McEwen (NYSE:MUX) Stock Price Up 6.1% – Here’s What Happened

McEwen Inc. (NYSE:MUX) (TSE:MUX)’s share price traded up 6.1% during trading on Tuesday . The stock traded as high as $19.17 and last traded at $19.2760. 184,440 shares changed hands during mid-day trading, a decline of 83% from the average session volume of 1,093,748 shares. The stock had previously closed at $18.17.

Analyst Ratings Changes

A number of brokerages recently commented on MUX. Weiss Ratings reissued a “sell (d+)” rating on shares of McEwen in a research note on Monday, December 1st. Canaccord Genuity Group set a $25.00 price target on shares of McEwen and gave the company a “buy” rating in a report on Wednesday, October 15th. Roth Capital set a $23.00 price objective on shares of McEwen in a research note on Thursday, October 9th. Finally, HC Wainwright upped their target price on McEwen from $17.00 to $21.50 and gave the company a “buy” rating in a research note on Friday, October 10th. One investment analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, McEwen presently has an average rating of “Moderate Buy” and an average target price of $20.50.

McEwen Trading Up 5.9%

The company has a debt-to-equity ratio of 0.26, a current ratio of 2.10 and a quick ratio of 1.58. The firm has a market cap of $1.05 billion, a price-to-earnings ratio of -87.51 and a beta of 1.06. The business’s 50-day moving average price is $18.37 and its two-hundred day moving average price is $13.62.

McEwen (NYSE:MUX) (TSE:MUX) last released its earnings results on Wednesday, November 5th. The basic materials company reported ($0.01) EPS for the quarter, missing the consensus estimate of $0.31 by ($0.32). The firm had revenue of $50.53 million during the quarter, compared to analysts’ expectations of $60.00 million. McEwen had a negative return on equity of 2.45% and a negative net margin of 7.16%. Equities analysts expect that McEwen Inc. will post -0.72 earnings per share for the current year.

Insiders Place Their Bets

In other news, VP Jeffrey Chan sold 13,333 shares of the company’s stock in a transaction dated Monday, September 22nd. The shares were sold at an average price of $14.89, for a total transaction of $198,528.37. Following the completion of the transaction, the vice president owned 2,267 shares of the company’s stock, valued at $33,755.63. This represents a 85.47% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Richard W. Brissenden sold 11,203 shares of the stock in a transaction dated Monday, September 22nd. The stock was sold at an average price of $14.89, for a total transaction of $166,812.67. Following the transaction, the director owned 9,405 shares in the company, valued at approximately $140,040.45. The trade was a 54.36% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 87,136 shares of company stock worth $1,263,651 in the last three months. Company insiders own 16.10% of the company’s stock.

Institutional Trading of McEwen

Institutional investors have recently modified their holdings of the company. CoreCap Advisors LLC purchased a new position in McEwen in the third quarter valued at approximately $27,000. National Bank of Canada FI increased its position in shares of McEwen by 3,328.3% in the third quarter. National Bank of Canada FI now owns 3,634 shares of the basic materials company’s stock worth $62,000 after acquiring an additional 3,528 shares in the last quarter. Tower Research Capital LLC TRC raised its stake in shares of McEwen by 17,204.9% in the 2nd quarter. Tower Research Capital LLC TRC now owns 10,556 shares of the basic materials company’s stock valued at $101,000 after acquiring an additional 10,495 shares during the period. Pale Fire Capital SE acquired a new position in shares of McEwen during the 2nd quarter valued at $119,000. Finally, Everstar Asset Management LLC purchased a new stake in McEwen during the 1st quarter worth $128,000. Hedge funds and other institutional investors own 17.03% of the company’s stock.

McEwen 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.