HC Wainwright Reiterates $5.00 Price Target for McEwen Mining (MUX)

HC Wainwright set a $5.00 price objective on McEwen Mining (NYSE:MUX) (TSE:MUX) in a research note issued to investors on Friday morning. The brokerage currently has a buy rating on the basic materials company’s stock.

Separately, Zacks Investment Research downgraded McEwen Mining from a hold rating to a strong sell rating in a research note on Saturday, August 4th. Two analysts have rated the stock with a sell rating and three have assigned a buy rating to the stock. McEwen Mining presently has an average rating of Hold and a consensus price target of $4.00.

Shares of MUX stock traded down $0.02 during trading hours on Friday, hitting $2.16. 1,816,351 shares of the company’s stock were exchanged, compared to its average volume of 2,234,609. The company has a market cap of $654.32 million, a price-to-earnings ratio of -72.00 and a beta of -1.20. McEwen Mining has a fifty-two week low of $1.82 and a fifty-two week high of $2.55.

McEwen Mining (NYSE:MUX) (TSE:MUX) last announced its earnings results on Wednesday, August 1st. The basic materials company reported ($0.02) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.01) by ($0.01). The business had revenue of $34.18 million for the quarter, compared to analyst estimates of $28.55 million. McEwen Mining had a negative return on equity of 2.68% and a negative net margin of 14.56%. On average, research analysts forecast that McEwen Mining will post -0.04 EPS for the current year.

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Aperio Group LLC raised its stake in McEwen Mining by 24.5% in the 2nd quarter. Aperio Group LLC now owns 122,524 shares of the basic materials company’s stock valued at $254,000 after purchasing an additional 24,119 shares during the last quarter. Global X Management Co LLC raised its stake in McEwen Mining by 6.4% in the 2nd quarter. Global X Management Co LLC now owns 4,232,774 shares of the basic materials company’s stock valued at $8,762,000 after purchasing an additional 255,639 shares during the last quarter. Van ECK Associates Corp raised its stake in McEwen Mining by 7.1% in the 2nd quarter. Van ECK Associates Corp now owns 38,017,451 shares of the basic materials company’s stock valued at $78,696,000 after purchasing an additional 2,517,412 shares during the last quarter. Schwab Charles Investment Management Inc. raised its stake in McEwen Mining by 39.9% in the 1st quarter. Schwab Charles Investment Management Inc. now owns 843,671 shares of the basic materials company’s stock valued at $1,755,000 after purchasing an additional 240,730 shares during the last quarter. Finally, CIBC World Markets Inc. acquired a new position in McEwen Mining in the 1st quarter valued at $164,000. 30.53% of the stock is owned by hedge funds and other institutional investors.

McEwen Mining Company Profile

McEwen Mining Inc engages in the exploration, development, production, and sale of gold and silver. The company owns 100% interests in the El Gallo 1 mine and El Gallo 2 project in the state of Sinaloa, Mexico; and the Black Fox Complex, Buffalo Ankerite, Fuller, Davidson Tisdale, and Black Fox North properties in Canada.

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