McEwen Mining Sees Unusually Large Options Volume (NYSE:MUX)

McEwen Mining Inc (NYSE:MUX) (TSE:MUX) was the recipient of some unusual options trading activity on Thursday. Traders purchased 90,135 call options on the company. This is an increase of 1,200% compared to the average daily volume of 6,933 call options.

Shares of NYSE:MUX traded up $0.17 during trading on Thursday, reaching $1.65. The company had a trading volume of 12,796,091 shares, compared to its average volume of 6,368,520. The business’s fifty day moving average is $1.27. The firm has a market cap of $757.66 million, a price-to-earnings ratio of -9.97 and a beta of 1.15. McEwen Mining has a twelve month low of $0.85 and a twelve month high of $1.66. The company has a debt-to-equity ratio of 0.12, a current ratio of 1.77 and a quick ratio of 1.16.

McEwen Mining (NYSE:MUX) (TSE:MUX) last issued its quarterly earnings results on Monday, May 10th. The basic materials company reported ($0.03) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.02) by ($0.01). The company had revenue of $23.74 million during the quarter, compared to analyst estimates of $24.50 million. McEwen Mining had a negative return on equity of 17.23% and a negative net margin of 67.54%. On average, research analysts forecast that McEwen Mining will post -0.09 EPS for the current year.

A number of research analysts have issued reports on MUX shares. Zacks Investment Research raised shares of McEwen Mining from a “sell” rating to a “hold” rating in a research note on Friday, May 14th. TheStreet raised shares of McEwen Mining from a “d” rating to a “c-” rating in a research note on Tuesday, May 25th. Finally, Roth Capital reduced their price target on shares of McEwen Mining from $2.10 to $2.00 and set a “buy” rating for the company in a research note on Tuesday, May 11th.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Investors Asset Management of Georgia Inc. GA ADV raised its holdings in shares of McEwen Mining by 65.9% in the 1st quarter. Investors Asset Management of Georgia Inc. GA ADV now owns 27,700 shares of the basic materials company’s stock worth $29,000 after purchasing an additional 11,000 shares in the last quarter. Teacher Retirement System of Texas raised its holdings in shares of McEwen Mining by 57.5% in the 4th quarter. Teacher Retirement System of Texas now owns 31,738 shares of the basic materials company’s stock worth $31,000 after purchasing an additional 11,585 shares in the last quarter. Hollencrest Capital Management bought a new stake in shares of McEwen Mining in the 1st quarter worth approximately $31,000. Smith Moore & CO. raised its holdings in shares of McEwen Mining by 108.9% in the 1st quarter. Smith Moore & CO. now owns 31,646 shares of the basic materials company’s stock worth $33,000 after purchasing an additional 16,500 shares in the last quarter. Finally, One One Wealth Management LLC bought a new stake in shares of McEwen Mining in the 1st quarter worth approximately $36,000. Institutional investors and hedge funds own 23.14% 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.

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