McEwen Mining (NYSE:MUX) Stock Price Down 5.1% Following Insider Selling
McEwen Mining Inc (NYSE:MUX) (TSE:MUX) was down 5.1% during mid-day trading on Tuesday after an insider sold shares in the company. The company traded as low as $1.77 and last traded at $1.85, approximately 5,234,098 shares changed hands during mid-day trading. An increase of 103% from the average daily volume of 2,575,224 shares. The stock had previously closed at $1.95.
Specifically, Director Richard W. Brissenden sold 25,000 shares of the company’s stock in a transaction dated Friday, August 9th. The stock was sold at an average price of $2.01, for a total value of $50,250.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 22.70% of the company’s stock.
Several analysts recently issued reports on the company. ValuEngine upgraded McEwen Mining from a “hold” rating to a “buy” rating in a research report on Monday, June 17th. Zacks Investment Research cut McEwen Mining from a “hold” rating to a “sell” rating in a research report on Tuesday, July 23rd. Finally, HC Wainwright set a $3.00 target price on McEwen Mining and gave the stock a “buy” rating in a research report on Friday, May 24th. One research analyst has rated the stock with a sell rating and three have assigned a buy rating to the stock. McEwen Mining presently has an average rating of “Buy” and a consensus target price of $3.00.
McEwen Mining (NYSE:MUX) (TSE:MUX) last released its earnings results on Tuesday, July 30th. The basic materials company reported ($0.04) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.01) by ($0.03). McEwen Mining had a negative return on equity of 11.81% and a negative net margin of 55.09%. The business had revenue of $36.38 million for the quarter, compared to analysts’ expectations of $34.92 million. On average, sell-side analysts expect that McEwen Mining Inc will post -0.08 earnings per share for the current fiscal year.
Large investors have recently added to or reduced their stakes in the stock. Perritt Capital Management Inc. increased its stake in McEwen Mining by 23.6% in the 2nd quarter. Perritt Capital Management Inc. now owns 617,800 shares of the basic materials company’s stock valued at $1,081,000 after buying an additional 117,800 shares during the period. Pictet Asset Management Ltd. increased its stake in shares of McEwen Mining by 50.0% during the 2nd quarter. Pictet Asset Management Ltd. now owns 37,098 shares of the basic materials company’s stock worth $65,000 after purchasing an additional 12,366 shares during the last quarter. Charles Schwab Investment Management Inc. increased its stake in shares of McEwen Mining by 4.4% during the 2nd quarter. Charles Schwab Investment Management Inc. now owns 1,076,222 shares of the basic materials company’s stock worth $1,884,000 after purchasing an additional 45,362 shares during the last quarter. Swiss National Bank increased its stake in shares of McEwen Mining by 4.4% during the 2nd quarter. Swiss National Bank now owns 513,531 shares of the basic materials company’s stock worth $899,000 after purchasing an additional 21,800 shares during the last quarter. Finally, Sigma Planning Corp acquired a new position in shares of McEwen Mining during the 2nd quarter worth $1,037,000. Hedge funds and other institutional investors own 25.23% of the company’s stock.
About McEwen Mining (NYSE:MUX)
McEwen Mining Inc engages in the exploration, development, production, and sale of gold and silver. It also explores for copper deposits. The company owns 100% interests in the El Gallo and Fenix projects located in Mexico; and the Black Fox Mine and Stock Mill, Grey Fox, and Froome and Tamarack properties in Canada.
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