McEwen (NYSE:MUX) Trading Down 10.4% – What’s Next?

McEwen Inc. (NYSE:MUX) (TSE:MUX) shares were down 10.4% during mid-day trading on Tuesday . The company traded as low as $23.12 and last traded at $23.0290. Approximately 241,626 shares changed hands during trading, a decline of 83% from the average daily volume of 1,383,434 shares. The stock had previously closed at $25.71.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on the stock. Roth Mkm reissued a “buy” rating and issued a $30.00 price objective (up from $23.00) on shares of McEwen in a research report on Friday, January 30th. Weiss Ratings reissued a “sell (d+)” rating on shares of McEwen in a research note on Monday, December 29th. Four research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $25.50.

McEwen Price Performance

The firm has a market capitalization of $1.31 billion, a price-to-earnings ratio of -109.36 and a beta of 1.12. 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 business has a 50-day moving average price of $22.33 and a two-hundred day moving average price of $17.98.

Hedge Funds Weigh In On McEwen

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Amundi purchased a new position in shares of McEwen during the fourth quarter valued at $14,240,000. Synergy Asset Management LLC purchased a new position in McEwen during the 4th quarter valued at about $13,547,000. Royal Bank of Canada increased its holdings in shares of McEwen by 4,309.4% in the 1st quarter. Royal Bank of Canada now owns 638,871 shares of the basic materials company’s stock valued at $4,823,000 after purchasing an additional 624,382 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in shares of 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 worth $33,515,000 after purchasing an additional 541,890 shares in the last quarter. Finally, JPMorgan Chase & Co. boosted its holdings in shares of McEwen by 231.6% during the third quarter. JPMorgan Chase & Co. now owns 659,079 shares of the basic materials company’s stock worth $11,270,000 after purchasing an additional 460,308 shares during the period. Institutional investors own 17.03% of the company’s stock.

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.