McEwen (NYSE:MUX) Upgraded at Wall Street Zen

Wall Street Zen upgraded shares of McEwen (NYSE:MUX) (TSE:MUX) from a sell rating to a hold rating in a research report sent to investors on Saturday morning,Wall Street Zen reports.

Other equities analysts also recently issued research reports about the company. Weiss Ratings restated a “hold (c)” rating on shares of McEwen in a report on Friday, August 28th. Zacks Research downgraded shares of McEwen from a “hold” rating to a “strong sell” rating in a research report on Wednesday, August 5th. Roth Capital set a $31.00 price target on shares of McEwen and gave the stock a “buy” rating in a research note on Monday, August 10th. Finally, HC Wainwright reaffirmed a “buy” rating and issued a $28.00 price objective (down from $29.50) on shares of McEwen in a research note on Friday, August 7th. Three investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the company has an average rating of “Hold” and an average target price of $28.00.

McEwen Price Performance

Shares of NYSE:MUX opened at $18.61 on Friday. The company has a current ratio of 2.04, a quick ratio of 1.61 and a debt-to-equity ratio of 0.17. McEwen has a 1 year low of $13.05 and a 1 year high of $29.70. The business has a fifty day simple moving average of $18.84 and a 200 day simple moving average of $20.76. The firm has a market cap of $1.14 billion, a price-to-earnings ratio of 14.77 and a beta of 1.26.

McEwen (NYSE:MUX) (TSE:MUX) last issued its earnings results on Wednesday, August 5th. The basic materials company reported $0.14 EPS for the quarter, missing analysts’ consensus estimates of $0.28 by ($0.14). McEwen had a net margin of 32.46% and a return on equity of 13.48%. The firm had revenue of $59.23 million during the quarter, compared to analysts’ expectations of $65.51 million. As a group, sell-side analysts predict that McEwen will post 0.83 earnings per share for the current fiscal year.

Insider Buying and Selling

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

Institutional Trading of McEwen

Large investors have recently modified their holdings of the company. California State Teachers Retirement System raised its holdings in McEwen by 1,734.4% in the 2nd quarter. California State Teachers Retirement System now owns 1,116,391 shares of the basic materials company’s stock worth $20,240,000 after acquiring an additional 1,055,534 shares during the period. Bank of America Corp DE boosted its holdings in McEwen by 1,347.7% during the first quarter. Bank of America Corp DE now owns 534,824 shares of the basic materials company’s stock valued at $10,921,000 after acquiring an additional 497,882 shares during the period. BNP Paribas Financial Markets grew its position in shares of McEwen by 56.3% in the fourth quarter. BNP Paribas Financial Markets now owns 1,001,596 shares of the basic materials company’s stock valued at $18,540,000 after purchasing an additional 360,857 shares during the last quarter. Mawer Investment Management Ltd. acquired a new stake in shares of McEwen in the fourth quarter valued at about $4,627,000. Finally, Synergy Asset Management LLC increased its stake in shares of McEwen by 31.6% in the second quarter. Synergy Asset Management LLC now owns 803,122 shares of the basic materials company’s stock worth $14,561,000 after purchasing an additional 193,005 shares during the period. 17.03% of the stock is owned by institutional investors.

McEwen Company Profile

McEwen Inc is a mining company focused on the exploration, development, and production of gold, silver, and copper. The company’s portfolio includes operating mines, advanced development projects, and exploration properties in the United States, Canada, and Argentina.

Its principal gold assets include the Fox Complex in Ontario, Canada, and the Gold Bar mine in Nevada. McEwen also has an interest in the San José mine in Argentina, which has historically produced gold and silver, and is advancing the Los Azules copper project in San Juan Province, Argentina, through its McEwen Copper subsidiary.

McEwen was founded by mining entrepreneur Rob McEwen, who serves as chairman.