McEwen (NYSE:MUX) Reaches New 52-Week High – What’s Next?

McEwen Inc. (NYSE:MUX) (TSE:MUX)’s stock price hit a new 52-week high during trading on Wednesday . The company traded as high as $25.41 and last traded at $24.8670, with a volume of 20266 shares trading hands. The stock had previously closed at $24.49.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on MUX. HC Wainwright boosted their price target on McEwen from $17.00 to $21.50 and gave the company a “buy” rating in a research report on Friday, October 10th. Weiss Ratings reiterated a “sell (d+)” rating on shares of McEwen in a research note on Monday, December 29th. Roth Capital restated a “buy” rating and set a $23.00 price target (up previously from $21.00) on shares of McEwen in a research note on Wednesday, December 17th. Finally, Canaccord Genuity Group set a $25.00 price objective on shares of McEwen and gave the company a “buy” rating in a research report on Wednesday, October 15th. One analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, McEwen currently has a consensus rating of “Moderate Buy” and an average price target of $20.50.

McEwen Trading Down 0.8%

The company has a market cap of $1.32 billion, a price-to-earnings ratio of -110.91 and a beta of 1.08. The business has a fifty day simple moving average of $19.23 and a 200 day simple moving average of $15.99. The company has a quick ratio of 1.58, a current ratio of 2.10 and a debt-to-equity ratio of 0.26.

McEwen (NYSE:MUX) (TSE:MUX) last posted its quarterly earnings results on Wednesday, November 5th. The basic materials company reported ($0.01) earnings per share for the quarter, missing analysts’ consensus estimates of $0.31 by ($0.32). McEwen had a negative return on equity of 2.45% and a negative net margin of 7.16%.The company had revenue of $50.53 million for the quarter, compared to analyst estimates of $60.00 million. On average, equities analysts anticipate that McEwen Inc. will post -0.72 EPS for the current fiscal year.

Institutional Investors Weigh In On McEwen

Institutional investors have recently modified their holdings of the company. Everstar Asset Management LLC grew its holdings in shares of McEwen by 4.3% in the 2nd quarter. Everstar Asset Management LLC now owns 28,988 shares of the basic materials company’s stock worth $279,000 after acquiring an additional 1,188 shares during the period. Geode Capital Management LLC boosted its position in McEwen by 0.3% during the second quarter. Geode Capital Management LLC now owns 509,426 shares of the basic materials company’s stock worth $4,897,000 after purchasing an additional 1,585 shares in the last quarter. CoreCap Advisors LLC acquired a new stake in McEwen in the third quarter valued at $27,000. Verition Fund Management LLC increased its position in shares of McEwen by 6.3% in the third quarter. Verition Fund Management LLC now owns 58,252 shares of the basic materials company’s stock valued at $996,000 after buying an additional 3,452 shares in the last quarter. Finally, Inceptionr LLC increased its position in shares of McEwen by 21.7% in the second quarter. Inceptionr LLC now owns 19,496 shares of the basic materials company’s stock valued at $187,000 after buying an additional 3,480 shares in the last quarter. Hedge funds and other institutional investors own 17.03% of the company’s stock.

McEwen Company Profile

McEwen Mining Inc (NYSE: MUX) is a Canada-based precious metals company focused on the exploration, development and production of gold, silver and copper. Headquartered in Toronto, the company pursues a diversified portfolio of assets across the Americas, with operations and projects spanning Argentina, Mexico, Canada and the United States. McEwen Mining employs an integrated approach that combines in-house technical expertise with strategic partnerships to advance its assets from resource definition through to commercial production.

The company’s flagship producing asset is the San José mine in Argentina, a high-grade silver-gold operation.