McEwen (NYSE:MUX) Hits New 52-Week High – Here’s What Happened

Shares of McEwen Inc. (NYSE:MUX) (TSE:MUX) hit a new 52-week high during mid-day trading on Tuesday . The company traded as high as $13.07 and last traded at $13.20, with a volume of 353777 shares. The stock had previously closed at $11.55.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on MUX shares. Wall Street Zen cut McEwen from a “hold” rating to a “sell” rating in a report on Thursday, May 22nd. HC Wainwright lifted their target price on McEwen from $15.50 to $17.00 and gave the stock a “buy” rating in a research report on Tuesday, July 29th. Roth Capital set a $15.00 target price on shares of McEwen and gave the company a “buy” rating in a research note on Tuesday, July 1st. Finally, National Bankshares restated an “outperform” rating on shares of McEwen in a report on Wednesday, July 16th. One analyst has rated the stock with a Strong Buy rating and four have issued a Buy rating to the stock. According to data from MarketBeat, McEwen presently has a consensus rating of “Buy” and a consensus target price of $14.83.

McEwen Stock Up 0.7%

The firm has a market capitalization of $751.32 million, a PE ratio of -55.54 and a beta of 0.96. The company has a debt-to-equity ratio of 0.26, a quick ratio of 1.82 and a current ratio of 2.35. The company has a fifty day simple moving average of $10.89 and a two-hundred day simple moving average of $8.90.

McEwen (NYSE:MUX) (TSE:MUX) last released its quarterly earnings data on Wednesday, August 6th. The basic materials company reported $0.06 earnings per share for the quarter, missing analysts’ consensus estimates of $0.09 by ($0.03). McEwen had a negative return on equity of 2.76% and a negative net margin of 8.05%.The business had revenue of $46.70 million during the quarter, compared to analysts’ expectations of $49.05 million. Analysts forecast that McEwen Inc. will post -0.72 EPS for the current fiscal year.

Insider Buying and Selling

In other McEwen news, Director Ian J. Ball sold 2,656 shares of the company’s stock in a transaction on Tuesday, August 12th. The stock was sold at an average price of $10.49, for a total transaction of $27,861.44. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 16.10% of the stock is owned by company insiders.

Institutional Investors Weigh In On McEwen

A number of hedge funds have recently made changes to their positions in the stock. Aquatic Capital Management LLC grew its stake in McEwen by 357.9% in the fourth quarter. Aquatic Capital Management LLC now owns 7,327 shares of the basic materials company’s stock valued at $57,000 after purchasing an additional 5,727 shares during the last quarter. Total Wealth Planning & Management Inc. purchased a new stake in shares of McEwen during the fourth quarter valued at about $96,000. Tower Research Capital LLC TRC boosted its holdings in shares of McEwen by 17,204.9% in the 2nd quarter. Tower Research Capital LLC TRC now owns 10,556 shares of the basic materials company’s stock valued at $101,000 after buying an additional 10,495 shares in the last quarter. SBI Securities Co. Ltd. grew its position in shares of McEwen by 9,935.0% in the 1st quarter. SBI Securities Co. Ltd. now owns 14,350 shares of the basic materials company’s stock worth $108,000 after buying an additional 14,207 shares during the last quarter. Finally, Private Advisor Group LLC raised its stake in shares of McEwen by 16.6% during the 1st quarter. Private Advisor Group LLC now owns 14,743 shares of the basic materials company’s stock worth $111,000 after acquiring an additional 2,098 shares in the last quarter. 17.03% of the stock is currently owned by hedge funds and other institutional investors.

About McEwen

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.