McEwen (NYSE:MUX) Upgraded to “Buy” at Wall Street Zen

Wall Street Zen upgraded shares of McEwen (NYSE:MUX) (TSE:MUX) from a hold rating to a buy rating in a report released on Saturday morning.

A number of other equities research analysts also recently issued reports on MUX. Weiss Ratings raised shares of McEwen from a “sell (d+)” rating to a “hold (c-)” rating in a report on Wednesday, March 11th. HC Wainwright increased their price target on shares of McEwen from $21.50 to $29.50 and gave the stock a “buy” rating in a report on Wednesday, March 18th. Zacks Research downgraded shares of McEwen from a “hold” rating to a “strong sell” rating in a report on Wednesday, April 15th. Finally, Roth Mkm increased their price target on shares of McEwen from $30.00 to $35.00 and gave the stock a “buy” rating in a report on Wednesday, March 18th. Four investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $29.83.

McEwen Price Performance

NYSE MUX opened at $24.20 on Friday. The company has a market cap of $1.45 billion, a PE ratio of 20.51 and a beta of 1.19. McEwen has a 52 week low of $6.88 and a 52 week high of $29.70. The company has a quick ratio of 1.27, a current ratio of 1.14 and a debt-to-equity ratio of 0.19. The firm’s 50-day simple moving average is $22.98 and its two-hundred day simple moving average is $21.62.

McEwen (NYSE:MUX) (TSE:MUX) last announced its quarterly earnings results on Thursday, March 12th. The basic materials company reported $0.66 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.25 by $0.41. McEwen had a net margin of 31.40% and a return on equity of 13.65%. The firm had revenue of $64.60 million for the quarter, compared to the consensus estimate of $72.83 million. Research analysts predict that McEwen will post 0.92 earnings per share for the current year.

Institutional Investors Weigh In On McEwen

Several hedge funds have recently added to or reduced their stakes in the company. State Street Corp lifted its stake in McEwen by 24.4% during the fourth quarter. State Street Corp now owns 2,190,605 shares of the basic materials company’s stock worth $40,548,000 after purchasing an additional 429,761 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in McEwen by 38.2% during the third quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,959,913 shares of the basic materials company’s stock worth $33,515,000 after purchasing an additional 541,890 shares during the last quarter. Dimensional Fund Advisors LP lifted its stake in McEwen by 1.2% during the third quarter. Dimensional Fund Advisors LP now owns 1,285,603 shares of the basic materials company’s stock worth $21,982,000 after purchasing an additional 15,439 shares during the last quarter. BNP Paribas Financial Markets lifted its stake in McEwen by 56.3% during the fourth quarter. BNP Paribas Financial Markets now owns 1,001,596 shares of the basic materials company’s stock worth $18,540,000 after purchasing an additional 360,857 shares during the last quarter. Finally, Vanguard Group Inc. lifted its stake in McEwen by 3.1% during the third quarter. Vanguard Group Inc. now owns 884,347 shares of the basic materials company’s stock worth $15,122,000 after purchasing an additional 26,846 shares during the last quarter. Institutional investors own 17.03% of the company’s stock.

About McEwen

McEwen Mining Inc (NYSE: MUX) is a Canada-based precious metals company focused on the exploration, development and production of gold, silver and copper. Headquartered in Toronto, the company pursues a diversified portfolio of assets across the Americas, with operations and projects spanning Argentina, Mexico, Canada and the United States. McEwen Mining employs an integrated approach that combines in-house technical expertise with strategic partnerships to advance its assets from resource definition through to commercial production.

The company’s flagship producing asset is the San José mine in Argentina, a high-grade silver-gold operation.