Synergy Asset Management LLC Makes New $13.55 Million Investment in McEwen Inc. $MUX

Synergy Asset Management LLC bought a new stake in McEwen Inc. (NYSE:MUX) (TSE:MUX) during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 731,860 shares of the basic materials company’s stock, valued at approximately $13,547,000. McEwen accounts for approximately 1.4% of Synergy Asset Management LLC’s holdings, making the stock its 19th biggest position. Synergy Asset Management LLC owned about 1.34% of McEwen at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. North of South Capital LLP bought a new stake in McEwen in the 3rd quarter valued at about $855,000. Quantbot Technologies LP increased its stake in shares of McEwen by 62.7% in the third 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. JPMorgan Chase & Co. increased its stake in shares of McEwen by 231.6% in the third quarter. JPMorgan Chase & Co. now owns 659,079 shares of the basic materials company’s stock worth $11,270,000 after purchasing an additional 460,308 shares in the last quarter. Entropy Technologies LP bought a new stake in shares of McEwen in the second quarter valued at approximately $161,000. Finally, Universal Beteiligungs und Servicegesellschaft mbH purchased a new stake in shares of McEwen during the 3rd quarter valued at approximately $598,000. Institutional investors own 17.03% of the company’s stock.

Analyst Ratings Changes

Several research analysts recently commented on the stock. Wall Street Zen raised shares of McEwen from a “hold” rating to a “buy” rating in a report on Saturday, March 21st. Roth Mkm increased their target price on McEwen from $30.00 to $35.00 and gave the stock a “buy” rating in a research report on Wednesday, March 18th. HC Wainwright raised their price target on McEwen from $21.50 to $29.50 and gave the stock a “buy” rating in a report on Wednesday, March 18th. Finally, Weiss Ratings upgraded McEwen from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Wednesday, March 11th. Four equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $29.83.

McEwen Price Performance

Shares of NYSE:MUX opened at $18.51 on Friday. The company has a 50 day moving average of $24.61 and a 200 day moving average of $20.36. The company has a current ratio of 1.69, a quick ratio of 1.27 and a debt-to-equity ratio of 0.23. The stock has a market cap of $1.10 billion, a P/E ratio of 31.37 and a beta of 1.11. McEwen Inc. has a 12 month low of $6.38 and a 12 month high of $29.70.

McEwen (NYSE:MUX) (TSE:MUX) last posted its earnings results on Thursday, March 12th. The basic materials company reported $0.66 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.25 by $0.41. McEwen had a net margin of 17.43% and a return on equity of 6.89%. The business had revenue of $64.60 million for the quarter, compared to analysts’ expectations of $72.83 million. As a group, sell-side analysts forecast that McEwen Inc. will post -0.72 EPS for the current fiscal year.

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.