEwen Trading Down 6.4%
The company’s fifty day moving average is $22.33 and its 200-day moving average is $17.98. The company has a current ratio of 2.10, a quick ratio of 1.58 and a debt-to-equity ratio of 0.26. The firm has a market capitalization of $1.31 billion, a P/E ratio of -109.36 and a beta of 1.12.
Institutional Inflows and Outflows
A number of large investors have recently made changes to their positions in the stock. CoreCap Advisors LLC acquired a new stake in McEwen during the 3rd quarter valued at $27,000. Parkside Financial Bank & Trust acquired a new stake in shares of McEwen in the fourth quarter valued at $37,000. Banque Cantonale Vaudoise acquired a new position in McEwen during the 4th quarter worth about $40,000. National Bank of Canada FI grew its holdings 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 acquiring an additional 3,528 shares during the last quarter. Finally, Wells Fargo & Company MN increased its position in McEwen by 330.7% in the 4th quarter. Wells Fargo & Company MN now owns 4,105 shares of the basic materials company’s stock valued at $76,000 after acquiring an additional 3,152 shares in the last quarter. Institutional investors and hedge funds own 17.03% of the company’s stock.
McEwen Company Profile
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.