Entropy Technologies LP Buys New Stake in McEwen Inc. $MUX

Entropy Technologies LP purchased a new position in shares of McEwen Inc. (NYSE:MUX) (TSE:MUX) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm purchased 16,792 shares of the basic materials company’s stock, valued at approximately $161,000.

Other institutional investors and hedge funds have also modified their holdings of the company. Private Advisor Group LLC boosted 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 buying an additional 2,098 shares during the last quarter. Everstar Asset Management LLC acquired a new position in McEwen in the first quarter valued at approximately $128,000. Catalyst Funds Management Pty Ltd purchased a new stake in McEwen in the 2nd quarter worth approximately $338,000. Universal Beteiligungs und Servicegesellschaft mbH purchased a new stake in McEwen in the 1st quarter worth approximately $378,000. Finally, Goldman Sachs Group Inc. grew its stake in shares of McEwen by 44.2% during the 1st quarter. Goldman Sachs Group Inc. now owns 63,768 shares of the basic materials company’s stock worth $481,000 after purchasing an additional 19,548 shares during the period. Institutional investors and hedge funds own 17.03% of the company’s stock.

Analyst Ratings Changes

Several research firms recently issued reports on MUX. Roth Capital set a $23.00 target price on shares of McEwen in a research note on Thursday, October 9th. Canaccord Genuity Group set a $25.00 price objective on shares of McEwen and gave the stock a “buy” rating in a research report on Wednesday, October 15th. HC Wainwright raised their target price on McEwen from $17.00 to $21.50 and gave the company a “buy” rating in a research report on Friday, October 10th. Finally, Weiss Ratings restated a “sell (d+)” rating on shares of McEwen in a research note on Monday. One investment analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $20.50.

McEwen Stock Performance

MUX opened at $17.96 on Thursday. The firm’s fifty day simple moving average is $17.80 and its two-hundred day simple moving average is $12.95. McEwen Inc. has a 52-week low of $6.38 and a 52-week high of $24.88. The company has a market cap of $978.41 million, a price-to-earnings ratio of -71.84 and a beta of 0.97. 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 released its quarterly earnings results on Wednesday, November 5th. The basic materials company reported ($0.01) earnings per share for the quarter, missing the consensus estimate of $0.31 by ($0.32). The company had revenue of $50.53 million for the quarter, compared to analyst estimates of $60.00 million. McEwen had a negative return on equity of 2.76% and a negative net margin of 8.05%. Equities analysts anticipate that McEwen Inc. will post -0.72 earnings per share for the current fiscal year.

Insider Transactions at McEwen

In other news, VP Stephan Michael Spears sold 12,600 shares of the firm’s stock in a transaction that occurred on Friday, September 19th. The stock was sold at an average price of $14.35, for a total value of $180,810.00. Following the transaction, the vice president owned 3,814 shares in the company, valued at $54,730.90. This trade represents a 76.76% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Robert Ross Mcewen sold 50,000 shares of McEwen stock in a transaction that occurred on Friday, September 19th. The stock was sold at an average price of $14.35, for a total value of $717,500.00. Following the completion of the sale, the chief executive officer directly owned 450,000 shares in the company, valued at $6,457,500. This represents a 10.00% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 87,136 shares of company stock worth $1,263,651 over the last three months. 16.10% of the stock is owned by insiders.

About McEwen

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.