McEwen (NYSE:MUX) Price Target Cut to $27.00 by Analysts at HC Wainwright

McEwen (NYSE:MUX) (TSE:MUX) had its target price cut by investment analysts at HC Wainwright from $28.00 to $27.00 in a note issued to investors on Tuesday, Benzinga reports. The firm presently has a “buy” rating on the basic materials company’s stock. HC Wainwright‘s price target would suggest a potential upside of 104.69% from the company’s current price.

Other equities research analysts have also issued research reports about the stock. Roth Capital set a $31.00 price objective on shares of McEwen and gave the stock a “buy” rating in a report on Monday, August 10th. Weiss Ratings reissued a “hold (c)” rating on shares of McEwen in a research report on Friday, August 28th. Zacks Research raised shares of McEwen from a “strong sell” rating to a “hold” rating in a research report on Friday, September 11th. Finally, Wall Street Zen lowered shares of McEwen from a “hold” rating to a “sell” rating in a research report on Saturday, October 3rd. Two investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $29.00.

McEwen Stock Down 18.7%

MUX stock traded down $3.04 during trading hours on Tuesday, hitting $13.19. The company’s stock had a trading volume of 1,136,498 shares, compared to its average volume of 1,155,350. The company has a quick ratio of 1.61, a current ratio of 2.04 and a debt-to-equity ratio of 0.17. The company has a market capitalization of $809.39 million, a PE ratio of 10.52 and a beta of 1.31. McEwen has a 12 month low of $13.30 and a 12 month high of $29.70. The stock has a 50 day moving average price of $17.39 and a two-hundred day moving average price of $20.57.

McEwen (NYSE:MUX) (TSE:MUX) last announced its quarterly earnings results on Monday, November 9th. The basic materials company reported ($0.60) EPS for the quarter, missing the consensus estimate of $0.10 by ($0.70). The business had revenue of $43.64 million for the quarter, compared to analyst estimates of $56.40 million. McEwen had a return on equity of 13.48% and a net margin of 32.46%. On average, equities research analysts expect that McEwen will post 0.83 earnings per share for the current year.

Hedge Funds Weigh In On McEwen

Hedge funds and other institutional investors have recently modified their holdings of the stock. KBC Group NV acquired a new stake in McEwen in the 1st quarter valued at $27,000. Versant Capital Management Inc bought a new stake in McEwen in the third quarter valued at $31,000. GAMMA Investing LLC raised its stake in McEwen by 170.2% during the third quarter. GAMMA Investing LLC now owns 2,010 shares of the basic materials company’s stock worth $36,000 after acquiring an additional 1,266 shares in the last quarter. Russell Investments Group Ltd. raised its stake in McEwen by 8.8% during the third quarter. Russell Investments Group Ltd. now owns 9,667 shares of the basic materials company’s stock worth $173,000 after acquiring an additional 779 shares in the last quarter. Finally, Entropy Technologies LP acquired a new position in McEwen during the first quarter worth $206,000. Institutional investors own 17.03% of the company’s stock.

McEwen Company Profile

McEwen Inc, formerly known as McEwen Mining, is a metals exploration and mining company focused on gold, silver and copper. Its activities include operating mines, advancing development projects and exploring for additional mineral resources.

The company’s assets and projects span the United States, Canada, Mexico and Argentina. Its portfolio includes gold and silver properties as well as the Los Azules copper project in Argentina, which is being advanced through its McEwen Copper subsidiary.

McEwen was founded by Rob McEwen, who serves as the company’s chairman and chief executive officer.