McEwen (NYSE:MUX) Shares Gap Up – Still a Buy?

McEwen Inc. (NYSE:MUX) (TSE:MUX)’s stock price gapped up prior to trading on Friday . The stock had previously closed at $16.42, but opened at $17.06. McEwen shares last traded at $17.52, with a volume of 458,201 shares trading hands.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on MUX. Weiss Ratings reissued a “sell (d+)” rating on shares of McEwen in a research note on Saturday, September 27th. Roth Capital set a $19.00 price objective on shares of McEwen and gave the company a “buy” rating in a research note on Friday. HC Wainwright lifted their price objective on shares of McEwen from $15.50 to $17.00 and gave the company a “buy” rating in a research note on Tuesday, July 29th. Finally, National Bankshares reissued an “outperform” rating on shares of McEwen in a research note on Wednesday, July 16th. One research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $16.17.

McEwen Trading Up 5.8%

The business’s 50 day simple moving average is $12.56 and its two-hundred day simple moving average is $10.05. The stock has a market cap of $940.32 million, a P/E ratio of -69.51 and a beta of 0.99. The company has a quick ratio of 1.82, a current ratio of 2.35 and a debt-to-equity ratio of 0.26.

McEwen (NYSE:MUX) (TSE:MUX) last posted its earnings results on Wednesday, August 6th. The basic materials company reported $0.06 earnings per share for the quarter, missing analysts’ consensus estimates of $0.09 by ($0.03). The company had revenue of $46.70 million for the quarter, compared to the consensus estimate of $49.05 million. McEwen had a negative return on equity of 2.76% and a negative net margin of 8.05%. As a group, analysts expect that McEwen Inc. will post -0.72 EPS for the current year.

Insider Activity at McEwen

In related news, VP Jeffrey Chan sold 13,333 shares of the business’s stock in a transaction on Monday, September 22nd. The shares were sold at an average price of $14.89, for a total value of $198,528.37. Following the sale, the vice president owned 2,267 shares of the company’s stock, valued at $33,755.63. The trade was a 85.47% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Robert Ross Mcewen sold 50,000 shares of the business’s stock in a transaction on Friday, September 19th. The stock was sold at an average price of $14.35, for a total transaction of $717,500.00. Following the completion of the sale, the chief executive officer directly owned 450,000 shares in the company, valued at approximately $6,457,500. This represents a 10.00% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 77,192 shares of company stock worth $1,110,702. Corporate insiders own 16.10% of the company’s stock.

Institutional Trading of McEwen

Several institutional investors have recently modified their holdings of the business. Everstar Asset Management LLC grew its stake in shares of McEwen by 4.3% in the second quarter. Everstar Asset Management LLC now owns 28,988 shares of the basic materials company’s stock worth $279,000 after purchasing an additional 1,188 shares during the last quarter. Geode Capital Management LLC grew its stake in shares of McEwen by 0.3% in the second quarter. Geode Capital Management LLC now owns 509,426 shares of the basic materials company’s stock worth $4,897,000 after purchasing an additional 1,585 shares during the last quarter. Private Advisor Group LLC grew its stake in shares of McEwen by 16.6% in the first quarter. Private Advisor Group LLC now owns 14,743 shares of the basic materials company’s stock worth $111,000 after purchasing an additional 2,098 shares during the last quarter. Inceptionr LLC grew its stake in shares of McEwen by 21.7% in the second quarter. Inceptionr LLC now owns 19,496 shares of the basic materials company’s stock worth $187,000 after purchasing an additional 3,480 shares during the last quarter. Finally, American Century Companies Inc. grew its stake in shares of McEwen by 7.6% in the second quarter. American Century Companies Inc. now owns 109,210 shares of the basic materials company’s stock worth $1,050,000 after purchasing an additional 7,702 shares during the last quarter. Institutional investors own 17.03% of the company’s stock.

McEwen 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.