McEwen Inc. $MUX Position Increased by Synergy Asset Management LLC

Synergy Asset Management LLC grew its holdings in shares of McEwen Inc. (NYSE:MUX) (TSE:MUX) by 31.6% during the second quarter, Holdings Channel reports. The firm owned 803,122 shares of the basic materials company’s stock after acquiring an additional 193,005 shares during the quarter. McEwen comprises 1.4% of Synergy Asset Management LLC’s portfolio, making the stock its 23rd largest holding. Synergy Asset Management LLC’s holdings in McEwen were worth $14,561,000 as of its most recent filing with the SEC.

A number of other large investors also recently modified their holdings of MUX. Counterpoint Mutual Funds LLC bought a new position in shares of McEwen in the 2nd quarter worth about $218,000. Bank of America Corp DE grew its position in shares of McEwen by 1,347.7% during 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 last quarter. California State Teachers Retirement System raised its stake in McEwen by 45.7% during the first quarter. California State Teachers Retirement System now owns 60,857 shares of the basic materials company’s stock worth $1,243,000 after acquiring an additional 19,077 shares during the period. Empowered Funds LLC raised its stake in McEwen by 6.1% during the first quarter. Empowered Funds LLC now owns 275,384 shares of the basic materials company’s stock worth $5,623,000 after acquiring an additional 15,886 shares during the period. Finally, Entropy Technologies LP bought a new position in McEwen in the first quarter worth about $206,000. 17.03% of the stock is currently owned by institutional investors.

McEwen Trading Down 2.9%

Shares of NYSE:MUX opened at $18.60 on Friday. The company has a market cap of $1.14 billion, a PE ratio of 14.76 and a beta of 1.23. The company’s 50-day moving average price is $18.17 and its 200 day moving average price is $21.66. McEwen Inc. has a fifty-two week low of $9.86 and a fifty-two week 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.

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 analysts’ consensus estimates of $0.28 by ($0.14). McEwen had a net margin of 32.46% and a return on equity of 13.48%. The firm had revenue of $59.23 million for the quarter, compared to analyst estimates of $65.51 million. Sell-side analysts anticipate that McEwen Inc. will post 0.8 earnings per share for the current year.

Analysts Set New Price Targets

A number of equities analysts have commented on MUX shares. Wall Street Zen downgraded McEwen from a “hold” rating to a “sell” rating in a research note on Saturday, August 8th. HC Wainwright reiterated a “buy” rating and set a $28.00 price target (down from $29.50) on shares of McEwen in a research report on Friday, August 7th. Zacks Research downgraded McEwen from a “hold” rating to a “strong sell” rating in a report on Wednesday, August 5th. Weiss Ratings lowered McEwen from a “hold (c+)” rating to a “hold (c)” rating in a research report on Tuesday, June 2nd. Finally, Roth Capital set a $31.00 price objective on McEwen and gave the stock a “buy” rating in a research note on Monday. Three investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $28.00.

Insider Buying and Selling at McEwen

In other news, Director Richard W. Brissenden sold 3,275 shares of the business’s stock in a transaction that occurred on Monday, June 29th. The stock was sold at an average price of $18.13, for a total transaction of $59,375.75. Following the completion of the transaction, the director directly owned 18,022 shares in the company, valued at approximately $326,738.86. The trade was a 15.38% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Company insiders own 14.80% 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.