McEwen (NYSE:MUX) Hits New 12-Month High – Still a Buy?

McEwen Inc. (NYSE:MUX) (TSE:MUX) reached a new 52-week high during trading on Wednesday . The stock traded as high as $25.41 and last traded at $24.8670, with a volume of 20266 shares trading hands. The stock had previously closed at $24.49.

Analysts Set New Price Targets

Several equities research analysts have commented on the stock. Weiss Ratings reissued a “sell (d+)” rating on shares of McEwen in a research report on Monday, December 29th. HC Wainwright raised their price target on McEwen from $17.00 to $21.50 and gave the company a “buy” rating in a research note on Friday, October 10th. Canaccord Genuity Group set a $25.00 price target on McEwen and gave the stock a “buy” rating in a research report on Wednesday, October 15th. Finally, Roth Mkm reissued a “buy” rating and issued a $23.00 price objective (up previously from $21.00) on shares of McEwen in a report on Wednesday, December 17th. One research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $23.17.

McEwen Trading Up 10.1%

The company has a market cap of $1.42 billion, a price-to-earnings ratio of -118.73 and a beta of 1.08. The company has a current ratio of 2.10, a quick ratio of 1.58 and a debt-to-equity ratio of 0.26. The business’s 50 day moving average price is $19.53 and its 200-day moving average price is $16.11.

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

Institutional Trading of McEwen

Several hedge funds have recently added to or reduced their stakes in MUX. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in McEwen by 38.2% during 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 buying an additional 541,890 shares during the period. Dimensional Fund Advisors LP increased its position in McEwen by 1.2% during the third quarter. Dimensional Fund Advisors LP now owns 1,285,603 shares of the basic materials company’s stock worth $21,982,000 after acquiring an additional 15,439 shares during the period. Vanguard Group Inc. raised its stake in McEwen by 3.1% in the 3rd quarter. Vanguard Group Inc. now owns 884,347 shares of the basic materials company’s stock worth $15,122,000 after purchasing an additional 26,846 shares in the last quarter. Tidal Investments LLC boosted its holdings in McEwen by 4.0% in the 2nd quarter. Tidal Investments LLC now owns 846,440 shares of the basic materials company’s stock valued at $8,134,000 after purchasing an additional 32,218 shares during the period. Finally, Synergy Asset Management LLC acquired a new position in shares of McEwen during the 4th quarter worth approximately $13,547,000. 17.03% of the stock is owned by institutional investors and hedge funds.

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.