HC Wainwright Reaffirms “Buy” Rating for McEwen Mining (NYSE:MUX)

McEwen Mining (NYSE:MUX) (TSE:MUX)‘s stock had its “buy” rating reaffirmed by equities researchers at HC Wainwright in a research note issued on Wednesday,Benzinga reports. They presently have a $18.00 target price on the basic materials company’s stock. HC Wainwright’s price objective suggests a potential upside of 128.60% from the stock’s previous close.

Separately, StockNews.com downgraded McEwen Mining from a “hold” rating to a “sell” rating in a research report on Wednesday, February 19th.

McEwen Mining Price Performance

Shares of NYSE MUX traded up $0.01 during midday trading on Wednesday, reaching $7.87. 333,109 shares of the stock traded hands, compared to its average volume of 723,216. The company has a debt-to-equity ratio of 0.06, a current ratio of 1.17 and a quick ratio of 0.74. The stock has a market capitalization of $416.73 million, a PE ratio of 3.58 and a beta of 1.39. McEwen Mining has a one year low of $6.46 and a one year high of $12.50. The company’s 50 day moving average is $7.76 and its 200 day moving average is $8.55.

McEwen Mining (NYSE:MUX) (TSE:MUX) last issued its quarterly earnings results on Friday, March 14th. The basic materials company reported ($0.15) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.13) by ($0.02). McEwen Mining had a return on equity of 20.77% and a net margin of 51.31%. The company had revenue of $33.52 million during the quarter, compared to the consensus estimate of $32.20 million. On average, equities research analysts anticipate that McEwen Mining will post -0.72 earnings per share for the current year.

Hedge Funds Weigh In On McEwen Mining

Institutional investors have recently made changes to their positions in the company. Connor Clark & Lunn Investment Management Ltd. increased its stake in shares of McEwen Mining by 66.5% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 393,719 shares of the basic materials company’s stock valued at $3,659,000 after buying an additional 157,300 shares during the period. Private Advisor Group LLC increased its stake in shares of McEwen Mining by 18.8% during the fourth quarter. Private Advisor Group LLC now owns 12,645 shares of the basic materials company’s stock valued at $98,000 after buying an additional 2,000 shares during the period. Geode Capital Management LLC increased its stake in shares of McEwen Mining by 5.8% during the third quarter. Geode Capital Management LLC now owns 471,119 shares of the basic materials company’s stock valued at $4,383,000 after buying an additional 25,844 shares during the period. Empowered Funds LLC purchased a new position in shares of McEwen Mining during the fourth quarter valued at $788,000. Finally, GSA Capital Partners LLP purchased a new position in shares of McEwen Mining during the third quarter valued at $457,000. Hedge funds and other institutional investors own 17.03% of the company’s stock.

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.