Olympiad Research LP Takes $443,000 Position in McEwen Inc. $MUX

Olympiad Research LP bought a new stake in McEwen Inc. (NYSE:MUX) (TSE:MUX) during the third quarter, according to its most recent disclosure with the SEC. The institutional investor bought 25,897 shares of the basic materials company’s stock, valued at approximately $443,000. McEwen accounts for about 0.6% of Olympiad Research LP’s investment portfolio, making the stock its 22nd biggest holding.

Other institutional investors have also made changes to their positions in the company. Royal Bank of Canada grew its stake in McEwen by 4,309.4% in the 1st quarter. Royal Bank of Canada now owns 638,871 shares of the basic materials company’s stock valued at $4,823,000 after buying an additional 624,382 shares during the last quarter. Goldman Sachs Group Inc. boosted its holdings in McEwen by 44.2% in the 1st quarter. Goldman Sachs Group Inc. now owns 63,768 shares of the basic materials company’s stock valued at $481,000 after purchasing an additional 19,548 shares during the period. Empowered Funds LLC increased its stake in McEwen by 105.4% during the 1st quarter. Empowered Funds LLC now owns 208,100 shares of the basic materials company’s stock worth $1,571,000 after acquiring an additional 106,800 shares during the period. Y Intercept Hong Kong Ltd acquired a new position in shares of McEwen in the 2nd quarter valued at approximately $947,000. Finally, Campbell & CO Investment Adviser LLC bought a new position in shares of McEwen in the 2nd quarter valued at $983,000. 17.03% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

MUX has been the topic of several research analyst reports. Canaccord Genuity Group set a $25.00 price objective on McEwen and gave the company a “buy” rating in a research note on Wednesday, October 15th. Weiss Ratings reiterated a “sell (d+)” rating on shares of McEwen in a report on Monday, December 29th. HC Wainwright raised their price objective on McEwen from $17.00 to $21.50 and gave the stock a “buy” rating in a research report on Friday, October 10th. Finally, Roth Mkm reaffirmed a “buy” rating and set a $23.00 price target (up previously from $21.00) on shares of McEwen in a research report on Wednesday, December 17th. One analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $23.17.

McEwen Price Performance

Shares of NYSE:MUX opened at $23.72 on Thursday. The company has a 50-day moving average price of $19.35 and a two-hundred day moving average price of $16.04. The firm has a market capitalization of $1.29 billion, a PE ratio of -107.82 and a beta of 1.08. McEwen Inc. has a twelve month low of $6.38 and a twelve month high of $25.19. 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 announced its quarterly earnings results on Wednesday, November 5th. The basic materials company reported ($0.01) earnings per share (EPS) 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 firm had revenue of $50.53 million during the quarter, compared to analysts’ expectations of $60.00 million. Equities analysts forecast that McEwen Inc. will post -0.72 EPS for the current year.

McEwen 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.