Paloma Partners Management Co Purchases Shares of 11,826 McEwen Mining Inc (NYSE:MUX)

Paloma Partners Management Co acquired a new stake in shares of McEwen Mining Inc (NYSE:MUX) (TSE:MUX) in the first quarter, Holdings Channel reports. The firm acquired 11,826 shares of the basic materials company’s stock, valued at approximately $117,000.

Several other large investors also recently modified their holdings of the company. Vanguard Group Inc. increased its holdings in McEwen Mining by 1.0% during the 1st quarter. Vanguard Group Inc. now owns 616,066 shares of the basic materials company’s stock worth $6,074,000 after purchasing an additional 6,082 shares during the period. Fifth Third Bancorp purchased a new position in McEwen Mining during the 4th quarter worth $98,000. Stonehage Fleming Financial Services Holdings Ltd purchased a new position in McEwen Mining during the 4th quarter worth $107,000. Van ECK Associates Corp increased its holdings in McEwen Mining by 1.0% during the 1st quarter. Van ECK Associates Corp now owns 2,050,635 shares of the basic materials company’s stock worth $20,219,000 after purchasing an additional 20,587 shares during the period. Finally, Mirae Asset Global Investments Co. Ltd. increased its holdings in McEwen Mining by 2.1% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,063,345 shares of the basic materials company’s stock worth $7,667,000 after purchasing an additional 22,231 shares during the period. Institutional investors own 17.03% of the company’s stock.

Insider Activity

In related news, CFO Perry Ing sold 23,332 shares of the business’s stock in a transaction on Tuesday, June 18th. The stock was sold at an average price of $9.76, for a total transaction of $227,720.32. Following the transaction, the chief financial officer now directly owns 15,551 shares in the company, valued at approximately $151,777.76. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. In related news, General Counsel Carmen L. Diges sold 17,066 shares of the business’s stock in a transaction on Friday, June 21st. The stock was sold at an average price of $9.44, for a total transaction of $161,103.04. Following the transaction, the general counsel now directly owns 10,982 shares in the company, valued at approximately $103,670.08. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CFO Perry Ing sold 23,332 shares of the business’s stock in a transaction on Tuesday, June 18th. The stock was sold at an average price of $9.76, for a total value of $227,720.32. Following the transaction, the chief financial officer now owns 15,551 shares in the company, valued at $151,777.76. The disclosure for this sale can be found here. In the last three months, insiders have sold 42,901 shares of company stock worth $413,353. 17.11% of the stock is currently owned by company insiders.

McEwen Mining Stock Down 1.7 %

Shares of NYSE:MUX traded down $0.15 on Tuesday, reaching $8.90. The company had a trading volume of 88,987 shares, compared to its average volume of 700,283. McEwen Mining Inc has a 52-week low of $5.92 and a 52-week high of $12.50. The firm’s 50 day simple moving average is $10.21 and its 200-day simple moving average is $9.33. The firm has a market capitalization of $453.63 million, a PE ratio of 5.52 and a beta of 1.40. The company has a current ratio of 1.37, a quick ratio of 0.85 and a debt-to-equity ratio of 0.08.

McEwen Mining (NYSE:MUX) (TSE:MUX) last announced its quarterly earnings results on Wednesday, May 8th. The basic materials company reported ($0.41) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.03) by ($0.38). McEwen Mining had a net margin of 44.83% and a return on equity of 16.46%. The company had revenue of $41.23 million during the quarter, compared to analysts’ expectations of $39.80 million. As a group, analysts expect that McEwen Mining Inc will post -0.7 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several research analysts have commented on MUX shares. StockNews.com downgraded McEwen Mining from a “hold” rating to a “sell” rating in a report on Thursday, July 11th. HC Wainwright raised their price objective on McEwen Mining from $13.00 to $15.00 and gave the stock a “buy” rating in a report on Monday, May 13th. Finally, Roth Mkm reiterated a “buy” rating and issued a $12.00 price target (up from $11.00) on shares of McEwen Mining in a report on Friday, May 10th.

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.