McEwen (NYSE:MUX) Stock Rating Lowered by Zacks Research

McEwen (NYSE:MUX) (TSE:MUX) was downgraded by equities research analysts at Zacks Research from a “hold” rating to a “strong sell” rating in a research note issued to investors on Wednesday,Zacks.com reports.

A number of other equities analysts also recently weighed in on MUX. Wall Street Zen downgraded McEwen from a “buy” rating to a “hold” rating in a research note on Sunday, May 17th. Weiss Ratings downgraded McEwen from a “hold (c+)” rating to a “hold (c)” rating in a research report on Tuesday, June 2nd. Three analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, McEwen has a consensus rating of “Hold” and a consensus target price of $29.83.

McEwen Stock Down 7.1%

MUX opened at $18.30 on Wednesday. McEwen has a fifty-two week low of $9.82 and a fifty-two week high of $29.70. The firm has a market capitalization of $1.09 billion, a P/E ratio of 14.53 and a beta of 1.23. The company’s 50-day moving average is $18.42 and its 200 day moving average is $21.86. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.14 and a quick ratio of 0.81.

McEwen (NYSE:MUX) (TSE:MUX) last issued its quarterly earnings data on Wednesday, August 5th. The basic materials company reported $0.14 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.28 by ($0.14). The firm had revenue of $59.23 million during the quarter, compared to the consensus estimate of $65.51 million. McEwen had a return on equity of 14.34% and a net margin of 32.46%. Research analysts expect that McEwen will post 1.01 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, Director Richard W. Brissenden sold 3,275 shares of the stock in a transaction dated Monday, June 29th. The shares were sold at an average price of $18.13, for a total transaction of $59,375.75. Following the completion of the transaction, the director owned 18,022 shares in the company, valued at approximately $326,738.86. This represents a 15.38% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 14.80% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in MUX. Royal Bank of Canada increased its stake in shares of 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. lifted its stake in McEwen by 44.2% in the first quarter. Goldman Sachs Group Inc. now owns 63,768 shares of the basic materials company’s stock valued at $481,000 after purchasing an additional 19,548 shares during the last quarter. Empowered Funds LLC lifted its stake in McEwen by 105.4% in the first quarter. Empowered Funds LLC now owns 208,100 shares of the basic materials company’s stock valued at $1,571,000 after purchasing an additional 106,800 shares during the last quarter. Geode Capital Management LLC grew its holdings in McEwen by 0.3% during the second quarter. Geode Capital Management LLC now owns 509,426 shares of the basic materials company’s stock valued at $4,897,000 after purchasing an additional 1,585 shares during the period. Finally, JPMorgan Chase & Co. grew its holdings in McEwen by 92.5% during the second quarter. JPMorgan Chase & Co. now owns 198,771 shares of the basic materials company’s stock valued at $1,910,000 after purchasing an additional 95,488 shares during the period. 17.03% of the stock is currently owned by hedge funds and other institutional investors.

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.