McEwen (NYSE:MUX) Stock Dropped to Sell by Wall Street Zen

Wall Street Zen cut shares of McEwen (NYSE:MUX) (TSE:MUX) from a hold rating to a sell rating in a research note released on Saturday morning,Wall Street Zen reports.

Several other equities analysts also recently commented on MUX. Roth Capital set a $31.00 target price on McEwen and gave the stock a “buy” rating in a research report on Monday, August 10th. Weiss Ratings reiterated a “hold (c)” rating on shares of McEwen in a research report on Friday, August 28th. Zacks Research upgraded McEwen from a “strong sell” rating to a “hold” rating in a research note on Friday, September 11th. Finally, HC Wainwright reissued a “buy” rating and set a $28.00 price objective (down from $29.50) on shares of McEwen in a report on Friday, August 7th. Three equities research 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, McEwen presently has a consensus rating of “Moderate Buy” and an average price target of $28.00.

McEwen Stock Up 0.6%

MUX stock opened at $17.77 on Friday. McEwen has a twelve month low of $14.93 and a twelve month high of $29.70. The company has a quick ratio of 1.61, a current ratio of 2.04 and a debt-to-equity ratio of 0.17. The company has a market cap of $1.09 billion, a PE ratio of 14.10 and a beta of 1.26. The business’s 50-day simple moving average is $19.13 and its 200 day simple moving average is $20.09.

McEwen (NYSE:MUX) (TSE:MUX) last announced its quarterly earnings data on Wednesday, August 5th. The basic materials company reported $0.14 EPS for the quarter, missing analysts’ consensus estimates of $0.28 by ($0.14). The firm had revenue of $59.23 million during the quarter, compared to the consensus estimate of $65.51 million. McEwen had a return on equity of 13.48% and a net margin of 32.46%. On average, research analysts anticipate that McEwen will post 0.83 earnings per share for the current year.

Institutional Trading of McEwen

Hedge funds and other institutional investors have recently modified their holdings of the stock. State Street Corp raised its position in McEwen by 26.5% in the 2nd quarter. State Street Corp now owns 4,254,551 shares of the basic materials company’s stock worth $77,135,000 after purchasing an additional 891,024 shares during the last quarter. Dimensional Fund Advisors LP boosted its position in McEwen by 15.7% in the 1st quarter. Dimensional Fund Advisors LP now owns 1,269,760 shares of the basic materials company’s stock valued at $25,920,000 after buying an additional 172,687 shares during the last quarter. BNP Paribas Financial Markets increased its stake in shares of McEwen by 56.3% in the 4th quarter. BNP Paribas Financial Markets now owns 1,001,596 shares of the basic materials company’s stock valued at $18,540,000 after buying an additional 360,857 shares during the period. Synergy Asset Management LLC increased its stake in shares of McEwen by 31.6% in the 2nd quarter. Synergy Asset Management LLC now owns 803,122 shares of the basic materials company’s stock valued at $14,561,000 after buying an additional 193,005 shares during the period. Finally, Bank of America Corp DE increased its stake in shares of McEwen by 1,347.7% in the 1st quarter. Bank of America Corp DE now owns 534,824 shares of the basic materials company’s stock valued at $10,921,000 after buying an additional 497,882 shares during the period. Institutional investors and hedge funds own 17.03% of the company’s stock.

About McEwen

McEwen Inc (NYSE: MUX), formerly known as McEwen Mining Inc, is a precious and base metals mining company focused on the exploration, development and production of gold, silver and copper. The company operates and develops mining projects in Canada, the United States and Argentina.

McEwen’s principal gold assets include the Fox Complex in Ontario, Canada, and the Gold Bar mine in Nevada. The Fox Complex is an underground mining operation in the Timmins region, while Gold Bar is an open-pit, heap-leach operation in central Nevada.