McEwen Mining (NYSE:MUX) Downgraded to Sell Rating by StockNews.com

StockNews.com cut shares of McEwen Mining (NYSE:MUX) (TSE:MUX) from a hold rating to a sell rating in a research note released on Thursday.

A number of other research analysts have also commented on the stock. HC Wainwright boosted their price target on shares of McEwen Mining from $15.00 to $19.00 and gave the company a “buy” rating in a research report on Thursday, November 7th. Roth Mkm decreased their target price on McEwen Mining from $12.75 to $12.25 and set a “buy” rating on the stock in a research note on Thursday, November 7th.

McEwen Mining Price Performance

MUX traded up $0.09 during trading on Thursday, reaching $8.50. 415,072 shares of the company were exchanged, compared to its average volume of 665,194. The company has a quick ratio of 0.74, a current ratio of 1.17 and a debt-to-equity ratio of 0.06. The company has a market cap of $449.82 million, a price-to-earnings ratio of 3.93 and a beta of 1.43. McEwen Mining has a 12-month low of $5.92 and a 12-month high of $12.50. The company’s 50-day moving average is $9.53 and its two-hundred day moving average is $9.85.

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 analysts’ consensus estimates of $0.04 by ($0.08). The firm had revenue of $52.25 million during the quarter, compared to the consensus estimate 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 last year, the business posted ($0.39) earnings per share. Research analysts forecast that McEwen Mining will post -0.68 earnings per share for the current fiscal year.

Hedge Funds Weigh In On McEwen Mining

A number of institutional investors have recently made changes to their positions in MUX. Tidal Investments LLC purchased a new position in McEwen Mining in the first quarter worth $1,348,000. Renaissance Technologies LLC boosted its holdings in shares of McEwen Mining by 41.3% in 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. Private Advisor Group LLC bought a new position in shares of McEwen Mining during the 3rd quarter valued at about $99,000. Van ECK Associates Corp increased its position in shares of McEwen Mining by 3.3% during 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 purchasing an additional 67,885 shares during the last quarter. Finally, Vanguard Group Inc. raised its holdings in shares of McEwen Mining by 1.0% during the 1st quarter. Vanguard Group Inc. now owns 616,066 shares of the basic materials company’s stock valued at $6,074,000 after buying an additional 6,082 shares in the last quarter. Institutional investors own 17.03% of the company’s stock.

McEwen Mining Company Profile

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.