California Public Employees Retirement System reduced its holdings in McEwen Mining Inc (NYSE:MUX) (TSE:MUX) by 5.0% in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 429,181 shares of the basic materials company’s stock after selling 22,736 shares during the quarter. California Public Employees Retirement System owned about 0.12% of McEwen Mining worth $670,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also modified their holdings of MUX. Tower Research Capital LLC TRC boosted its holdings in shares of McEwen Mining by 150.9% during the 2nd quarter. Tower Research Capital LLC TRC now owns 14,300 shares of the basic materials company’s stock worth $25,000 after buying an additional 8,600 shares in the last quarter. Sumitomo Mitsui Trust Holdings Inc. acquired a new position in shares of McEwen Mining during the 2nd quarter valued at $51,000. Pictet Asset Management Ltd. lifted its position in shares of McEwen Mining by 50.0% during the 2nd quarter. Pictet Asset Management Ltd. now owns 37,098 shares of the basic materials company’s stock valued at $65,000 after acquiring an additional 12,366 shares during the period. Sicart Associates LLC bought a new position in McEwen Mining during the third quarter worth $91,000. Finally, A.R.T. Advisors LLC bought a new position in McEwen Mining during the second quarter worth $94,000. 26.96% of the stock is currently owned by hedge funds and other institutional investors.
Shares of NYSE:MUX opened at $1.15 on Wednesday. The company has a debt-to-equity ratio of 0.11, a quick ratio of 0.56 and a current ratio of 1.41. McEwen Mining Inc has a 52-week low of $1.10 and a 52-week high of $2.14. The business’s 50 day simple moving average is $1.49 and its two-hundred day simple moving average is $1.65. The firm has a market cap of $418.72 million, a P/E ratio of -8.85 and a beta of -0.64.
A number of equities research analysts have commented on the stock. ValuEngine cut shares of McEwen Mining from a “buy” rating to a “hold” rating in a report on Thursday, September 26th. HC Wainwright set a $2.80 price objective on shares of McEwen Mining and gave the company a “buy” rating in a report on Friday, October 18th. B. Riley cut their price objective on shares of McEwen Mining from $4.20 to $3.80 and set a “buy” rating on the stock in a research report on Thursday, October 17th. Finally, Zacks Investment Research cut shares of McEwen Mining from a “hold” rating to a “sell” rating in a research report on Wednesday, November 6th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and three have given a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average target price of $3.30.
About McEwen Mining
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.
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