B. Riley Initiates Coverage on McEwen Mining (NYSE:MUX)

B. Riley assumed coverage on shares of McEwen Mining (NYSE:MUX) (TSE:MUX) in a research report released on Tuesday, BenzingaRatingsTable reports. The brokerage issued a buy rating and a $4.20 price objective on the basic materials company’s stock. B. Riley also issued estimates for McEwen Mining’s Q3 2019 earnings at $0.00 EPS, Q4 2019 earnings at $0.00 EPS, FY2019 earnings at ($0.06) EPS, FY2020 earnings at $0.05 EPS and FY2021 earnings at $0.13 EPS.

A number of other analysts have also recently issued reports on the company. Zacks Investment Research raised McEwen Mining from a sell rating to a hold rating in a report on Tuesday. HC Wainwright increased their price objective on McEwen Mining from $2.50 to $3.50 and gave the stock a buy rating in a report on Monday, August 19th. Finally, ValuEngine raised McEwen Mining from a hold rating to a buy rating in a report on Monday, June 17th. One investment analyst has rated the stock with a hold rating and four have given a buy rating to the company’s stock. McEwen Mining has an average rating of Buy and a consensus price target of $3.85.

MUX traded down $0.02 during trading on Tuesday, reaching $1.65. 154,053 shares of the company were exchanged, compared to its average volume of 3,744,790. The company’s 50-day moving average is $1.90 and its two-hundred day moving average is $1.65. The company has a market cap of $620.85 million, a price-to-earnings ratio of -13.08 and a beta of -0.47. The company has a quick ratio of 0.94, a current ratio of 1.90 and a debt-to-equity ratio of 0.11. McEwen Mining has a 12-month low of $1.23 and a 12-month high of $2.44.

McEwen Mining (NYSE:MUX) (TSE:MUX) last issued its quarterly earnings data on Tuesday, July 30th. The basic materials company reported ($0.04) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.01) by ($0.03). The company had revenue of $36.38 million for the quarter, compared to analysts’ expectations of $34.92 million. McEwen Mining had a negative return on equity of 11.81% and a negative net margin of 55.09%. Equities analysts forecast that McEwen Mining will post -0.06 earnings per share for the current year.

In related news, Director Richard W. Brissenden sold 25,000 shares of the stock in a transaction dated Friday, August 9th. The stock was sold at an average price of $2.01, for a total transaction of $50,250.00. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Corporate insiders own 22.70% of the company’s stock.

Hedge funds and other institutional investors have recently made changes to their positions in the business. Tower Research Capital LLC TRC increased its stake in McEwen Mining by 150.9% in the 2nd quarter. Tower Research Capital LLC TRC now owns 14,300 shares of the basic materials company’s stock worth $25,000 after acquiring an additional 8,600 shares during the last quarter. Pictet Asset Management Ltd. increased its stake in McEwen Mining by 134.8% in the 1st quarter. Pictet Asset Management Ltd. now owns 24,732 shares of the basic materials company’s stock worth $37,000 after acquiring an additional 14,200 shares during the last quarter. Sumitomo Mitsui Trust Holdings Inc. bought a new position in McEwen Mining in the 2nd quarter worth about $51,000. Mercer Global Advisors Inc. ADV bought a new position in McEwen Mining in the 1st quarter worth about $45,000. Finally, First Republic Investment Management Inc. increased its stake in McEwen Mining by 39.1% in the 1st quarter. First Republic Investment Management Inc. now owns 35,050 shares of the basic materials company’s stock worth $53,000 after acquiring an additional 9,850 shares during the last quarter. Institutional investors and hedge funds own 25.42% of the company’s stock.

About McEwen Mining

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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