McEwen (NYSE:MUX) Shares Down 10.3% – Here’s Why

McEwen Inc. (NYSE:MUX) (TSE:MUX) shares fell 10.3% on Friday . The company traded as low as $19.08 and last traded at $18.9850. 384,751 shares traded hands during trading, a decline of 67% from the average session volume of 1,156,476 shares. The stock had previously closed at $21.16.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on MUX. Weiss Ratings downgraded McEwen from a “hold (c+)” rating to a “hold (c)” rating in a research note on Tuesday. Wall Street Zen downgraded McEwen from a “buy” rating to a “hold” rating in a research note on Sunday, May 17th. Roth Mkm raised their price target on McEwen from $30.00 to $35.00 and gave the stock a “buy” rating in a research note on Wednesday, March 18th. HC Wainwright raised their price target on McEwen from $21.50 to $29.50 and gave the stock a “buy” rating in a research note on Wednesday, March 18th. Finally, Zacks Research raised McEwen from a “strong sell” rating to a “hold” rating in a research note on Monday, May 11th. Four analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $29.83.

McEwen Price Performance

The stock has a 50 day moving average of $22.44 and a two-hundred day moving average of $22.21. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.81 and a current ratio of 1.14. The firm has a market capitalization of $1.12 billion, a P/E ratio of 15.81 and a beta of 1.17.

McEwen (NYSE:MUX) (TSE:MUX) last issued its quarterly earnings data on Thursday, March 12th. The basic materials company reported $0.66 earnings per share for the quarter, beating analysts’ consensus estimates of $0.25 by $0.41. McEwen had a return on equity of 13.65% and a net margin of 31.40%.The business had revenue of $64.60 million for the quarter, compared to the consensus estimate of $72.83 million. Sell-side analysts predict that McEwen Inc. will post 1.06 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the stock. JPMorgan Chase & Co. raised its stake in shares of McEwen by 231.6% in the 3rd quarter. JPMorgan Chase & Co. now owns 659,079 shares of the basic materials company’s stock valued at $11,270,000 after acquiring an additional 460,308 shares in the last quarter. Quantbot Technologies LP raised its stake in shares of McEwen by 62.7% in the 3rd quarter. Quantbot Technologies LP now owns 131,786 shares of the basic materials company’s stock valued at $2,254,000 after acquiring an additional 50,778 shares in the last quarter. U S Global Investors Inc. acquired a new stake in McEwen in the 4th quarter valued at approximately $1,857,000. Synergy Asset Management LLC acquired a new stake in McEwen in the 4th quarter valued at approximately $13,547,000. Finally, Brookwood Investment Group LLC acquired a new stake in McEwen in the 4th quarter valued at approximately $559,000. 17.03% of the stock is owned by institutional investors.

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.