McEwen (NYSE:MUX) Shares Down 6.1% – Here’s What Happened

McEwen Inc. (NYSE:MUX) (TSE:MUX) traded down 6.1% during mid-day trading on Monday . The company traded as low as $21.88 and last traded at $21.7950. 552,958 shares traded hands during trading, a decline of 57% from the average session volume of 1,281,297 shares. The stock had previously closed at $23.22.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on the company. Roth Mkm increased their price objective on McEwen from $30.00 to $35.00 and gave the company a “buy” rating in a report on Wednesday. Weiss Ratings upgraded shares of McEwen from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Wednesday, March 11th. Finally, HC Wainwright raised their price objective on shares of McEwen from $21.50 to $29.50 and gave the stock a “buy” rating in a report on Wednesday. Four equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat.com, McEwen presently has a consensus rating of “Moderate Buy” and a consensus target price of $29.83.

McEwen Price Performance

The firm has a market capitalization of $1.14 billion, a price-to-earnings ratio of 35.41 and a beta of 1.11. The company has a fifty day moving average price of $24.90 and a two-hundred day moving average price of $20.17. The company has a quick ratio of 1.58, a current ratio of 2.10 and a debt-to-equity ratio of 0.26.

McEwen (NYSE:MUX) (TSE:MUX) last released its earnings results on Thursday, March 12th. The basic materials company reported $0.66 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.25 by $0.41. The business had revenue of $64.60 million for 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, equities research analysts expect that McEwen Inc. will post -0.72 EPS for the current fiscal year.

Institutional Trading of McEwen

Hedge funds and other institutional investors have recently bought and sold shares of the company. Catalyst Funds Management Pty Ltd acquired a new position in McEwen during the second quarter valued at approximately $338,000. North of South Capital LLP purchased a new position in shares of McEwen in the third quarter valued at $855,000. Quantbot Technologies LP increased its position in shares of McEwen by 62.7% during the third quarter. Quantbot Technologies LP now owns 131,786 shares of the basic materials company’s stock worth $2,254,000 after acquiring an additional 50,778 shares during the last quarter. JPMorgan Chase & Co. lifted its stake in shares of McEwen by 231.6% in the third quarter. JPMorgan Chase & Co. now owns 659,079 shares of the basic materials company’s stock worth $11,270,000 after acquiring an additional 460,308 shares in the last quarter. Finally, Entropy Technologies LP purchased a new position in McEwen in the second quarter valued at about $161,000. 17.03% of the stock is owned by hedge funds and other 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.