McEwen (NYSE:MUX) Shares Down 10.3% – Here’s Why

Shares of McEwen Inc. (NYSE:MUX) (TSE:MUX) traded down 10.3% on Friday . The stock traded as low as $19.08 and last traded at $18.9850. 384,751 shares traded hands during trading, a decline of 67% from the average session volume of 1,156,476 shares. The stock had previously closed at $21.16.

Analyst Ratings Changes

Several research analysts recently weighed in on the company. Weiss Ratings cut McEwen from a “hold (c+)” rating to a “hold (c)” rating in a research note on Tuesday. Wall Street Zen cut McEwen from a “buy” rating to a “hold” rating in a research note on Sunday, May 17th. HC Wainwright upped their target price on McEwen from $21.50 to $29.50 and gave the company a “buy” rating in a report on Wednesday, March 18th. Zacks Research raised McEwen from a “strong sell” rating to a “hold” rating in a report on Monday, May 11th. Finally, Roth Mkm upped their target price on McEwen from $30.00 to $35.00 and gave the company a “buy” rating in a report on Wednesday, March 18th. Four equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $29.83.

McEwen Stock Performance

The firm has a market capitalization of $1.12 billion, a PE ratio of 15.81 and a beta of 1.17. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.14 and a quick ratio of 0.81. The firm has a fifty day moving average price of $22.44 and a 200 day moving average price of $22.21.

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

Institutional Investors Weigh In On McEwen

Hedge funds have recently bought and sold shares of the business. JPMorgan Chase & Co. lifted its stake in McEwen by 231.6% in the 3rd quarter. JPMorgan Chase & Co. now owns 659,079 shares of the basic materials company’s stock worth $11,270,000 after acquiring an additional 460,308 shares in the last quarter. Quantbot Technologies LP raised its stake in shares of McEwen by 62.7% during the 3rd quarter. Quantbot Technologies LP now owns 131,786 shares of the basic materials company’s stock worth $2,254,000 after purchasing an additional 50,778 shares in the last quarter. U S Global Investors Inc. purchased a new stake in shares of McEwen during the 4th quarter worth about $1,857,000. Synergy Asset Management LLC purchased a new stake in shares of McEwen during the 4th quarter worth about $13,547,000. Finally, Brookwood Investment Group LLC purchased a new stake in shares of McEwen during the 4th quarter worth about $559,000. 17.03% of the stock is owned by hedge funds and other institutional investors.

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.