McEwen (NYSE:MUX) Shares Gap Down – Time to Sell?
by Teresa Graham · The Cerbat GemMcEwen Inc. (NYSE:MUX – Get Free Report) (TSE:MUX) shares gapped down before the market opened on Thursday . The stock had previously closed at $19.98, but opened at $19.05. McEwen shares last traded at $20.1430, with a volume of 232,770 shares trading hands.
Analyst Upgrades and Downgrades
Several research firms recently weighed in on MUX. Roth Capital reiterated a “buy” rating and issued a $23.00 price target (up previously from $21.00) on shares of McEwen in a report on Wednesday, December 17th. Canaccord Genuity Group set a $25.00 target price on shares of McEwen and gave the company a “buy” rating in a research note on Wednesday, October 15th. HC Wainwright increased their price target on shares of McEwen from $17.00 to $21.50 and gave the stock a “buy” rating in a research note on Friday, October 10th. Finally, Weiss Ratings reaffirmed a “sell (d+)” rating on shares of McEwen in a research report on Monday, December 29th. One equities research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $20.50.
Read Our Latest Stock Report on McEwen
McEwen Stock Up 1.6%
The company has a market capitalization of $1.13 billion, a PE ratio of -94.62 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 company’s 50-day moving average is $18.43 and its 200 day moving average is $15.30.
McEwen (NYSE:MUX – Get Free Report) (TSE:MUX) last issued its earnings results on Wednesday, November 5th. The basic materials company reported ($0.01) earnings per share (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 firm had revenue of $50.53 million during the quarter, compared to analysts’ expectations of $60.00 million. As a group, analysts anticipate that McEwen Inc. will post -0.72 EPS for the current year.
Institutional Investors Weigh In On McEwen
Large investors have recently bought and sold shares of the business. Royal Bank of Canada lifted its stake in McEwen by 4,309.4% during the 1st quarter. Royal Bank of Canada now owns 638,871 shares of the basic materials company’s stock valued at $4,823,000 after acquiring an additional 624,382 shares during the period. Goldman Sachs Group Inc. raised its holdings in shares of McEwen by 44.2% during the first quarter. Goldman Sachs Group Inc. now owns 63,768 shares of the basic materials company’s stock valued at $481,000 after purchasing an additional 19,548 shares during the last quarter. Empowered Funds LLC lifted its position in McEwen by 105.4% during the first quarter. Empowered Funds LLC now owns 208,100 shares of the basic materials company’s stock valued at $1,571,000 after purchasing an additional 106,800 shares during the period. Y Intercept Hong Kong Ltd purchased a new stake in McEwen in the second quarter worth approximately $947,000. Finally, Campbell & CO Investment Adviser LLC bought a new stake in McEwen in the 2nd quarter worth approximately $983,000. 17.03% of the stock is currently owned by institutional investors.
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.