McEwen Mining (MUX) Shares Up 4.8%

McEwen Mining Inc (NYSE:MUX) (TSE:MUX)’s share price shot up 4.8% during trading on Thursday . The company traded as high as $1.31 and last traded at $1.30. 97,552 shares traded hands during mid-day trading, a decline of 94% from the average session volume of 1,559,085 shares. The stock had previously closed at $1.24.

A number of brokerages have recently commented on MUX. ValuEngine lowered shares of McEwen Mining from a “buy” rating to a “hold” rating in a report on Friday, May 17th. HC Wainwright set a $3.00 price target on shares of McEwen Mining and gave the stock a “buy” rating in a report on Friday, May 24th. Zacks Investment Research lowered shares of McEwen Mining from a “hold” rating to a “sell” rating in a report on Wednesday, February 27th. Finally, Cantor Fitzgerald lowered shares of McEwen Mining from an “overweight” rating to a “neutral” rating in a report on Friday, March 8th. Two analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. McEwen Mining presently has an average rating of “Buy” and a consensus price target of $3.00.

The firm has a market capitalization of $451.80 million, a P/E ratio of -10.08 and a beta of -0.75. The company has a current ratio of 1.99, a quick ratio of 1.06 and a debt-to-equity ratio of 0.11.

McEwen Mining (NYSE:MUX) (TSE:MUX) last released its earnings results on Tuesday, April 30th. The basic materials company reported ($0.03) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.02) by ($0.01). McEwen Mining had a negative net margin of 48.87% and a negative return on equity of 10.14%. The business had revenue of $15.64 million for the quarter, compared to the consensus estimate of $25.03 million. As a group, equities analysts anticipate that McEwen Mining Inc will post -0.06 earnings per share for the current year.

In related news, Director Richard W. Brissenden sold 26,000 shares of the stock in a transaction on Tuesday, May 7th. The shares were sold at an average price of $1.93, for a total transaction of $50,180.00. Following the transaction, the director now owns 4,000 shares of the company’s stock, valued at approximately $7,720. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. 22.70% of the stock is currently owned by company insiders.

Several hedge funds have recently added to or reduced their stakes in the stock. Jane Street Group LLC bought a new position in shares of McEwen Mining during the 1st quarter valued at $317,000. Morgan Stanley grew its holdings in McEwen Mining by 117.6% in the 1st quarter. Morgan Stanley now owns 4,402,152 shares of the basic materials company’s stock worth $6,603,000 after acquiring an additional 2,378,786 shares during the last quarter. Hsbc Holdings PLC grew its holdings in McEwen Mining by 223.8% in the 1st quarter. Hsbc Holdings PLC now owns 35,919 shares of the basic materials company’s stock worth $54,000 after acquiring an additional 24,827 shares during the last quarter. Geode Capital Management LLC grew its holdings in McEwen Mining by 14.0% in the 1st quarter. Geode Capital Management LLC now owns 2,142,140 shares of the basic materials company’s stock worth $3,213,000 after acquiring an additional 262,575 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. grew its holdings in McEwen Mining by 12.8% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 1,030,860 shares of the basic materials company’s stock worth $1,547,000 after acquiring an additional 116,976 shares during the last quarter. 25.67% of the stock is currently owned by institutional investors.

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McEwen Mining Company Profile (NYSE:MUX)

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.

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