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

McEwen Inc. (NYSE:MUX) (TSE:MUX)’s share price reached a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $29.56 and last traded at $28.9880, with a volume of 462865 shares changing hands. The stock had previously closed at $27.97.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on the stock. Weiss Ratings restated a “sell (d+)” rating on shares of McEwen in a research report on Monday, December 29th. HC Wainwright increased their price objective on shares of McEwen from $17.00 to $21.50 and gave the company a “buy” rating in a report on Friday, October 10th. Roth Mkm reaffirmed a “buy” rating and issued a $30.00 price objective (up from $23.00) on shares of McEwen in a research note on Friday. Finally, Canaccord Genuity Group set a $25.00 target price on shares of McEwen and gave the stock a “buy” rating in a report on Wednesday, October 15th. One research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $25.50.

McEwen Trading Down 12.6%

The company has a quick ratio of 1.58, a current ratio of 2.10 and a debt-to-equity ratio of 0.26. The stock has a market capitalization of $1.32 billion, a P/E ratio of -109.80 and a beta of 1.08. The company has a fifty day simple moving average of $20.58 and a two-hundred day simple moving average of $16.69.

McEwen (NYSE:MUX) (TSE:MUX) last released its quarterly earnings results on Wednesday, November 5th. The basic materials company reported ($0.01) 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 business had revenue of $50.53 million for the quarter, compared to analyst estimates of $60.00 million. On average, sell-side analysts expect that McEwen Inc. will post -0.72 earnings per share for the current year.

Institutional Investors Weigh In On McEwen

Several institutional investors have recently added to or reduced their stakes in MUX. CoreCap Advisors LLC bought a new position in McEwen during the 3rd quarter worth about $27,000. National Bank of Canada FI grew its holdings in shares of McEwen by 3,328.3% during the third quarter. National Bank of Canada FI now owns 3,634 shares of the basic materials company’s stock worth $62,000 after buying an additional 3,528 shares in the last quarter. Tower Research Capital LLC TRC raised its position in 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 during the last quarter. Pale Fire Capital SE bought a new stake in McEwen in the 2nd quarter valued at approximately $119,000. Finally, XTX Topco Ltd acquired a new position in McEwen during the 2nd quarter worth approximately $141,000. 17.03% of the stock is owned by institutional investors.

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.