McEwen Mining Inc (NYSE:MUX) Short Interest Update

McEwen Mining Inc (NYSE:MUX) (TSE:MUX) saw a large decrease in short interest in December. As of December 15th, there was short interest totalling 1,050,000 shares, a decrease of 21.1% from the November 30th total of 1,330,000 shares. Based on an average daily volume of 610,000 shares, the short-interest ratio is presently 1.7 days. Currently, 2.4% of the company’s stock are short sold.

Hedge Funds Weigh In On McEwen Mining

Several institutional investors and hedge funds have recently made changes to their positions in the company. Connor Clark & Lunn Investment Management Ltd. grew its position in shares of McEwen Mining by 66.5% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 393,719 shares of the basic materials company’s stock worth $3,659,000 after purchasing an additional 157,300 shares in the last quarter. Van ECK Associates Corp raised its holdings in McEwen Mining by 3.3% in the 2nd quarter. Van ECK Associates Corp now owns 2,118,520 shares of the basic materials company’s stock valued at $19,448,000 after acquiring an additional 67,885 shares in the last quarter. Renaissance Technologies LLC grew its holdings in shares of McEwen Mining by 41.3% during the 2nd quarter. Renaissance Technologies LLC now owns 196,910 shares of the basic materials company’s stock worth $1,808,000 after purchasing an additional 57,600 shares in the last quarter. GSA Capital Partners LLP bought a new position in shares of McEwen Mining in the third quarter worth $457,000. Finally, Bank of Montreal Can raised its stake in McEwen Mining by 100.1% in the second quarter. Bank of Montreal Can now owns 82,905 shares of the basic materials company’s stock valued at $780,000 after purchasing an additional 41,480 shares in the last quarter. Institutional investors and hedge funds own 17.03% of the company’s stock.

McEwen Mining Stock Performance

MUX traded down $0.13 during trading hours on Friday, reaching $7.92. The company’s stock had a trading volume of 265,713 shares, compared to its average volume of 653,187. The company’s 50-day moving average is $8.84 and its 200-day moving average is $9.20. McEwen Mining has a 52 week low of $5.92 and a 52 week high of $12.50. The firm has a market cap of $419.17 million, a PE ratio of 3.62 and a beta of 1.43. The company has a debt-to-equity ratio of 0.06, a quick ratio of 0.74 and a current ratio of 1.17.

McEwen Mining (NYSE:MUX) (TSE:MUX) last released its quarterly earnings data on Tuesday, November 5th. The basic materials company reported ($0.04) EPS for the quarter, missing the consensus estimate of $0.04 by ($0.08). The company had revenue of $52.25 million during the quarter, compared to analyst estimates of $48.60 million. McEwen Mining had a net margin of 51.31% and a return on equity of 20.77%. During the same quarter in the prior year, the firm earned ($0.39) earnings per share. On average, equities analysts forecast that McEwen Mining will post -0.68 EPS for the current year.

Wall Street Analyst Weigh In

A number of analysts have commented on MUX shares. Roth Mkm cut their price target on shares of McEwen Mining from $12.75 to $12.25 and set a “buy” rating for the company in a research note on Thursday, November 7th. StockNews.com cut shares of McEwen Mining from a “hold” rating to a “sell” rating in a report on Saturday, November 30th. Finally, HC Wainwright lifted their price target on McEwen Mining from $15.00 to $19.00 and gave the stock a “buy” rating in a report on Thursday, November 7th.

About McEwen Mining

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.