McEwen (NYSE:MUX – Get Free Report) (TSE:MUX) posted its earnings results on Wednesday. The basic materials company reported $0.14 earnings per share for the quarter, missing the consensus estimate of $0.28 by ($0.14), FiscalAI reports. McEwen had a net margin of 32.46% and a return on equity of 14.34%. The firm had revenue of $59.23 million for the quarter, compared to analysts’ expectations of $65.51 million.
McEwen Price Performance
NYSE MUX traded up $0.89 during trading hours on Friday, hitting $19.15. 824,603 shares of the company’s stock traded hands, compared to its average volume of 1,171,119. The company has a market capitalization of $1.14 billion, a PE ratio of 15.19 and a beta of 1.23. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.14 and a quick ratio of 0.81. McEwen has a 52-week low of $9.82 and a 52-week high of $29.70. The firm’s 50-day moving average is $18.42 and its 200-day moving average is $21.86.
Analysts Set New Price Targets
MUX has been the topic of several analyst reports. Wall Street Zen lowered shares of McEwen from a “buy” rating to a “hold” rating in a research report on Sunday, May 17th. Zacks Research downgraded shares of McEwen from a “hold” rating to a “strong sell” rating in a research report on Wednesday. HC Wainwright reissued a “buy” rating and set a $28.00 target price (down from $29.50) on shares of McEwen in a research note on Friday. Finally, Weiss Ratings cut McEwen from a “hold (c+)” rating to a “hold (c)” rating in a research report on Tuesday, June 2nd. Three equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $29.33.
Insiders Place Their Bets
In other McEwen news, Director Richard W. Brissenden sold 3,275 shares of the firm’s stock in a transaction that occurred on Monday, June 29th. The shares were sold at an average price of $18.13, for a total value of $59,375.75. Following the transaction, the director directly owned 18,022 shares of the company’s stock, valued at $326,738.86. This trade represents a 15.38% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 14.80% of the stock is owned by company insiders.
Institutional Investors Weigh In On McEwen
Hedge funds and other institutional investors have recently made changes to their positions in the stock. Parkside Financial Bank & Trust purchased a new stake in McEwen in the 4th quarter valued at $37,000. National Bank of Canada FI raised its holdings in shares of McEwen by 3,328.3% during the 3rd quarter. National Bank of Canada FI now owns 3,634 shares of the basic materials company’s stock worth $62,000 after acquiring an additional 3,528 shares during the period. Wells Fargo & Company MN raised its holdings in shares of McEwen by 330.7% during the 4th quarter. Wells Fargo & Company MN now owns 4,105 shares of the basic materials company’s stock worth $76,000 after acquiring an additional 3,152 shares during the period. Tower Research Capital LLC TRC boosted its position in shares of McEwen by 17,204.9% during the 2nd quarter. Tower Research Capital LLC TRC now owns 10,556 shares of the basic materials company’s stock valued at $101,000 after acquiring an additional 10,495 shares during the last quarter. Finally, Sprott Inc. boosted its position in shares of McEwen by 22.2% during the 4th quarter. Sprott Inc. now owns 12,309 shares of the basic materials company’s stock valued at $228,000 after acquiring an additional 2,233 shares during the last quarter. Institutional investors and hedge funds 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.
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