McEwen (NYSE:MUX) Announces Earnings Results, Misses Estimates By $0.14 EPS

McEwen (NYSE:MUX) (TSE:MUX) released its earnings results on Wednesday. The basic materials company reported $0.14 earnings per share for the quarter, missing the consensus estimate of $0.28 by ($0.14), FiscalAI reports. McEwen had a net margin of 31.40% and a return on equity of 13.65%. The firm had revenue of $59.23 million during the quarter, compared to analyst estimates of $65.51 million.

McEwen Stock Down 7.1%

NYSE MUX traded down $1.41 during trading on Thursday, reaching $18.30. 1,472,684 shares of the company’s stock were exchanged, compared to its average volume of 1,173,556. The company has a 50 day moving average price of $18.49 and a two-hundred day moving average price of $21.90. The stock has a market cap of $1.09 billion, a P/E ratio of 15.51 and a beta of 1.23. McEwen has a 1 year low of $9.82 and a 1 year high of $29.70. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.81 and a current ratio of 1.14.

Insider Buying and Selling at McEwen

In other news, Director Richard W. Brissenden sold 3,275 shares of the company’s stock in a transaction on Monday, June 29th. The shares were 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 approximately $326,738.86. This represents a 15.38% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Corporate insiders own 14.80% of the company’s stock.

Institutional Trading of McEwen

A number of hedge funds and other institutional investors have recently made changes to their positions in MUX. Schonfeld Strategic Advisors LLC purchased a new position in shares of McEwen during the fourth quarter worth approximately $424,000. Osaic Holdings Inc. boosted its stake in McEwen by 61.2% during the 4th quarter. Osaic Holdings Inc. now owns 13,611 shares of the basic materials company’s stock worth $252,000 after purchasing an additional 5,166 shares during the period. Walleye Capital LLC purchased a new position in McEwen during the 4th quarter worth $315,000. Sprott Inc. grew its position in McEwen by 22.2% during the 4th quarter. Sprott Inc. now owns 12,309 shares of the basic materials company’s stock worth $228,000 after purchasing an additional 2,233 shares during the last quarter. Finally, Prelude Capital Management LLC acquired a new position in McEwen in the third quarter valued at $443,000. Institutional investors and hedge funds own 17.03% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on the stock. Zacks Research upgraded shares of McEwen from a “strong sell” rating to a “hold” rating in a research note on Monday, May 11th. Wall Street Zen cut McEwen from a “buy” rating to a “hold” rating in a research note on Sunday, May 17th. Finally, Weiss Ratings lowered McEwen from a “hold (c+)” rating to a “hold (c)” rating in a research report on Tuesday, June 2nd. Three analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat, McEwen presently has a consensus rating of “Moderate Buy” and a consensus target price of $29.83.

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.