McEwen (NYSE:MUX) Trading 9.4% Higher – What’s Next?

McEwen Inc. (NYSE:MUX) (TSE:MUX)’s stock price rose 9.4% during trading on Monday . The stock traded as high as $21.08 and last traded at $20.4370. Approximately 539,977 shares changed hands during mid-day trading, a decline of 38% from the average daily volume of 868,503 shares. The stock had previously closed at $18.68.

Analysts Set New Price Targets

MUX has been the subject of a number of recent research reports. Weiss Ratings reiterated a “sell (d+)” rating on shares of McEwen in a report on Monday, December 29th. Canaccord Genuity Group set a $25.00 price objective on McEwen and gave the company a “buy” rating in a research note on Wednesday, October 15th. Roth Capital reissued a “buy” rating and set a $23.00 price objective (up from $21.00) on shares of McEwen in a research report on Wednesday, December 17th. Finally, HC Wainwright raised their target price on shares of McEwen from $17.00 to $21.50 and gave the company a “buy” rating in a report on Friday, October 10th. One investment analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $20.50.

McEwen Stock Performance

The firm has a 50 day moving average of $18.33 and a two-hundred day moving average of $15.15. The company has a debt-to-equity ratio of 0.26, a current ratio of 2.10 and a quick ratio of 1.58. The stock has a market cap of $1.09 billion, a PE ratio of -90.66 and a beta of 1.08.

McEwen (NYSE:MUX) (TSE:MUX) last released its quarterly earnings data on Wednesday, November 5th. The basic materials company reported ($0.01) earnings per share for the quarter, missing analysts’ consensus estimates of $0.31 by ($0.32). McEwen had a negative return on equity of 2.45% and a negative net margin of 7.16%.The company had revenue of $50.53 million for the quarter, compared to analyst estimates of $60.00 million. Research analysts predict that McEwen Inc. will post -0.72 EPS for the current fiscal year.

Institutional Trading of McEwen

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Y Intercept Hong Kong Ltd acquired a new position in shares of McEwen in the 2nd quarter valued at $947,000. Catalyst Funds Management Pty Ltd acquired a new stake in McEwen during the 2nd quarter worth $338,000. Goldman Sachs Group Inc. grew its position in McEwen by 44.2% during the 1st quarter. Goldman Sachs Group Inc. now owns 63,768 shares of the basic materials company’s stock worth $481,000 after purchasing an additional 19,548 shares during the last quarter. Entropy Technologies LP acquired a new position in McEwen in the second quarter valued at $161,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in shares of McEwen by 10.2% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,184,757 shares of the basic materials company’s stock valued at $8,945,000 after buying an additional 109,770 shares during the last quarter. Institutional investors and hedge funds 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.