McEwen Mining Inc. (MUX) Shares Down 0.4%
McEwen Mining Inc. (NYSE:MUX) (TSE:MUX) shares traded down 0.4% on Tuesday . The company traded as low as $2.55 and last traded at $2.58. 1,660,218 shares traded hands during mid-day trading, a decline of 44% from the average session volume of 2,973,860 shares. The stock had previously closed at $2.57.
A number of brokerages have recently issued reports on MUX. ValuEngine downgraded shares of McEwen Mining from a “hold” rating to a “sell” rating in a report on Tuesday, June 13th. Zacks Investment Research downgraded shares of McEwen Mining from a “buy” rating to a “hold” rating in a report on Wednesday, June 21st. TheStreet upgraded shares of McEwen Mining from a “d+” rating to a “c” rating in a report on Friday, June 16th. BidaskClub downgraded shares of McEwen Mining from a “sell” rating to a “strong sell” rating in a report on Thursday, July 6th. Finally, HC Wainwright restated a “buy” rating and set a $5.00 price target on shares of McEwen Mining in a report on Tuesday, July 18th. Two research analysts have rated the stock with a sell rating, one has assigned a hold rating and one has given a buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus target price of $4.25.
The stock has a 50 day moving average price of $2.49 and a 200 day moving average price of $2.78. The stock’s market capitalization is $777.57 million.
The company also recently disclosed a special dividend, which was paid on Thursday, August 17th. Investors of record on Friday, August 4th were paid a dividend of $0.005 per share. The ex-dividend date was Wednesday, August 2nd. McEwen Mining’s payout ratio is -50.00%.
Several institutional investors and hedge funds have recently made changes to their positions in MUX. Van ECK Associates Corp lifted its stake in shares of McEwen Mining by 7.4% during the first quarter. Van ECK Associates Corp now owns 46,941,548 shares of the basic materials company’s stock valued at $142,702,000 after buying an additional 3,242,740 shares during the period. Marshall Wace North America L.P. purchased a new position in shares of McEwen Mining during the second quarter valued at approximately $2,197,000. Alps Advisors Inc. purchased a new position in shares of McEwen Mining during the second quarter valued at approximately $1,592,000. State Street Corp lifted its stake in shares of McEwen Mining by 7.8% during the second quarter. State Street Corp now owns 7,939,878 shares of the basic materials company’s stock valued at $20,882,000 after buying an additional 573,477 shares during the period. Finally, Goldman Sachs Group Inc. lifted its stake in shares of McEwen Mining by 290.4% during the second quarter. Goldman Sachs Group Inc. now owns 719,310 shares of the basic materials company’s stock valued at $1,892,000 after buying an additional 535,047 shares during the period. 29.31% of the stock is currently owned by institutional investors and hedge funds.
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About McEwen Mining
McEwen Mining Inc is a mining and minerals production and exploration company. The Company is focused on precious and base metals in Argentina, Mexico and the United States. The Company’s segments include Mexico, Minera Santa Cruz SA (MSC), Nevada and Los Azules. The Mexico Operations segment includes properties, such as El Gallo 1 mine and the El Gallo 2 project.
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