McEwen (NYSE:MUX) Rating Increased to Hold at Wall Street Zen

Wall Street Zen upgraded shares of McEwen (NYSE:MUX) (TSE:MUX) from a sell rating to a hold rating in a research report sent to investors on Saturday,Wall Street Zen reports.

Other equities analysts have also issued research reports about the company. Zacks Research lowered McEwen from a “hold” rating to a “strong sell” rating in a research note on Wednesday, August 5th. Roth Capital set a $31.00 price objective on McEwen and gave the stock a “buy” rating in a research report on Monday, August 10th. HC Wainwright reissued a “buy” rating and set a $28.00 price objective (down from $29.50) on shares of McEwen in a report on Friday, August 7th. Finally, Weiss Ratings restated a “hold (c)” rating on shares of McEwen in a research report on Friday, August 28th. Three investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, McEwen currently has a consensus rating of “Hold” and a consensus target price of $28.00.

McEwen Price Performance

Shares of MUX stock opened at $19.52 on Friday. McEwen has a 52 week low of $13.05 and a 52 week high of $29.70. The stock has a market capitalization of $1.20 billion, a PE ratio of 15.49 and a beta of 1.26. The company has a debt-to-equity ratio of 0.17, a quick ratio of 1.61 and a current ratio of 2.04. The stock’s fifty day moving average is $18.84 and its 200-day moving average is $20.86.

McEwen (NYSE:MUX) (TSE:MUX) last issued its quarterly earnings results on Wednesday, August 5th. The basic materials company reported $0.14 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.28 by ($0.14). McEwen had a return on equity of 13.48% and a net margin of 32.46%.The company had revenue of $59.23 million for the quarter, compared to analyst estimates of $65.51 million. Equities research analysts expect that McEwen will post 0.83 EPS for the current fiscal year.

Insider Activity

In related news, Director Richard Brissenden sold 3,275 shares of McEwen stock in a transaction that occurred on Monday, June 29th. The stock was sold at an average price of $18.13, for a total value of $59,375.75. Following the sale, the director owned 18,022 shares of the company’s stock, valued at approximately $326,738.86. This trade represents a 15.38% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 14.80% of the company’s stock.

Hedge Funds Weigh In On McEwen

Several hedge funds have recently made changes to their positions in the business. Royal Bank of Canada grew its position in McEwen by 4,309.4% in the first quarter. Royal Bank of Canada now owns 638,871 shares of the basic materials company’s stock valued at $4,823,000 after purchasing an additional 624,382 shares in the last quarter. Goldman Sachs Group Inc. boosted its stake in shares of McEwen by 44.2% during the 1st quarter. Goldman Sachs Group Inc. now owns 63,768 shares of the basic materials company’s stock worth $481,000 after buying an additional 19,548 shares during the last quarter. Empowered Funds LLC grew its holdings in shares of McEwen by 105.4% in the 1st quarter. Empowered Funds LLC now owns 208,100 shares of the basic materials company’s stock valued at $1,571,000 after acquiring an additional 106,800 shares in the last quarter. Geode Capital Management LLC grew its holdings in shares of McEwen by 0.3% in the 2nd quarter. Geode Capital Management LLC now owns 509,426 shares of the basic materials company’s stock valued at $4,897,000 after acquiring an additional 1,585 shares in the last quarter. Finally, JPMorgan Chase & Co. increased its position in shares of McEwen by 92.5% in the second quarter. JPMorgan Chase & Co. now owns 198,771 shares of the basic materials company’s stock valued at $1,910,000 after acquiring an additional 95,488 shares during the last quarter. 17.03% of the stock is owned by institutional investors.

About McEwen

McEwen Inc is a mining company focused on the exploration, development, and production of gold, silver, and copper. The company’s portfolio includes operating mines, advanced development projects, and exploration properties in the United States, Canada, and Argentina.

Its principal gold assets include the Fox Complex in Ontario, Canada, and the Gold Bar mine in Nevada. McEwen also has an interest in the San José mine in Argentina, which has historically produced gold and silver, and is advancing the Los Azules copper project in San Juan Province, Argentina, through its McEwen Copper subsidiary.

McEwen was founded by mining entrepreneur Rob McEwen, who serves as chairman.