McEwen (NYSE:MUX) Stock Price Up 10.1% – Here’s What Happened

by · The Markets Daily

McEwen Inc. (NYSE:MUX – Get Free Report) (TSE:MUX)’s stock price shot up 10.1% during mid-day trading on Thursday . The company traded as high as $25.95 and last traded at $26.1350. 640,790 shares were traded during trading, a decline of 50% from the average session volume of 1,292,497 shares. The stock had previously closed at $23.73.

Analyst Upgrades and Downgrades

A number of research analysts have commented on MUX shares. Roth Mkm reaffirmed a “buy” rating and issued a $23.00 target price (up previously from $21.00) on shares of McEwen in a research report on Wednesday, December 17th. Weiss Ratings restated a “sell (d+)” rating on shares of McEwen in a report on Monday, December 29th. HC Wainwright increased their price objective on shares of McEwen from $17.00 to $21.50 and gave the stock a “buy” rating in a research report on Friday, October 10th. Finally, Canaccord Genuity Group set a $25.00 target price on shares of McEwen and gave the company a “buy” rating in a report on Wednesday, October 15th. One equities research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $23.17.

View Our Latest Analysis on McEwen

McEwen Stock Performance

The stock has a market capitalization of $1.42 billion, a PE ratio of -118.73 and a beta of 1.08. The company has a debt-to-equity ratio of 0.26, a quick ratio of 1.58 and a current ratio of 2.10. The firm’s 50 day moving average is $19.35 and its two-hundred day moving average is $16.04.

McEwen (NYSE:MUX – Get Free Report) (TSE:MUX) last posted its quarterly earnings results on Wednesday, November 5th. The basic materials company reported ($0.01) EPS for the quarter, missing the consensus estimate of $0.31 by ($0.32). McEwen had a negative return on equity of 2.45% and a negative net margin of 7.16%.The business had revenue of $50.53 million during the quarter, compared to analyst estimates of $60.00 million. As a group, research analysts predict that McEwen Inc. will post -0.72 earnings per share for the current year.

Institutional Investors Weigh In On McEwen

A number of large investors have recently modified their holdings of the company. CoreCap Advisors LLC acquired a new stake in McEwen in the third quarter valued at $27,000. National Bank of Canada FI grew its position 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 purchasing an additional 3,528 shares during the last quarter. Tower Research Capital LLC TRC increased its position in McEwen by 17,204.9% in the 2nd quarter. Tower Research Capital LLC TRC now owns 10,556 shares of the basic materials company’s stock valued at $101,000 after acquiring an additional 10,495 shares during the period. Pale Fire Capital SE purchased a new stake in McEwen during the 2nd quarter valued at approximately $119,000. Finally, XTX Topco Ltd acquired a new stake in McEwen during the 2nd quarter worth approximately $141,000. 17.03% of the stock is owned by hedge funds and other institutional investors.

About McEwen

(Get Free Report)

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.

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