McEwen (NYSE:MUX) Rating Lowered to “Sell” at Wall Street Zen

McEwen (NYSE:MUX) (TSE:MUX) was downgraded by Wall Street Zen from a “hold” rating to a “sell” rating in a research report issued to clients and investors on Saturday.

A number of other equities research analysts also recently commented on the company. Zacks Research downgraded McEwen from a “hold” rating to a “strong sell” rating in a report on Wednesday, August 5th. HC Wainwright restated a “buy” rating and set a $28.00 target price (down from $29.50) on shares of McEwen in a report on Friday. Finally, Weiss Ratings lowered McEwen from a “hold (c+)” rating to a “hold (c)” rating in a research report on Tuesday, June 2nd. Three research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $29.33.

McEwen Trading Up 0.1%

MUX opened at $19.21 on Friday. The firm has a 50 day simple moving average of $18.37 and a 200 day simple moving average of $21.84. McEwen has a fifty-two week low of $9.82 and a fifty-two week high of $29.70. The company has a market cap of $1.18 billion, a price-to-earnings ratio of 15.25 and a beta of 1.23. The company has a debt-to-equity ratio of 0.17, a current ratio of 2.04 and a quick ratio of 1.61.

McEwen (NYSE:MUX) (TSE:MUX) last announced its quarterly earnings data 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 business had revenue of $59.23 million during the quarter, compared to the consensus estimate of $65.51 million. On average, sell-side analysts anticipate that McEwen will post 0.99 earnings per share for the current year.

Insiders Place Their Bets

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

Hedge Funds Weigh In On McEwen

Several institutional investors have recently modified their holdings of MUX. Royal Bank of Canada lifted its stake in McEwen by 4,309.4% in the first quarter. Royal Bank of Canada now owns 638,871 shares of the basic materials company’s stock valued at $4,823,000 after buying an additional 624,382 shares in the last quarter. Goldman Sachs Group Inc. boosted its holdings in shares of McEwen by 44.2% in the first quarter. Goldman Sachs Group Inc. now owns 63,768 shares of the basic materials company’s stock valued at $481,000 after buying an additional 19,548 shares during the period. Empowered Funds LLC increased its position in shares of McEwen by 105.4% during the first quarter. Empowered Funds LLC now owns 208,100 shares of the basic materials company’s stock worth $1,571,000 after acquiring an additional 106,800 shares in the last quarter. Geode Capital Management LLC raised its holdings in shares of McEwen by 0.3% during the second quarter. Geode Capital Management LLC now owns 509,426 shares of the basic materials company’s stock worth $4,897,000 after acquiring an additional 1,585 shares during the period. Finally, JPMorgan Chase & Co. raised its holdings in shares of McEwen by 92.5% during the second quarter. JPMorgan Chase & Co. now owns 198,771 shares of the basic materials company’s stock worth $1,910,000 after acquiring an additional 95,488 shares during the period. Institutional investors 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.