Wall Street Zen Upgrades McEwen (NYSE:MUX) to “Buy”

McEwen (NYSE:MUX) (TSE:MUX) was upgraded by analysts at Wall Street Zen from a “hold” rating to a “buy” rating in a research note issued to investors on Saturday.

Other equities analysts have also recently issued reports about the company. Roth Mkm boosted their target price on McEwen from $30.00 to $35.00 and gave the company a “buy” rating in a research note on Wednesday, March 18th. Weiss Ratings raised McEwen from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Wednesday, March 11th. Finally, HC Wainwright lifted their price target on shares of McEwen from $21.50 to $29.50 and gave the company a “buy” rating in a report on Wednesday, March 18th. Four investment analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat, McEwen currently has an average rating of “Moderate Buy” and an average price target of $29.83.

McEwen Stock Performance

McEwen stock opened at $18.48 on Friday. 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 firm has a market cap of $1.10 billion, a P/E ratio of 31.32 and a beta of 1.11. McEwen has a 1-year low of $6.38 and a 1-year high of $29.70. The firm has a 50-day moving average of $24.86 and a 200-day moving average of $20.30.

McEwen (NYSE:MUX) (TSE:MUX) last announced its quarterly earnings results on Thursday, March 12th. The basic materials company reported $0.66 earnings per share (EPS) for the quarter, beating 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 company had revenue of $64.60 million for the quarter, compared to the consensus estimate of $72.83 million. Sell-side analysts expect that McEwen will post -0.72 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in MUX. State Street Corp lifted its stake in shares of McEwen by 24.4% in the 4th quarter. State Street Corp now owns 2,190,605 shares of the basic materials company’s stock valued at $40,548,000 after purchasing an additional 429,761 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in McEwen by 38.2% in the third quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,959,913 shares of the basic materials company’s stock worth $33,515,000 after purchasing an additional 541,890 shares during the period. Dimensional Fund Advisors LP grew its stake in McEwen by 1.2% in the third quarter. Dimensional Fund Advisors LP now owns 1,285,603 shares of the basic materials company’s stock worth $21,982,000 after purchasing an additional 15,439 shares during the period. BNP Paribas Financial Markets raised its holdings in McEwen by 56.3% in the fourth quarter. BNP Paribas Financial Markets now owns 1,001,596 shares of the basic materials company’s stock worth $18,540,000 after purchasing an additional 360,857 shares in the last quarter. Finally, Vanguard Group Inc. raised its holdings in McEwen by 3.1% in the third quarter. Vanguard Group Inc. now owns 884,347 shares of the basic materials company’s stock worth $15,122,000 after purchasing an additional 26,846 shares in the last quarter. Hedge funds and other institutional investors 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.