Traders Purchase High Volume of Call Options on McEwen Mining (NYSE:MUX)


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McEwen Mining Inc (NYSE:MUX) (TSE:MUX) saw unusually large options trading activity on Tuesday. Investors acquired 8,936 call options on the company. This represents an increase of 360% compared to the average daily volume of 1,942 call options.

MUX has been the subject of a number of recent analyst reports. ValuEngine lowered shares of McEwen Mining from a “buy” rating to a “hold” rating in a report on Monday. Roth Capital boosted their price objective on shares of McEwen Mining from $1.90 to $2.00 and gave the stock a “buy” rating in a report on Friday, January 8th. Finally, Zacks Investment Research upgraded shares of McEwen Mining from a “sell” rating to a “hold” rating in a research note on Tuesday, January 5th. Two investment analysts have rated the stock with a hold rating and three have given a buy rating to the company. The company has an average rating of “Buy” and a consensus target price of $2.31.

MUX traded up $0.01 during mid-day trading on Wednesday, reaching $0.98. 2,592,639 shares of the company traded hands, compared to its average volume of 4,501,996. The stock has a market capitalization of $401.97 million, a P/E ratio of -2.50 and a beta of 0.93. The company has a quick ratio of 0.65, a current ratio of 1.60 and a debt-to-equity ratio of 0.13. The company’s fifty day moving average price is $1.00 and its 200-day moving average price is $1.11. McEwen Mining has a 52-week low of $0.53 and a 52-week high of $1.53.

McEwen Mining (NYSE:MUX) (TSE:MUX) last announced its earnings results on Thursday, November 5th. The basic materials company reported ($0.02) earnings per share for the quarter, meeting analysts’ consensus estimates of ($0.02). The business had revenue of $27.40 million during the quarter, compared to analyst estimates of $27.60 million. McEwen Mining had a negative net margin of 140.63% and a negative return on equity of 16.86%. As a group, sell-side analysts forecast that McEwen Mining will post -0.13 earnings per share for the current fiscal year.

A number of institutional investors and hedge funds have recently made changes to their positions in MUX. JPMorgan Chase & Co. grew its position in shares of McEwen Mining by 28,251.1% during the 3rd quarter. JPMorgan Chase & Co. now owns 26,083 shares of the basic materials company’s stock valued at $28,000 after acquiring an additional 25,991 shares during the period. LPL Financial LLC bought a new stake in shares of McEwen Mining during the 3rd quarter valued at $37,000. Kestra Advisory Services LLC bought a new stake in shares of McEwen Mining during the 3rd quarter valued at $41,000. Formidable Asset Management LLC bought a new stake in shares of McEwen Mining during the 3rd quarter valued at $51,000. Finally, Kathmere Capital Management LLC bought a new stake in shares of McEwen Mining during the 3rd quarter valued at $51,000. Institutional investors and hedge funds own 16.14% of the company’s stock.

McEwen Mining Company Profile

McEwen Mining Inc engages in the exploration, development, production, and sale of gold and silver. It also explores for copper deposits. The company owns 100% interests in the El Gallo and Fenix projects located in Mexico; and the Black Fox Mine and Stock Mill, Grey Fox, and Froome and Tamarack properties in Canada.

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