Analysts Set McEwen Inc. (NYSE:MUX) Price Target at $20.50

Shares of McEwen Inc. (NYSE:MUX) (TSE:MUX) have received a consensus recommendation of “Moderate Buy” from the seven ratings firms that are covering the firm, MarketBeat Ratings reports. One analyst has rated the stock with a sell recommendation, five have assigned a buy recommendation and one has assigned a strong buy recommendation to the company. The average 1 year target price among analysts that have updated their coverage on the stock in the last year is $20.50.

A number of equities analysts have recently issued reports on MUX shares. HC Wainwright increased their price target on shares of McEwen from $17.00 to $21.50 and gave the company a “buy” rating in a report on Friday, October 10th. Canaccord Genuity Group set a $25.00 price target on shares of McEwen and gave the company a “buy” rating in a research report on Wednesday, October 15th. Roth Capital reissued a “buy” rating and set a $23.00 price target (up previously from $21.00) on shares of McEwen in a research note on Wednesday, December 17th. Finally, Weiss Ratings reaffirmed a “sell (d+)” rating on shares of McEwen in a research note on Monday.

McEwen Stock Performance

Shares of MUX stock opened at $19.72 on Tuesday. 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 stock has a 50 day simple moving average of $18.48 and a 200-day simple moving average of $14.52. The company has a market cap of $1.07 billion, a price-to-earnings ratio of -89.61 and a beta of 1.06. McEwen has a 12-month low of $6.38 and a 12-month high of $24.88.

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

Hedge Funds Weigh In On McEwen

Hedge funds have recently added to or reduced their stakes in the business. Y Intercept Hong Kong Ltd purchased a new stake in McEwen in the 2nd quarter valued at about $947,000. Catalyst Funds Management Pty Ltd acquired a new stake in shares of McEwen in the second quarter worth approximately $338,000. Goldman Sachs Group Inc. grew its holdings in McEwen by 44.2% in the first quarter. Goldman Sachs Group Inc. now owns 63,768 shares of the basic materials company’s stock valued at $481,000 after purchasing an additional 19,548 shares during the period. Entropy Technologies LP acquired a new position in McEwen during the second quarter worth approximately $161,000. Finally, Bridgeway Capital Management LLC increased its position in McEwen by 39.4% during the first quarter. Bridgeway Capital Management LLC now owns 378,100 shares of the basic materials company’s stock worth $2,855,000 after purchasing an additional 106,800 shares during the last quarter. 17.03% of the stock is currently 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.