McEwen (NYSE:MUX) Shares Up 9.4% – Here’s What Happened

McEwen Inc. (NYSE:MUX) (TSE:MUX)’s share price shot up 9.4% during mid-day trading on Monday . The stock traded as high as $21.08 and last traded at $20.4370. 539,977 shares changed hands during mid-day trading, a decline of 38% from the average session volume of 868,503 shares. The stock had previously closed at $18.68.

Analyst Ratings Changes

Several equities analysts have issued reports on MUX shares. Weiss Ratings restated a “sell (d+)” rating on shares of McEwen in a research report on Monday, December 29th. HC Wainwright increased their price objective on McEwen from $17.00 to $21.50 and gave the company a “buy” rating in a report on Friday, October 10th. Roth Capital reaffirmed a “buy” rating and set a $23.00 target price (up from $21.00) on shares of McEwen in a research report on Wednesday, December 17th. Finally, Canaccord Genuity Group set a $25.00 price target on McEwen and gave the company a “buy” rating in a research note on Wednesday, October 15th. One investment analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $20.50.

McEwen Price Performance

The company has a debt-to-equity ratio of 0.26, a current ratio of 2.10 and a quick ratio of 1.58. The stock has a market capitalization of $1.09 billion, a price-to-earnings ratio of -91.31 and a beta of 1.08. The business’s fifty day moving average price is $18.29 and its 200-day moving average price is $15.00.

McEwen (NYSE:MUX) (TSE:MUX) last released its quarterly earnings results on Wednesday, November 5th. The basic materials company reported ($0.01) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.31 by ($0.32). McEwen had a negative net margin of 7.16% and a negative return on equity of 2.45%. The company had revenue of $50.53 million for the quarter, compared to analyst estimates of $60.00 million. On average, research analysts forecast that McEwen Inc. will post -0.72 EPS for the current year.

Institutional Investors Weigh In On McEwen

A number of institutional investors have recently added to or reduced their stakes in the company. 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. Bridgeway Capital Management LLC lifted its holdings in McEwen by 39.4% in the 1st quarter. Bridgeway Capital Management LLC now owns 378,100 shares of the basic materials company’s stock worth $2,855,000 after buying an additional 106,800 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in McEwen by 10.2% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,184,757 shares of the basic materials company’s stock valued at $8,945,000 after acquiring an additional 109,770 shares in the last quarter. Goldman Sachs Group Inc. increased its position in McEwen by 44.2% during the 1st quarter. Goldman Sachs Group Inc. now owns 63,768 shares of the basic materials company’s stock valued at $481,000 after purchasing an additional 19,548 shares during the period. Finally, Everstar Asset Management LLC purchased a new stake in shares of McEwen in the 1st quarter worth about $128,000. 17.03% of the stock is owned by 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.