McEwen Mining Inc (NYSE:MUX) Sees Significant Increase in Short Interest

McEwen Mining Inc (NYSE:MUX) (TSE:MUX) was the recipient of a significant increase in short interest in the month of February. As of February 15th, there was short interest totalling 4,890,000 shares, an increase of 418.0% from the January 31st total of 944,000 shares. Based on an average daily volume of 754,100 shares, the days-to-cover ratio is currently 6.5 days. Currently, 11.0% of the shares of the stock are sold short.

Analyst Ratings Changes

Several equities research analysts recently issued reports on MUX shares. Roth Mkm dropped their price objective on McEwen Mining from $12.75 to $12.25 and set a “buy” rating for the company in a research note on Thursday, November 7th. HC Wainwright dropped their price target on McEwen Mining from $19.00 to $18.00 and set a “buy” rating for the company in a research report on Thursday, January 30th. Finally, StockNews.com cut shares of McEwen Mining from a “hold” rating to a “sell” rating in a research report on Wednesday, February 19th.

Institutional Investors Weigh In On McEwen Mining

Several hedge funds have recently added to or reduced their stakes in MUX. Tidal Investments LLC increased its position in shares of McEwen Mining by 556.7% during the 4th quarter. Tidal Investments LLC now owns 1,003,830 shares of the basic materials company’s stock valued at $7,810,000 after purchasing an additional 850,971 shares during the last quarter. Dimensional Fund Advisors LP boosted its stake in McEwen Mining by 369.3% in the fourth quarter. Dimensional Fund Advisors LP now owns 556,718 shares of the basic materials company’s stock worth $4,331,000 after buying an additional 438,088 shares in the last quarter. U S Global Investors Inc. bought a new position in McEwen Mining during the fourth quarter valued at approximately $2,557,000. Bridgeway Capital Management LLC purchased a new position in shares of McEwen Mining during the fourth quarter worth approximately $2,111,000. Finally, Connor Clark & Lunn Investment Management Ltd. lifted its holdings in shares of McEwen Mining by 66.5% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 393,719 shares of the basic materials company’s stock worth $3,659,000 after acquiring an additional 157,300 shares during the last quarter. Institutional investors own 17.03% of the company’s stock.

McEwen Mining Price Performance

Shares of NYSE MUX traded down $0.06 during mid-day trading on Friday, reaching $6.82. 453,327 shares of the company were exchanged, compared to its average volume of 937,184. McEwen Mining has a 52 week low of $6.01 and a 52 week high of $12.50. The company’s 50 day moving average price is $7.96 and its 200 day moving average price is $8.74. The stock has a market capitalization of $361.16 million, a PE ratio of 3.11 and a beta of 1.42. The company has a quick ratio of 0.74, a current ratio of 1.17 and a debt-to-equity ratio of 0.06.

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.