McEwen Inc. (NYSE:MUX) Receives $29.83 Average PT from Brokerages

Shares of McEwen Inc. (NYSE:MUX) (TSE:MUX) have been given an average recommendation of “Hold” by the five ratings firms that are currently covering the firm, Marketbeat Ratings reports. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and three have assigned a buy rating to the company. The average 12 month price target among brokerages that have updated their coverage on the stock in the last year is $28.00.

A number of equities analysts recently commented on MUX shares. Roth Capital set a $31.00 target price on McEwen and gave the company a “buy” rating in a report on Monday. Weiss Ratings cut shares of McEwen from a “hold (c+)” rating to a “hold (c)” rating in a report on Tuesday, June 2nd. HC Wainwright reissued a “buy” rating and set a $28.00 price objective (down from $29.50) on shares of McEwen in a research report on Friday, August 7th. Wall Street Zen lowered shares of McEwen from a “hold” rating to a “sell” rating in a report on Saturday, August 8th. Finally, Zacks Research cut shares of McEwen from a “hold” rating to a “strong sell” rating in a research report on Wednesday, August 5th.

McEwen Stock Up 0.4%

Shares of NYSE:MUX opened at $19.22 on Thursday. The stock’s 50-day moving average is $18.22 and its 200 day moving average is $21.72. The company has a market cap of $1.18 billion, a PE ratio of 15.25 and a beta of 1.23. The company has a debt-to-equity ratio of 0.17, a current ratio of 2.04 and a quick ratio of 1.61. McEwen has a 1 year low of $9.86 and a 1 year high of $29.70.

McEwen (NYSE:MUX) (TSE:MUX) last released its quarterly earnings data on Wednesday, August 5th. The basic materials company reported $0.14 earnings per share for the quarter, missing the consensus estimate of $0.28 by ($0.14). The business had revenue of $59.23 million during the quarter, compared to analysts’ expectations of $65.51 million. McEwen had a return on equity of 13.48% and a net margin of 32.46%. Sell-side analysts anticipate that McEwen will post 0.8 EPS for the current year.

Insider Transactions at McEwen

In other McEwen news, Director Richard W. Brissenden sold 3,275 shares of the firm’s stock in a transaction dated Monday, June 29th. The shares were sold at an average price of $18.13, for a total value of $59,375.75. Following the completion of the sale, the director directly owned 18,022 shares in the company, valued at $326,738.86. This trade represents a 15.38% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. 14.80% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the company. Amundi purchased a new position in shares of McEwen in the 4th quarter valued at approximately $14,240,000. Royal Bank of Canada grew its stake in McEwen by 4,309.4% in the first quarter. Royal Bank of Canada now owns 638,871 shares of the basic materials company’s stock worth $4,823,000 after purchasing an additional 624,382 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in McEwen by 38.2% in the third quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,959,913 shares of the basic materials company’s stock worth $33,515,000 after purchasing an additional 541,890 shares during the period. Bank of America Corp DE raised its holdings in McEwen by 1,347.7% in the first quarter. Bank of America Corp DE now owns 534,824 shares of the basic materials company’s stock worth $10,921,000 after purchasing an additional 497,882 shares in the last quarter. Finally, Voloridge Investment Management LLC raised its holdings in McEwen by 228.6% in the fourth quarter. Voloridge Investment Management LLC now owns 701,344 shares of the basic materials company’s stock worth $12,982,000 after purchasing an additional 487,924 shares in the last quarter. Institutional investors own 17.03% of the company’s stock.

About McEwen

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.