McEwen (NYSE:MUX) Stock Price Down 8.7% – Should You Sell?

McEwen Inc. (NYSE:MUX) (TSE:MUX) dropped 8.7% during trading on Tuesday . The stock traded as low as $21.82 and last traded at $21.7790. Approximately 424,848 shares were traded during trading, a decline of 64% from the average daily volume of 1,193,710 shares. The stock had previously closed at $23.86.

Analyst Upgrades and Downgrades

MUX has been the subject of a number of analyst reports. Zacks Research cut shares of McEwen from a “hold” rating to a “strong sell” rating in a research report on Wednesday, April 15th. Roth Mkm lifted their price target on shares of McEwen from $30.00 to $35.00 and gave the stock a “buy” rating in a report on Wednesday, March 18th. Wall Street Zen downgraded McEwen from a “buy” rating to a “hold” rating in a research report on Sunday, March 29th. Weiss Ratings upgraded McEwen from a “sell (d+)” rating to a “hold (c-)” rating in a report on Wednesday, March 11th. Finally, HC Wainwright boosted their target price on McEwen from $21.50 to $29.50 and gave the stock a “buy” rating in a research note on Wednesday, March 18th. Four research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $29.83.

McEwen Stock Up 3.1%

The company’s 50-day moving average is $23.23 and its 200 day moving average is $21.59. The stock has a market capitalization of $1.29 billion, a PE ratio of 36.76 and a beta of 1.28. The company has a current ratio of 1.69, a quick ratio of 1.27 and a debt-to-equity ratio of 0.23.

McEwen (NYSE:MUX) (TSE:MUX) last issued its quarterly 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 net margin of 17.43% and a return on equity of 6.89%. As a group, analysts anticipate that McEwen Inc. will post 0.86 EPS for the current year.

Hedge Funds Weigh In On McEwen

Hedge funds have recently made changes to their positions in the company. Amundi purchased a new stake in McEwen during the 4th quarter valued at about $14,240,000. Synergy Asset Management LLC purchased a new position in shares of McEwen in the fourth quarter worth about $13,547,000. Royal Bank of Canada lifted its holdings in shares of McEwen by 4,309.4% during the first 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 during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in McEwen by 38.2% in the third quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,959,913 shares of the basic materials company’s stock valued at $33,515,000 after buying an additional 541,890 shares during the last quarter. Finally, Voloridge Investment Management LLC boosted its position in McEwen by 228.6% in the fourth quarter. Voloridge Investment Management LLC now owns 701,344 shares of the basic materials company’s stock valued at $12,982,000 after buying an additional 487,924 shares during the last quarter. 17.03% of the stock is owned by institutional investors and hedge funds.

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.