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

McEwen Inc. (NYSE:MUX) (TSE:MUX)’s share price was down 9% during trading on Friday . The stock traded as low as $22.70 and last traded at $22.6110. Approximately 313,520 shares changed hands during mid-day 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 Analyst Weigh In

Several equities research analysts have commented on MUX shares. Weiss Ratings upgraded McEwen from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Wednesday, March 11th. HC Wainwright upped their price objective on McEwen from $21.50 to $29.50 and gave the stock a “buy” rating in a research report on Wednesday, March 18th. Zacks Research upgraded McEwen from a “strong sell” rating to a “hold” rating in a research report on Monday. Roth Mkm upped their price objective on McEwen from $30.00 to $35.00 and gave the stock a “buy” rating in a research report on Wednesday, March 18th. Finally, Wall Street Zen upgraded McEwen from a “hold” rating to a “buy” rating in a research report on Saturday, May 9th. Four investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $29.83.

McEwen Stock Down 7.6%

The stock has a market cap of $1.37 billion, a PE ratio of 19.47 and a beta of 1.19. The company has a current ratio of 1.14, a quick ratio of 0.81 and a debt-to-equity ratio of 0.19. The business has a 50-day moving average price of $22.75 and a 200-day moving average price of $21.80.

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

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Entropy Technologies LP purchased a new position in McEwen in the 1st quarter valued at $206,000. Healthcare of Ontario Pension Plan Trust Fund purchased a new position in McEwen in the 1st quarter valued at $271,000. Dimensional Fund Advisors LP lifted its holdings in McEwen by 15.7% in the 1st quarter. Dimensional Fund Advisors LP now owns 1,269,760 shares of the basic materials company’s stock valued at $25,920,000 after purchasing an additional 172,687 shares in the last quarter. KBC Group NV purchased a new position in McEwen in the 1st quarter valued at $27,000. Finally, Swiss National Bank lifted its holdings in McEwen by 6.3% in the 1st quarter. Swiss National Bank now owns 97,900 shares of the basic materials company’s stock valued at $1,999,000 after purchasing an additional 5,800 shares in the last quarter. Hedge funds and other 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.