McEwen (NYSE:MUX) Trading Down 6.7% – Time to Sell?

Shares of McEwen Inc. (NYSE:MUX) (TSE:MUX) dropped 6.7% during mid-day trading on Wednesday . The company traded as low as $18.75 and last traded at $18.75. Approximately 148,080 shares changed hands during mid-day trading, a decline of 87% from the average session volume of 1,161,603 shares. The stock had previously closed at $20.09.

Analysts Set New Price Targets

A number of analysts have recently issued reports on MUX shares. HC Wainwright reiterated a “buy” rating and issued a $28.00 price objective (down from $29.50) on shares of McEwen in a report on Friday, August 7th. Roth Capital set a $31.00 target price on shares of McEwen and gave the company a “buy” rating in a report on Monday, August 10th. Zacks Research raised shares of McEwen from a “strong sell” rating to a “hold” rating in a research note on Friday, September 11th. Wall Street Zen upgraded McEwen from a “sell” rating to a “hold” rating in a research report on Saturday, September 12th. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of McEwen in a research note on Friday, August 28th. Three investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, McEwen presently has an average rating of “Moderate Buy” and an average target price of $28.00.

McEwen Stock Down 6.4%

The firm has a market capitalization of $1.15 billion, a P/E ratio of 14.92 and a beta of 1.26. The company has a debt-to-equity ratio of 0.17, a quick ratio of 1.61 and a current ratio of 2.04. The stock has a 50 day moving average of $18.97 and a 200-day moving average of $20.41.

McEwen (NYSE:MUX) (TSE:MUX) last posted its earnings results on Wednesday, August 5th. The basic materials company reported $0.14 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.28 by ($0.14). McEwen had a return on equity of 13.48% and a net margin of 32.46%.The company had revenue of $59.23 million for the quarter, compared to analysts’ expectations of $65.51 million. Research analysts predict that McEwen Inc. will post 0.83 earnings per share for the current fiscal year.

Insider Buying and Selling

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

Hedge Funds Weigh In On McEwen

A number of large investors have recently modified their holdings of MUX. State Street Corp boosted its stake in McEwen by 26.5% during the second quarter. State Street Corp now owns 4,254,551 shares of the basic materials company’s stock valued at $77,135,000 after buying an additional 891,024 shares during the period. Dimensional Fund Advisors LP grew its holdings in shares of McEwen by 15.7% during the first quarter. Dimensional Fund Advisors LP now owns 1,269,760 shares of the basic materials company’s stock worth $25,920,000 after purchasing an additional 172,687 shares in the last quarter. BNP Paribas Financial Markets increased its position in shares of McEwen by 56.3% in the fourth quarter. BNP Paribas Financial Markets now owns 1,001,596 shares of the basic materials company’s stock worth $18,540,000 after purchasing an additional 360,857 shares during the last quarter. Synergy Asset Management LLC raised its stake in McEwen by 31.6% in the second quarter. Synergy Asset Management LLC now owns 803,122 shares of the basic materials company’s stock valued at $14,561,000 after purchasing an additional 193,005 shares in the last quarter. Finally, Bank of America Corp DE lifted its position in McEwen by 1,347.7% during the first quarter. Bank of America Corp DE now owns 534,824 shares of the basic materials company’s stock valued at $10,921,000 after purchasing an additional 497,882 shares during the last quarter. 17.03% of the stock is currently owned by institutional investors.

About McEwen

McEwen Inc is a mining company focused on the exploration, development, and production of gold, silver, and copper. The company’s portfolio includes operating mines, advanced development projects, and exploration properties in the United States, Canada, and Argentina.

Its principal gold assets include the Fox Complex in Ontario, Canada, and the Gold Bar mine in Nevada. McEwen also has an interest in the San José mine in Argentina, which has historically produced gold and silver, and is advancing the Los Azules copper project in San Juan Province, Argentina, through its McEwen Copper subsidiary.

McEwen was founded by mining entrepreneur Rob McEwen, who serves as chairman.