McEwen (NYSE:MUX) Stock Price Down 6.1% – Here’s What Happened

McEwen Inc. (NYSE:MUX) (TSE:MUX)’s stock price was down 6.1% during mid-day trading on Monday . The company traded as low as $21.88 and last traded at $21.7950. Approximately 552,958 shares traded hands during trading, a decline of 57% from the average daily volume of 1,281,297 shares. The stock had previously closed at $23.22.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on MUX. Weiss Ratings upgraded shares of McEwen from a “sell (d+)” rating to a “hold (c-)” rating in a report on Wednesday. Roth Mkm restated a “buy” rating and issued a $30.00 price target (up from $23.00) on shares of McEwen in a research note on Friday, January 30th. Four equities research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $25.50.

McEwen Stock Performance

The stock’s 50-day simple moving average is $24.80 and its 200 day simple moving average is $20.01. The company has a market capitalization of $1.22 billion, a PE ratio of 37.96 and a beta of 1.11. The company has a debt-to-equity ratio of 0.26, a quick ratio of 1.58 and a current ratio of 2.10.

McEwen (NYSE:MUX) (TSE:MUX) last released its quarterly earnings data on Thursday, March 12th. The basic materials company reported $0.66 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.25 by $0.41. The business had revenue of $64.60 million during the quarter, compared to analysts’ expectations of $72.83 million. McEwen had a net margin of 17.43% and a return on equity of 7.11%. As a group, research analysts expect that McEwen Inc. will post -0.72 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in MUX. Royal Bank of Canada raised its position in shares of McEwen by 4,309.4% during the 1st quarter. Royal Bank of Canada now owns 638,871 shares of the basic materials company’s stock worth $4,823,000 after acquiring an additional 624,382 shares in the last quarter. Goldman Sachs Group Inc. increased its stake in McEwen by 44.2% in the first 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 last quarter. Empowered Funds LLC increased its stake in McEwen by 105.4% in the first quarter. Empowered Funds LLC now owns 208,100 shares of the basic materials company’s stock valued at $1,571,000 after purchasing an additional 106,800 shares during the last quarter. Geode Capital Management LLC raised its holdings 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. Finally, Catalyst Funds Management Pty Ltd purchased a new stake in shares of McEwen during the 2nd quarter worth approximately $338,000. 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.