McEwen (NYSE:MUX) Stock Rating Lowered by Wall Street Zen

McEwen (NYSE:MUX) (TSE:MUX) was downgraded by investment analysts at Wall Street Zen from a “hold” rating to a “sell” rating in a research report issued to clients and investors on Saturday, Wall Street Zen reports.

MUX has been the topic of several other reports. Weiss Ratings restated a “hold (c)” rating on shares of McEwen in a research note on Friday, August 28th. Roth Capital set a $31.00 price objective on shares of McEwen and gave the company a “buy” rating in a report on Monday, August 10th. Zacks Research raised shares of McEwen from a “strong sell” rating to a “hold” rating in a research report on Friday, September 11th. Finally, HC Wainwright reaffirmed a “buy” rating and issued a $28.00 price objective (down from $29.50) on shares of McEwen in a report on Friday, August 7th. Three analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $28.00.

McEwen Stock Up 0.2%

MUX opened at $17.77 on Friday. McEwen has a twelve month low of $14.93 and a twelve month high of $29.70. The company’s 50-day moving average price is $19.13 and its two-hundred day moving average price is $20.07. The stock has a market cap of $1.09 billion, a price-to-earnings ratio of 14.10 and a beta of 1.26. The company has a quick ratio of 1.61, a current ratio of 2.04 and a debt-to-equity ratio of 0.17.

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 analysts’ expectations of $65.51 million. As a group, equities analysts expect that McEwen will post 0.83 earnings per share for the current year.

Hedge Funds Weigh In On McEwen

A number of large investors have recently modified their holdings of MUX. Versant Capital Management Inc purchased a new position in McEwen during the third quarter valued at approximately $31,000. State Street Corp lifted its stake in McEwen by 26.5% in the 2nd quarter. State Street Corp now owns 4,254,551 shares of the basic materials company’s stock worth $77,135,000 after purchasing an additional 891,024 shares in the last quarter. The Manufacturers Life Insurance Company purchased a new stake in McEwen in the 2nd quarter worth approximately $248,000. VIRGINIA RETIREMENT SYSTEMS ET Al bought a new position in McEwen in the 2nd quarter valued at $703,000. Finally, Susquehanna Fundamental Investments LLC bought a new position in McEwen in the 2nd quarter valued at $772,000. 17.03% of the stock is currently owned by institutional investors.

McEwen Company Profile

McEwen Inc (NYSE: MUX), formerly known as McEwen Mining Inc, is a precious and base metals mining company focused on the exploration, development and production of gold, silver and copper. The company operates and develops mining projects in Canada, the United States and Argentina.

McEwen’s principal gold assets include the Fox Complex in Ontario, Canada, and the Gold Bar mine in Nevada. The Fox Complex is an underground mining operation in the Timmins region, while Gold Bar is an open-pit, heap-leach operation in central Nevada.