McEwen (NYSE:MUX) Hits New 12-Month High – Time to Buy?

McEwen Inc. (NYSE:MUX) (TSE:MUX) hit a new 52-week high on Wednesday . The company traded as high as $25.41 and last traded at $24.8670, with a volume of 20266 shares trading hands. The stock had previously closed at $24.49.

Analyst Ratings Changes

A number of brokerages recently commented on MUX. HC Wainwright raised their target price on McEwen from $17.00 to $21.50 and gave the company a “buy” rating in a report on Friday, October 10th. Roth Capital restated a “buy” rating and issued a $23.00 price objective (up previously from $21.00) on shares of McEwen in a report on Wednesday, December 17th. Canaccord Genuity Group set a $25.00 target price on shares of McEwen and gave the stock a “buy” rating in a report on Wednesday, October 15th. Finally, Weiss Ratings restated a “sell (d+)” rating on shares of McEwen in a research note on Monday, December 29th. One equities research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and one has issued a Sell rating to the company. According to MarketBeat.com, McEwen presently has a consensus rating of “Moderate Buy” and a consensus target price of $20.50.

McEwen Stock Down 0.8%

The company has a quick ratio of 1.58, a current ratio of 2.10 and a debt-to-equity ratio of 0.26. The stock has a market cap of $1.32 billion, a PE ratio of -110.91 and a beta of 1.08. The firm has a fifty day moving average of $19.23 and a 200 day moving average of $15.99.

McEwen (NYSE:MUX) (TSE:MUX) last posted its 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). 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 analysts’ expectations of $60.00 million. On average, equities research analysts anticipate that McEwen Inc. will post -0.72 EPS for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in McEwen by 38.2% in the third quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,959,913 shares of the basic materials company’s stock valued at $33,515,000 after buying an additional 541,890 shares during the last quarter. Dimensional Fund Advisors LP raised its position in McEwen by 1.2% in the 3rd quarter. Dimensional Fund Advisors LP now owns 1,285,603 shares of the basic materials company’s stock valued at $21,982,000 after purchasing an additional 15,439 shares during the last quarter. Vanguard Group Inc. raised its position in McEwen by 3.1% in the 3rd quarter. Vanguard Group Inc. now owns 884,347 shares of the basic materials company’s stock valued at $15,122,000 after purchasing an additional 26,846 shares during the last quarter. Tidal Investments LLC boosted its stake in McEwen by 4.0% during the 2nd quarter. Tidal Investments LLC now owns 846,440 shares of the basic materials company’s stock worth $8,134,000 after purchasing an additional 32,218 shares during the period. Finally, Synergy Asset Management LLC purchased a new position in McEwen during the 4th quarter worth $13,547,000. Hedge funds and other institutional investors own 17.03% of the company’s stock.

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.