McEwen (NYSE:MUX) Stock Price Expected to Rise, HC Wainwright Analyst Says

McEwen (NYSE:MUX) (TSE:MUX) had its target price hoisted by HC Wainwright from $21.50 to $29.50 in a research report issued to clients and investors on Wednesday,Benzinga reports. The firm presently has a “buy” rating on the basic materials company’s stock. HC Wainwright’s target price points to a potential upside of 31.14% from the company’s current price.

Several other research analysts have also recently weighed in on MUX. Roth Mkm reissued a “buy” rating and set a $30.00 price objective (up from $23.00) on shares of McEwen in a report on Friday, January 30th. Weiss Ratings raised McEwen from a “sell (d+)” rating to a “hold (c-)” rating in a report on Wednesday, March 11th. Four investment analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $28.17.

McEwen Trading Down 0.8%

McEwen stock opened at $22.50 on Wednesday. McEwen has a one year low of $6.38 and a one year high of $29.70. The business’s fifty day moving average is $24.90 and its 200 day moving average is $20.17. The stock has a market capitalization of $1.23 billion, a PE ratio of 38.13 and a beta of 1.11. The company has a debt-to-equity ratio of 0.26, a current ratio of 2.10 and a quick ratio of 1.58.

McEwen (NYSE:MUX) (TSE:MUX) last issued its earnings results on Thursday, March 12th. The basic materials company reported $0.66 earnings per share for the quarter, topping analysts’ consensus estimates of $0.25 by $0.41. The business had revenue of $64.60 million during the quarter, compared to analyst estimates of $72.83 million. McEwen had a return on equity of 7.11% and a net margin of 17.43%. On average, sell-side analysts predict that McEwen will post -0.72 EPS for the current year.

Institutional Trading of McEwen

Large investors have recently added to or reduced their stakes in the business. Amundi purchased a new stake in McEwen during the fourth quarter valued at approximately $14,240,000. Synergy Asset Management LLC bought a new stake in shares of McEwen during the 4th quarter valued at $13,547,000. Royal Bank of Canada increased its stake in shares of McEwen by 4,309.4% in the 1st 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 in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in shares of McEwen by 38.2% in the 3rd 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 in the last quarter. Finally, Voloridge Investment Management LLC raised its holdings in McEwen by 228.6% in the 4th 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 during the period. 17.03% of the stock is currently owned by institutional investors.

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.