Insider Buying: McEwen (NYSE:MUX) Director Buys $18,360.00 in Stock

McEwen Inc. (NYSE:MUX) (TSE:MUX) Director Stephen Douglas Kaszas purchased 1,000 shares of McEwen stock in a transaction dated Friday, June 5th. The shares were acquired at an average cost of $18.36 per share, for a total transaction of $18,360.00. Following the completion of the transaction, the director owned 1,621 shares of the company’s stock, valued at approximately $29,761.56. This represents a 161.03% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website.

McEwen Stock Performance

Shares of MUX stock opened at $18.49 on Friday. The business’s fifty day simple moving average is $22.31 and its 200-day simple moving average is $22.25. The company has a market cap of $1.10 billion, a PE ratio of 15.67 and a beta of 1.17. The company has a current ratio of 1.14, a quick ratio of 0.81 and a debt-to-equity ratio of 0.19. McEwen Inc. has a 12-month low of $8.95 and a 12-month high of $29.70.

McEwen (NYSE:MUX) (TSE:MUX) last issued its quarterly earnings results on Thursday, March 12th. The basic materials company reported $0.66 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.25 by $0.41. The business had revenue of $64.60 million for the quarter, compared to the consensus estimate of $72.83 million. McEwen had a return on equity of 13.65% and a net margin of 31.40%. Analysts expect that McEwen Inc. will post 1.01 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on the stock. HC Wainwright boosted their price objective on shares of McEwen from $21.50 to $29.50 and gave the company a “buy” rating in a report on Wednesday, March 18th. Zacks Research raised shares of McEwen from a “strong sell” rating to a “hold” rating in a report on Monday, May 11th. Roth Mkm boosted their price objective on shares of McEwen from $30.00 to $35.00 and gave the company a “buy” rating in a report on Wednesday, March 18th. Wall Street Zen lowered shares of McEwen from a “buy” rating to a “hold” rating in a report on Sunday, May 17th. Finally, Weiss Ratings lowered shares of McEwen from a “hold (c+)” rating to a “hold (c)” rating in a report on Tuesday, June 2nd. Four equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $29.83.

Institutional Investors Weigh In On McEwen

Several hedge funds have recently added to or reduced their stakes in MUX. KBC Group NV acquired a new position in shares of McEwen in the first quarter worth about $27,000. Leonteq Securities AG acquired a new position in shares of McEwen in the first quarter worth about $31,000. Parkside Financial Bank & Trust acquired a new position in shares of McEwen in the fourth quarter worth about $37,000. Banque Cantonale Vaudoise acquired a new position in shares of McEwen in the fourth quarter worth about $40,000. Finally, National Bank of Canada FI raised its position in shares of McEwen by 3,328.3% in the third 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. 17.03% of the stock is 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.