McEwen Mining (NYSE:MUX) Stock Crosses Above 200 Day Moving Average – Here’s What Happened

McEwen Mining Inc (NYSE:MUX) (TSE:MUX) passed above its 200-day moving average during trading on Friday . The stock has a 200-day moving average of $7.89 and traded as high as $9.45. McEwen Mining shares last traded at $9.35, with a volume of 739,264 shares traded.

Wall Street Analysts Forecast Growth

MUX has been the topic of a number of recent analyst reports. National Bank Financial raised McEwen Mining to a “strong-buy” rating in a report on Tuesday, April 29th. Wall Street Zen downgraded McEwen Mining from a “hold” rating to a “sell” rating in a research note on Thursday, May 22nd. Roth Mkm reduced their price target on McEwen Mining from $13.00 to $12.50 and set a “buy” rating for the company in a research report on Friday, March 21st. Finally, HC Wainwright decreased their price target on McEwen Mining from $18.00 to $15.50 and set a “buy” rating for the company in a research note on Friday, May 9th.

McEwen Mining Stock Performance

The stock has a market cap of $504.95 million, a P/E ratio of 4.27 and a beta of 0.95. The company has a debt-to-equity ratio of 0.06, a current ratio of 1.17 and a quick ratio of 0.74. The company has a fifty day moving average of $7.74 and a 200 day moving average of $7.88.

McEwen Mining (NYSE:MUX) (TSE:MUX) last posted its quarterly earnings data on Wednesday, May 7th. The basic materials company reported ($0.12) EPS for the quarter, topping analysts’ consensus estimates of ($0.14) by $0.02. McEwen Mining had a return on equity of 20.77% and a net margin of 51.31%. The company had revenue of $35.70 million for the quarter, compared to the consensus estimate of $39.06 million. On average, equities analysts predict that McEwen Mining Inc will post -0.72 earnings per share for the current fiscal year.

Institutional Investors Weigh In On McEwen Mining

A number of institutional investors and hedge funds have recently modified their holdings of MUX. New Age Alpha Advisors LLC acquired a new stake in shares of McEwen Mining during the fourth quarter worth $38,000. Aquatic Capital Management LLC increased its stake in McEwen Mining by 357.9% in the 4th quarter. Aquatic Capital Management LLC now owns 7,327 shares of the basic materials company’s stock worth $57,000 after purchasing an additional 5,727 shares in the last quarter. Total Wealth Planning & Management Inc. acquired a new stake in McEwen Mining during the 4th quarter worth about $96,000. Private Advisor Group LLC lifted its stake in McEwen Mining by 18.8% during the fourth quarter. Private Advisor Group LLC now owns 12,645 shares of the basic materials company’s stock valued at $98,000 after buying an additional 2,000 shares in the last quarter. Finally, Sprott Inc. purchased a new stake in McEwen Mining during the fourth quarter valued at about $100,000. Institutional investors and hedge funds own 17.03% of the company’s stock.

About McEwen Mining

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.