McEwen Mining Inc. (MUX) Cut to “Sell” at Zacks Investment Research
McEwen Mining Inc. (NYSE:MUX) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued to clients and investors on Wednesday.
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. “
McEwen Mining (NYSE:MUX) opened at 3.57 on Wednesday. McEwen Mining has a 52 week low of $0.79 and a 52 week high of $4.92. The firm’s 50-day moving average is $3.61 and its 200 day moving average is $3.39. The stock has a market cap of $1.07 billion, a price-to-earnings ratio of 119.00 and a beta of 0.20.
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In other news, Director Michele L. Ashby sold 10,000 shares of McEwen Mining stock in a transaction on Tuesday, September 27th. The stock was sold at an average price of $3.45, for a total transaction of $34,500.00. Following the completion of the transaction, the director now owns 42,500 shares of the company’s stock, valued at approximately $146,625. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 26.60% of the stock is owned by company insiders.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Van ECK Associates Corp increased its position in McEwen Mining by 120.3% in the second quarter. Van ECK Associates Corp now owns 34,963,949 shares of the company’s stock valued at $134,611,000 after buying an additional 19,094,273 shares during the period. Vanguard Group Inc. increased its position in shares of McEwen Mining by 10.8% in the second quarter. Vanguard Group Inc. now owns 3,302,608 shares of the company’s stock valued at $12,714,000 after buying an additional 321,225 shares during the last quarter. JPMorgan Chase & Co. increased its position in shares of McEwen Mining by 15.1% in the first quarter. JPMorgan Chase & Co. now owns 3,245,258 shares of the company’s stock valued at $6,101,000 after buying an additional 425,111 shares during the last quarter. Global X Management Co. LLC increased its position in shares of McEwen Mining by 0.5% in the second quarter. Global X Management Co. LLC now owns 2,884,698 shares of the company’s stock valued at $11,106,000 after buying an additional 13,040 shares during the last quarter. Finally, BlackRock Fund Advisors increased its position in shares of McEwen Mining by 17.0% in the second quarter. BlackRock Fund Advisors now owns 1,283,980 shares of the company’s stock valued at $4,943,000 after buying an additional 186,981 shares during the last quarter. 26.04% of the stock is owned by institutional investors and hedge funds.
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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