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

McEwen Inc. (NYSE:MUX) (TSE:MUX) gapped up prior to trading on Tuesday . The stock had previously closed at $23.45, but opened at $25.74. McEwen shares last traded at $24.8080, with a volume of 132,686 shares.

Analyst Ratings Changes

MUX has been the topic of a number of analyst reports. HC Wainwright increased their price target on shares of McEwen from $17.00 to $21.50 and gave the company a “buy” rating in a research report on Friday, October 10th. Roth Mkm restated a “buy” rating and issued a $30.00 price objective (up previously from $23.00) on shares of McEwen in a research note on Friday. Canaccord Genuity Group set a $25.00 price target on McEwen and gave the stock a “buy” rating in a report on Wednesday, October 15th. Finally, Weiss Ratings reissued a “sell (d+)” rating on shares of McEwen in a report on Monday, December 29th. One 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. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $25.50.

McEwen Price Performance

The company has a debt-to-equity ratio of 0.26, a current ratio of 2.10 and a quick ratio of 1.58. The company has a fifty day moving average of $20.87 and a 200 day moving average of $16.95. The firm has a market capitalization of $1.36 billion, a P/E ratio of -113.45 and a beta of 1.12.

McEwen (NYSE:MUX) (TSE:MUX) last issued its quarterly earnings results on Wednesday, November 5th. The basic materials company reported ($0.01) earnings per share for the quarter, missing analysts’ consensus estimates of $0.31 by ($0.32). McEwen had a negative return on equity of 2.45% and a negative net margin of 7.16%.The business had revenue of $50.53 million for the quarter, compared to analyst estimates of $60.00 million. Sell-side analysts predict that McEwen Inc. will post -0.72 earnings per share for the current year.

Institutional Trading of McEwen

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Royal Bank of Canada increased its stake in McEwen by 4,309.4% in the 1st quarter. Royal Bank of Canada now owns 638,871 shares of the basic materials company’s stock valued at $4,823,000 after buying an additional 624,382 shares during the last quarter. 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 acquiring an additional 19,548 shares during the period. Empowered Funds LLC boosted its position in McEwen by 105.4% during the first quarter. Empowered Funds LLC now owns 208,100 shares of the basic materials company’s stock worth $1,571,000 after purchasing an additional 106,800 shares during the period. Y Intercept Hong Kong Ltd bought a new position in McEwen in the 2nd quarter worth approximately $947,000. Finally, Campbell & CO Investment Adviser LLC purchased a new stake in shares of McEwen during the second quarter worth $983,000. 17.03% of the stock is owned by institutional investors.

McEwen Company Profile

McEwen Mining Inc (NYSE: MUX) is a Canada-based precious metals company focused on the exploration, development and production of gold, silver and copper. Headquartered in Toronto, the company pursues a diversified portfolio of assets across the Americas, with operations and projects spanning Argentina, Mexico, Canada and the United States. McEwen Mining employs an integrated approach that combines in-house technical expertise with strategic partnerships to advance its assets from resource definition through to commercial production.

The company’s flagship producing asset is the San José mine in Argentina, a high-grade silver-gold operation.