McEwen (NYSE:MUX) Trading Down 9% – Time to Sell?

McEwen Inc. (NYSE:MUX) (TSE:MUX) shares were down 9% during mid-day trading on Friday . The company traded as low as $22.70 and last traded at $22.6110. Approximately 313,520 shares were traded during trading, a decline of 74% from the average daily volume of 1,197,904 shares. The stock had previously closed at $24.85.

Wall Street Analysts Forecast Growth

MUX has been the subject of a number of research reports. Weiss Ratings raised shares of McEwen from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Wednesday, March 11th. Zacks Research raised shares of McEwen from a “strong sell” rating to a “hold” rating in a research note on Monday. HC Wainwright upped their price objective on shares of McEwen from $21.50 to $29.50 and gave the stock a “buy” rating in a research note on Wednesday, March 18th. Wall Street Zen raised shares of McEwen from a “hold” rating to a “buy” rating in a research note on Saturday, May 9th. Finally, Roth Mkm upped their price objective on shares of McEwen from $30.00 to $35.00 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 and two have given a Hold rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $29.83.

McEwen Trading Down 7.6%

The firm has a market capitalization of $1.37 billion, a PE ratio of 19.47 and a beta of 1.19. The company’s 50-day simple moving average is $22.75 and its 200 day simple moving average is $21.80. The company has a quick ratio of 0.81, a current ratio of 1.14 and a debt-to-equity ratio of 0.19.

McEwen (NYSE:MUX) (TSE:MUX) last released its quarterly earnings results on Thursday, March 12th. The basic materials company reported $0.66 EPS for the quarter, beating the consensus estimate of $0.25 by $0.41. McEwen had a net margin of 31.40% and a return on equity of 13.65%. The business had revenue of $64.60 million during the quarter, compared to analyst estimates of $72.83 million. As a group, sell-side analysts expect that McEwen Inc. will post 1.06 EPS for the current year.

Hedge Funds Weigh In On McEwen

Several hedge funds have recently modified their holdings of the stock. JPMorgan Chase & Co. increased its holdings in McEwen by 231.6% in the 3rd quarter. JPMorgan Chase & Co. now owns 659,079 shares of the basic materials company’s stock worth $11,270,000 after buying an additional 460,308 shares during the period. Quantbot Technologies LP increased its holdings in McEwen by 62.7% in the 3rd quarter. Quantbot Technologies LP now owns 131,786 shares of the basic materials company’s stock worth $2,254,000 after buying an additional 50,778 shares during the period. Synergy Asset Management LLC acquired a new position in McEwen in the 4th quarter worth approximately $13,547,000. U S Global Investors Inc. acquired a new position in McEwen in the 4th quarter worth approximately $1,857,000. Finally, Universal Beteiligungs und Servicegesellschaft mbH acquired a new position in McEwen in the 3rd quarter worth approximately $598,000. Institutional investors and hedge funds own 17.03% of the company’s stock.

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.