McEwen Mining Inc (NYSE:MUX – Get Free Report) (TSE:MUX)’s stock price rose 6.1% during mid-day trading on Thursday . The stock traded as high as $11.79 and last traded at $11.59. Approximately 1,048,373 shares were traded during mid-day trading, an increase of 51% from the average daily volume of 694,668 shares. The stock had previously closed at $10.92.
Wall Street Analyst Weigh In
A number of research analysts have recently weighed in on MUX shares. HC Wainwright dropped their target price on McEwen Mining from $18.50 to $13.00 and set a “buy” rating on the stock in a report on Monday, March 4th. TheStreet upgraded McEwen Mining from a “d” rating to a “c” rating in a report on Friday, March 1st.
Read Our Latest Analysis on McEwen Mining
McEwen Mining Stock Up 9.3 %
McEwen Mining (NYSE:MUX – Get Free Report) (TSE:MUX) last released its earnings results on Thursday, February 29th. The basic materials company reported $2.90 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.32) by $3.22. McEwen Mining had a return on equity of 19.20% and a net margin of 32.92%. The business had revenue of $58.68 million during the quarter, compared to the consensus estimate of $53.00 million. Analysts forecast that McEwen Mining Inc will post -0.3 EPS for the current year.
Hedge Funds Weigh In On McEwen Mining
Several hedge funds have recently made changes to their positions in MUX. Cambridge Investment Research Advisors Inc. grew its position in shares of McEwen Mining by 5.8% in the third quarter. Cambridge Investment Research Advisors Inc. now owns 59,342 shares of the basic materials company’s stock valued at $386,000 after purchasing an additional 3,245 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. boosted its stake in McEwen Mining by 2.0% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,041,114 shares of the basic materials company’s stock valued at $6,767,000 after buying an additional 20,549 shares during the period. Private Advisor Group LLC bought a new stake in McEwen Mining during the third quarter valued at $75,000. Rathbones Group PLC bought a new stake in McEwen Mining during the third quarter valued at $74,000. Finally, Connor Clark & Lunn Investment Management Ltd. boosted its stake in McEwen Mining by 175.8% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 75,611 shares of the basic materials company’s stock valued at $486,000 after buying an additional 48,192 shares during the period. 17.03% of the stock is currently 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. It also explores for copper deposits. The company owns 100% interests in the El Gallo and Fenix projects located in Mexico; and the Black Fox Mine and Stock Mill, Grey Fox, and Froome and Tamarack properties in Canada.
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