McEwen (NYSE:MUX) Given New $35.00 Price Target at Roth Mkm

McEwen (NYSE:MUX) (TSE:MUX) had its price target upped by analysts at Roth Mkm from $30.00 to $35.00 in a report issued on Wednesday,Benzinga reports. The firm presently has a “buy” rating on the basic materials company’s stock. Roth Mkm’s price objective would indicate a potential upside of 65.44% from the stock’s previous close.

MUX has been the topic of a number of other research reports. HC Wainwright upped their price target on McEwen from $21.50 to $29.50 and gave the company a “buy” rating in a research report on Wednesday. Weiss Ratings upgraded McEwen from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Wednesday, March 11th. Four equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $29.83.

McEwen Stock Performance

Shares of NYSE:MUX traded down $1.35 during mid-day trading on Wednesday, reaching $21.16. The company had a trading volume of 914,375 shares, compared to its average volume of 1,281,986. The company has a current ratio of 2.10, a quick ratio of 1.58 and a debt-to-equity ratio of 0.26. The firm has a market cap of $1.15 billion, a price-to-earnings ratio of 35.85 and a beta of 1.11. The company’s 50-day moving average price is $24.90 and its 200-day moving average price is $20.17. McEwen has a one year low of $6.38 and a one year high of $29.70.

McEwen (NYSE:MUX) (TSE:MUX) last posted its quarterly earnings data on Thursday, March 12th. The basic materials company reported $0.66 EPS for the quarter, beating the consensus estimate of $0.25 by $0.41. McEwen had a return on equity of 7.11% and a net margin of 17.43%.The business had revenue of $64.60 million for the quarter, compared to the consensus estimate of $72.83 million. As a group, equities research analysts anticipate that McEwen will post -0.72 EPS for the current fiscal year.

Hedge Funds Weigh In On McEwen

Several hedge funds have recently made changes to their positions in the stock. Amundi bought a new stake in shares of McEwen during the 4th quarter valued at about $14,240,000. Synergy Asset Management LLC bought a new position in shares of McEwen in the fourth quarter worth approximately $13,547,000. Royal Bank of Canada raised its stake in McEwen by 4,309.4% in the first quarter. Royal Bank of Canada now owns 638,871 shares of the basic materials company’s stock valued at $4,823,000 after purchasing an additional 624,382 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in McEwen by 38.2% during 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 purchasing an additional 541,890 shares during the last quarter. Finally, Voloridge Investment Management LLC lifted its position in McEwen by 228.6% during the fourth quarter. Voloridge Investment Management LLC now owns 701,344 shares of the basic materials company’s stock valued at $12,982,000 after purchasing an additional 487,924 shares during the last quarter. 17.03% of the stock is currently owned by hedge funds and other institutional investors.

About McEwen

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.