McEwen (NYSE:MUX) Shares Gap Down – What’s Next?

by · The Cerbat Gem

McEwen Inc. (NYSE:MUX – Get Free Report) (TSE:MUX) shares gapped down before the market opened on Monday. The stock had previously closed at $19.02, but opened at $17.97. McEwen shares last traded at $18.3770, with a volume of 125,608 shares traded.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on MUX shares. Zacks Research upgraded shares of McEwen from a “strong sell” rating to a “hold” rating in a report on Friday, September 11th. Roth Capital set a $31.00 price target on shares of McEwen and gave the company a “buy” rating in a report on Monday, August 10th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of McEwen in a research report on Friday, August 28th. HC Wainwright reaffirmed a “buy” rating and issued a $28.00 price target (down from $29.50) on shares of McEwen in a research report on Friday, August 7th. Finally, Wall Street Zen upgraded shares of McEwen from a “sell” rating to a “hold” rating in a research note on Saturday, September 12th. Three equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $28.00.

Check Out Our Latest Stock Analysis on MUX

McEwen Stock Performance

The company has a current ratio of 2.04, a quick ratio of 1.61 and a debt-to-equity ratio of 0.17. The firm has a 50-day moving average of $19.08 and a 200-day moving average of $20.29. The stock has a market capitalization of $1.11 billion, a price-to-earnings ratio of 14.43 and a beta of 1.26.

McEwen (NYSE:MUX – Get Free Report) (TSE:MUX) last posted its quarterly earnings results on Wednesday, August 5th. The basic materials company reported $0.14 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.28 by ($0.14). McEwen had a return on equity of 13.48% and a net margin of 32.46%.The business had revenue of $59.23 million for the quarter, compared to analysts’ expectations of $65.51 million. As a group, sell-side analysts predict that McEwen Inc. will post 0.83 earnings per share for the current year.

Institutional Investors Weigh In On McEwen

Hedge funds have recently modified their holdings of the company. Bank of New York Mellon Corp raised its position in shares of McEwen by 5.8% during the 1st quarter. Bank of New York Mellon Corp now owns 10,780 shares of the basic materials company’s stock worth $220,000 after purchasing an additional 589 shares during the last quarter. Kercheville Advisors LLC lifted its position in shares of McEwen by 10.0% in the first quarter. Kercheville Advisors LLC now owns 11,000 shares of the basic materials company’s stock valued at $225,000 after acquiring an additional 1,000 shares in the last quarter. KBC Group NV purchased a new position in shares of McEwen in the first quarter valued at approximately $27,000. Leonteq Securities AG acquired a new stake in shares of McEwen in the first quarter worth approximately $31,000. Finally, Hollencrest Capital Management boosted its stake in shares of McEwen by 12.8% in the second quarter. Hollencrest Capital Management now owns 38,622 shares of the basic materials company’s stock worth $700,000 after acquiring an additional 4,379 shares during the last quarter. 17.03% of the stock is owned by hedge funds and other institutional investors.

McEwen Company Profile

(Get Free Report)

McEwen Inc is a mining company focused on the exploration, development, and production of gold, silver, and copper. The company’s portfolio includes operating mines, advanced development projects, and exploration properties in the United States, Canada, and Argentina.

Its principal gold assets include the Fox Complex in Ontario, Canada, and the Gold Bar mine in Nevada. McEwen also has an interest in the San José mine in Argentina, which has historically produced gold and silver, and is advancing the Los Azules copper project in San Juan Province, Argentina, through its McEwen Copper subsidiary.

McEwen was founded by mining entrepreneur Rob McEwen, who serves as chairman.

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