McEwen Inc. (NYSE:MUX) Receives $29.83 Average PT from Analysts

McEwen Inc. (NYSE:MUX) (TSE:MUX) has received a consensus rating of “Moderate Buy” from the five brokerages that are currently covering the company, Marketbeat reports. One research analyst has rated the stock with a hold recommendation and four have assigned a buy recommendation to the company. The average 1-year price objective among brokers that have issued ratings on the stock in the last year is $29.8333.

Several research firms have commented on MUX. Wall Street Zen downgraded shares of McEwen from a “buy” rating to a “hold” rating in a report on Sunday, March 29th. HC Wainwright raised their target price on shares of McEwen from $21.50 to $29.50 and gave the stock a “buy” rating in a research note on Wednesday, March 18th. Roth Mkm lifted their target price on shares of McEwen from $30.00 to $35.00 and gave the stock a “buy” rating in a report on Wednesday, March 18th. Finally, Weiss Ratings upgraded shares of McEwen from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Wednesday, March 11th.

McEwen Price Performance

McEwen stock opened at $21.39 on Thursday. McEwen has a one year low of $6.38 and a one year high of $29.70. The company has a market capitalization of $1.27 billion, a PE ratio of 36.25 and a beta of 1.28. The business has a 50 day simple moving average of $24.12 and a 200 day simple moving average of $20.69. The company has a debt-to-equity ratio of 0.23, a current ratio of 1.69 and a quick ratio of 1.27.

McEwen (NYSE:MUX) (TSE:MUX) last posted its earnings results on Thursday, March 12th. The basic materials company reported $0.66 earnings per share for the quarter, topping 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 business had revenue of $64.60 million for the quarter, compared to analyst estimates of $72.83 million. On average, sell-side analysts forecast that McEwen will post -0.72 EPS for the current fiscal year.

Hedge Funds Weigh In On McEwen

Several institutional investors and hedge funds have recently made changes to their positions in MUX. Royal Bank of Canada lifted its holdings in McEwen by 4,309.4% during the 1st quarter. Royal Bank of Canada now owns 638,871 shares of the basic materials company’s stock worth $4,823,000 after purchasing an additional 624,382 shares during the last quarter. Goldman Sachs Group Inc. grew its holdings in McEwen by 44.2% in the 1st quarter. Goldman Sachs Group Inc. now owns 63,768 shares of the basic materials company’s stock valued at $481,000 after buying an additional 19,548 shares in the last quarter. Empowered Funds LLC increased its position in McEwen by 105.4% during the 1st quarter. Empowered Funds LLC now owns 208,100 shares of the basic materials company’s stock worth $1,571,000 after buying an additional 106,800 shares during the period. Geode Capital Management LLC increased its position in McEwen by 0.3% during the 2nd quarter. Geode Capital Management LLC now owns 509,426 shares of the basic materials company’s stock worth $4,897,000 after buying an additional 1,585 shares during the period. Finally, JPMorgan Chase & Co. lifted its holdings in shares of McEwen by 92.5% during the second quarter. JPMorgan Chase & Co. now owns 198,771 shares of the basic materials company’s stock worth $1,910,000 after buying an additional 95,488 shares in the last quarter. Institutional investors and hedge funds own 17.03% of the company’s stock.

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.