McEwen (NYSE:MUX) Shares Down 13.1% – Time to Sell?

McEwen Inc. (NYSE:MUX) (TSE:MUX) dropped 13.1% on Tuesday . The stock traded as low as $24.71 and last traded at $24.7020. Approximately 235,134 shares were traded during trading, a decline of 82% from the average daily volume of 1,328,943 shares. The stock had previously closed at $28.41.

Analysts Set New Price Targets

MUX has been the subject of several research analyst reports. Roth Mkm reiterated a “buy” rating and set a $30.00 target price (up from $23.00) on shares of McEwen in a research report on Friday, January 30th. Weiss Ratings restated a “sell (d+)” rating on shares of McEwen in a research report on Monday, December 29th. Four equities research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $25.50.

McEwen Stock Up 1.0%

The business’s 50 day simple moving average is $24.05 and its 200 day simple moving average is $19.27. 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 capitalization of $1.41 billion, a PE ratio of -117.36 and a beta of 1.11.

Institutional Investors Weigh In On McEwen

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in MUX. State Street Corp boosted its holdings in shares of McEwen by 24.4% in the 4th quarter. State Street Corp now owns 2,190,605 shares of the basic materials company’s stock worth $40,548,000 after purchasing an additional 429,761 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in McEwen by 38.2% in the third quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,959,913 shares of the basic materials company’s stock worth $33,515,000 after buying an additional 541,890 shares during the last quarter. Dimensional Fund Advisors LP lifted its position in McEwen by 1.2% in the third quarter. Dimensional Fund Advisors LP now owns 1,285,603 shares of the basic materials company’s stock worth $21,982,000 after buying an additional 15,439 shares during the last quarter. BNP Paribas Financial Markets boosted its stake in McEwen by 56.3% during the fourth quarter. BNP Paribas Financial Markets now owns 1,001,596 shares of the basic materials company’s stock worth $18,540,000 after buying an additional 360,857 shares during the period. Finally, Vanguard Group Inc. increased its position in McEwen by 3.1% during the third quarter. Vanguard Group Inc. now owns 884,347 shares of the basic materials company’s stock valued at $15,122,000 after acquiring an additional 26,846 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.