HC Wainwright Raises McEwen Mining (NYSE:MUX) Price Target to $3.50

McEwen Mining (NYSE:MUX) (TSE:MUX) had its price target raised by HC Wainwright from $2.50 to $3.50 in a report issued on Monday, BenzingaRatingsTable reports. The firm currently has a buy rating on the basic materials company’s stock.

A number of other equities analysts also recently commented on MUX. ValuEngine upgraded shares of McEwen Mining from a hold rating to a buy rating in a research note on Monday, June 17th. Zacks Investment Research downgraded shares of McEwen Mining from a hold rating to a sell rating in a research note on Tuesday, July 23rd. One research analyst has rated the stock with a sell rating and three have assigned a buy rating to the company’s stock. McEwen Mining has a consensus rating of Buy and an average price target of $3.50.

Shares of NYSE:MUX opened at $1.83 on Monday. The company has a market capitalization of $633.52 million, a price-to-earnings ratio of -14.08 and a beta of -0.42. McEwen Mining has a 12 month low of $1.23 and a 12 month high of $2.44. The firm’s 50-day moving average is $1.82 and its 200 day moving average is $1.64. The company has a current ratio of 1.90, a quick ratio of 0.94 and a debt-to-equity ratio of 0.11.

McEwen Mining (NYSE:MUX) (TSE:MUX) last issued its quarterly earnings results on Tuesday, July 30th. The basic materials company reported ($0.04) EPS for the quarter, missing the consensus estimate of ($0.01) by ($0.03). The firm had revenue of $36.38 million for the quarter, compared to the consensus estimate of $34.92 million. McEwen Mining had a negative net margin of 55.09% and a negative return on equity of 11.81%. As a group, equities analysts forecast that McEwen Mining will post -0.08 EPS for the current fiscal year.

In other McEwen Mining news, Director Richard W. Brissenden sold 25,000 shares of the company’s stock in a transaction dated Friday, August 9th. The shares were sold at an average price of $2.01, for a total value of $50,250.00. The sale was disclosed in a filing with the SEC, which is available through this link. 22.70% of the stock is owned by corporate insiders.

Several institutional investors and hedge funds have recently made changes to their positions in MUX. Wedbush Securities Inc. grew its position in McEwen Mining by 1,178.4% during the 1st quarter. Wedbush Securities Inc. now owns 130,401 shares of the basic materials company’s stock worth $196,000 after acquiring an additional 120,201 shares during the last quarter. Mercer Global Advisors Inc. ADV acquired a new position in shares of McEwen Mining in the 1st quarter valued at about $54,000. Geode Capital Management LLC raised its stake in McEwen Mining by 6.6% during the 4th quarter. Geode Capital Management LLC now owns 1,879,565 shares of the basic materials company’s stock worth $3,420,000 after buying an additional 116,048 shares during the period. Deutsche Bank AG raised its stake in McEwen Mining by 5,370.5% during the 4th quarter. Deutsche Bank AG now owns 1,817,955 shares of the basic materials company’s stock worth $3,308,000 after buying an additional 1,784,723 shares during the period. Finally, Heathbridge Capital Management Ltd. acquired a new position in McEwen Mining during the 1st quarter worth approximately $60,000. 24.46% of the stock is owned by hedge funds and other institutional investors.

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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