JPMorgan Chase & Co. Grows Holdings in McEwen Inc. $MUX

JPMorgan Chase & Co. raised its holdings in shares of McEwen Inc. (NYSE:MUX) (TSE:MUX) by 231.6% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 659,079 shares of the basic materials company’s stock after purchasing an additional 460,308 shares during the quarter. JPMorgan Chase & Co.’s holdings in McEwen were worth $11,270,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in the stock. Royal Bank of Canada increased its stake in 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 worth $4,823,000 after buying an additional 624,382 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in McEwen by 38.2% in the 3rd 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 period. BNP Paribas Financial Markets boosted its position in McEwen by 210.0% in the 3rd quarter. BNP Paribas Financial Markets now owns 640,739 shares of the basic materials company’s stock valued at $10,957,000 after buying an additional 434,065 shares during the period. Jump Financial LLC bought a new position in McEwen in the 2nd quarter worth about $1,824,000. Finally, HRT Financial LP bought a new position in McEwen in the 2nd quarter worth about $1,798,000. 17.03% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on the stock. Weiss Ratings raised shares of McEwen from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Wednesday, March 11th. HC Wainwright increased their price objective on 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 downgraded McEwen from a “buy” rating to a “hold” rating in a report on Sunday. Finally, Roth Mkm lifted their target price on McEwen from $30.00 to $35.00 and gave the company a “buy” rating in a research report on Wednesday, March 18th. Four research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $29.83.

McEwen Price Performance

Shares of MUX opened at $19.22 on Friday. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.27 and a current ratio of 1.69. The company has a 50 day moving average price of $24.54 and a 200-day moving average price of $20.45. McEwen Inc. has a fifty-two week low of $6.38 and a fifty-two week high of $29.70. The stock has a market capitalization of $1.14 billion, a PE ratio of 32.57 and a beta of 1.11.

McEwen (NYSE:MUX) (TSE:MUX) last issued its quarterly earnings data on Thursday, March 12th. The basic materials company reported $0.66 earnings per share for the quarter, beating analysts’ consensus estimates of $0.25 by $0.41. McEwen had a return on equity of 6.89% and a net margin of 17.43%.The company had revenue of $64.60 million for the quarter, compared to the consensus estimate of $72.83 million. Equities analysts predict that McEwen Inc. will post -0.72 earnings per share for the current fiscal year.

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.