McEwen (NYSE:MUX) Posts Earnings Results

McEwen (NYSE:MUX) (TSE:MUX) announced its quarterly earnings results on Wednesday. The basic materials company reported $0.14 earnings per share for the quarter, missing analysts’ consensus estimates of $0.25 by ($0.11), FiscalAI reports. The company had revenue of $59.23 million for the quarter, compared to analyst estimates of $65.51 million. McEwen had a net margin of 31.40% and a return on equity of 13.65%.

McEwen Stock Up 5.7%

Shares of NYSE MUX traded up $1.06 during midday trading on Wednesday, hitting $19.73. The company’s stock had a trading volume of 993,835 shares, compared to its average volume of 785,518. The business’s fifty day simple moving average is $18.49 and its two-hundred day simple moving average is $21.90. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.14 and a quick ratio of 0.81. McEwen has a 1 year low of $9.82 and a 1 year high of $29.70. The firm has a market capitalization of $1.18 billion, a price-to-earnings ratio of 16.72 and a beta of 1.23.

Analyst Upgrades and Downgrades

MUX has been the subject of a number of research analyst reports. Wall Street Zen cut shares of McEwen from a “buy” rating to a “hold” rating in a research report on Sunday, May 17th. Weiss Ratings lowered McEwen from a “hold (c+)” rating to a “hold (c)” rating in a research report on Tuesday, June 2nd. Finally, Zacks Research upgraded McEwen from a “strong sell” rating to a “hold” rating in a research note on Monday, May 11th. Three analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, McEwen has a consensus rating of “Moderate Buy” and an average price target of $29.83.

Insiders Place Their Bets

In other McEwen news, Director Richard W. Brissenden sold 3,275 shares of the firm’s stock in a transaction that occurred on Monday, June 29th. The shares were sold at an average price of $18.13, for a total value of $59,375.75. Following the completion of the transaction, the director owned 18,022 shares of the company’s stock, valued at $326,738.86. This trade represents a 15.38% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. 14.80% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of MUX. Amundi purchased a new stake in McEwen during the 4th quarter worth about $14,240,000. Royal Bank of Canada boosted its stake in shares of McEwen by 4,309.4% in the 1st quarter. Royal Bank of Canada now owns 638,871 shares of the basic materials company’s stock valued at $4,823,000 after buying an additional 624,382 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in shares of 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 worth $33,515,000 after buying an additional 541,890 shares in the last quarter. Voloridge Investment Management LLC grew its position in shares of McEwen by 228.6% during the fourth quarter. Voloridge Investment Management LLC now owns 701,344 shares of the basic materials company’s stock worth $12,982,000 after buying an additional 487,924 shares in the last quarter. Finally, BNP Paribas Financial Markets lifted its stake in McEwen by 210.0% in the third quarter. BNP Paribas Financial Markets now owns 640,739 shares of the basic materials company’s stock worth $10,957,000 after acquiring an additional 434,065 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.