Van ECK Associates Corp Increases Stock Position in McEwen Mining Inc (NYSE:MUX)

Van ECK Associates Corp boosted its stake in McEwen Mining Inc (NYSE:MUX) (TSE:MUX) by 8.6% during the 2nd quarter, Holdings Channel reports. The firm owned 24,258,435 shares of the basic materials company’s stock after buying an additional 1,917,555 shares during the quarter. Van ECK Associates Corp owned approximately 0.05% of McEwen Mining worth $33,477,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in MUX. Sigma Planning Corp purchased a new stake in McEwen Mining in the 1st quarter worth $147,000. Swiss National Bank lifted its stake in McEwen Mining by 2.9% in the 1st quarter. Swiss National Bank now owns 794,031 shares of the basic materials company’s stock worth $826,000 after purchasing an additional 22,700 shares in the last quarter. Alps Advisors Inc. lifted its stake in McEwen Mining by 16.1% in the 1st quarter. Alps Advisors Inc. now owns 2,060,155 shares of the basic materials company’s stock worth $2,143,000 after purchasing an additional 286,294 shares in the last quarter. Cambridge Investment Research Advisors Inc. lifted its stake in McEwen Mining by 12.0% in the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 97,586 shares of the basic materials company’s stock worth $101,000 after purchasing an additional 10,447 shares in the last quarter. Finally, BlackRock Inc. lifted its stake in McEwen Mining by 15.0% in the 1st quarter. BlackRock Inc. now owns 8,341,178 shares of the basic materials company’s stock worth $8,675,000 after purchasing an additional 1,088,116 shares in the last quarter. Institutional investors and hedge funds own 29.28% of the company’s stock.

Shares of NYSE:MUX opened at $1.17 on Wednesday. The company has a market capitalization of $537.25 million, a price-to-earnings ratio of -9.75 and a beta of 1.15. McEwen Mining Inc has a 12 month low of $0.90 and a 12 month high of $1.71. The firm’s 50-day moving average is $1.15 and its 200 day moving average is $1.23. The company has a current ratio of 1.67, a quick ratio of 1.10 and a debt-to-equity ratio of 0.13.

McEwen Mining (NYSE:MUX) (TSE:MUX) last issued its quarterly earnings results on Wednesday, August 4th. The basic materials company reported ($0.01) EPS for the quarter, meeting the consensus estimate of ($0.01). McEwen Mining had a negative net margin of 43.31% and a negative return on equity of 13.56%. As a group, equities analysts forecast that McEwen Mining Inc will post -0.07 EPS for the current fiscal year.

Several brokerages have commented on MUX. Roth Capital boosted their price target on shares of McEwen Mining from $2.00 to $2.10 and gave the stock a “buy” rating in a research note on Wednesday, July 14th. TheStreet upgraded shares of McEwen Mining from a “d” rating to a “c-” rating in a report on Tuesday, May 25th. HC Wainwright restated a “buy” rating and issued a $1.75 target price on shares of McEwen Mining in a report on Wednesday, July 14th. Finally, Zacks Investment Research upgraded shares of McEwen Mining from a “hold” rating to a “buy” rating and set a $1.25 target price on the stock in a report on Friday, August 6th.

McEwen Mining Company Profile

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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Institutional Ownership by Quarter for McEwen Mining (NYSE:MUX)

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