McEwen Mining (NYSE:MUX) Shares Gap Up to $1.06

McEwen Mining Inc (NYSE:MUX) (TSE:MUX) shares gapped up prior to trading on Thursday . The stock had previously closed at $1.02, but opened at $1.06. McEwen Mining shares last traded at $1.08, with a volume of 4,996,000 shares changing hands.

Several research analysts have commented on the company. Zacks Investment Research downgraded McEwen Mining from a “hold” rating to a “sell” rating in a research report on Wednesday, November 6th. HC Wainwright reiterated a “buy” rating and set a $2.00 price target on shares of McEwen Mining in a report on Thursday. B. Riley reduced their price objective on McEwen Mining from $4.20 to $3.80 and set a “buy” rating for the company in a research report on Thursday, October 17th. Finally, ValuEngine downgraded shares of McEwen Mining from a “buy” rating to a “hold” rating in a research note on Thursday, September 26th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and three have assigned a buy rating to the company. The company currently has an average rating of “Hold” and a consensus target price of $2.90.

The company has a debt-to-equity ratio of 0.11, a quick ratio of 0.56 and a current ratio of 1.41. The company has a market capitalization of $402.41 million, a price-to-earnings ratio of -8.31 and a beta of -0.65. The firm’s 50-day simple moving average is $1.41 and its 200-day simple moving average is $1.64.

McEwen Mining (NYSE:MUX) (TSE:MUX) last posted its quarterly earnings data on Wednesday, October 30th. The basic materials company reported ($0.03) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.01) by ($0.02). McEwen Mining had a negative return on equity of 11.41% and a negative net margin of 50.01%. The company had revenue of $32.69 million for the quarter, compared to the consensus estimate of $36.67 million. Equities research analysts forecast that McEwen Mining Inc will post -0.11 earnings per share for the current year.

Institutional investors and hedge funds have recently modified their holdings of the stock. Tibra Equities Europe Ltd bought a new stake in shares of McEwen Mining in the 3rd quarter worth approximately $313,000. Price T Rowe Associates Inc. MD raised its stake in shares of McEwen Mining by 141.0% in the second quarter. Price T Rowe Associates Inc. MD now owns 418,292 shares of the basic materials company’s stock valued at $732,000 after purchasing an additional 244,692 shares in the last quarter. Perritt Capital Management Inc. lifted its position in McEwen Mining by 23.6% in the second quarter. Perritt Capital Management Inc. now owns 617,800 shares of the basic materials company’s stock worth $1,081,000 after purchasing an additional 117,800 shares during the period. Aperio Group LLC lifted its position in McEwen Mining by 25.1% in the second quarter. Aperio Group LLC now owns 184,014 shares of the basic materials company’s stock worth $322,000 after purchasing an additional 36,864 shares during the period. Finally, Sumitomo Mitsui Trust Holdings Inc. acquired a new stake in McEwen Mining during the second quarter worth $51,000. Hedge funds and other institutional investors own 26.96% of the company’s stock.

About McEwen Mining (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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