Zacks Investment Research Downgrades McEwen Mining Inc. (MUX) to Hold
McEwen Mining Inc. (NYSE:MUX) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued to investors on Thursday.
According to Zacks, “U.S. GOLD CORP. is primarily engaged in the precious metal mining business in the continental United States, however, it may also evaluate properties outside the United States. “
Shares of McEwen Mining (NYSE:MUX) opened at 3.24 on Thursday. McEwen Mining has a 12 month low of $0.79 and a 12 month high of $4.92. The stock has a 50 day moving average price of $3.76 and a 200 day moving average price of $3.31. The stock has a market capitalization of $968.60 million, a P/E ratio of 108.00 and a beta of 0.20.
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In related news, Director Michele L. Ashby sold 10,000 shares of the firm’s stock in a transaction that occurred on Tuesday, September 27th. The stock was sold at an average price of $3.45, for a total value of $34,500.00. Following the sale, the director now directly owns 42,500 shares in the company, valued at approximately $146,625. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 26.60% of the stock is owned by corporate insiders.
Several institutional investors have recently modified their holdings of the stock. BNP Paribas Arbitrage SA boosted its position in shares of McEwen Mining by 31,639.3% in the second quarter. BNP Paribas Arbitrage SA now owns 26,661 shares of the company’s stock valued at $103,000 after buying an additional 26,577 shares during the period. Private Advisor Group LLC boosted its position in shares of McEwen Mining by 34.5% in the second quarter. Private Advisor Group LLC now owns 29,367 shares of the company’s stock valued at $129,000 after buying an additional 7,528 shares during the period. GSA Capital Partners LLP purchased a new position in shares of McEwen Mining during the second quarter valued at about $116,000. Teacher Retirement System of Texas boosted its position in shares of McEwen Mining by 16.4% in the second quarter. Teacher Retirement System of Texas now owns 31,850 shares of the company’s stock valued at $123,000 after buying an additional 4,483 shares during the period. Finally, TFS Capital LLC purchased a new position in shares of McEwen Mining during the second quarter valued at about $124,000. Institutional investors own 26.04% of the company’s stock.
About McEwen Mining
McEwen Mining Inc is a mining and minerals exploration company. The Company is focused on precious and base metals in Argentina, Mexico and the United States. Its segments include Mexico, Argentina and the United States. It classifies its mineral properties into Production Properties, Advanced-Stage Properties and Exploration Properties.
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