HC Wainwright Reaffirms Buy Rating for McEwen Mining Inc. (MUX)
McEwen Mining Inc. (NYSE:MUX) (TSE:MUX)‘s stock had its “buy” rating reissued by research analysts at HC Wainwright in a research report issued on Friday. They currently have a $5.00 price target on the basic materials company’s stock. HC Wainwright’s price objective indicates a potential upside of 159.07% from the company’s current price.
MUX has been the topic of a number of other reports. Zacks Investment Research raised McEwen Mining from a “sell” rating to a “hold” rating in a research note on Thursday, October 12th. Cantor Fitzgerald initiated coverage on McEwen Mining in a report on Thursday, October 26th. They set a “buy” rating on the stock. Finally, BidaskClub raised McEwen Mining from a “strong sell” rating to a “sell” rating in a report on Saturday, August 12th. Two equities research analysts have rated the stock with a sell rating, one has given a hold rating and two have given a buy rating to the company. The company currently has an average rating of “Hold” and a consensus price target of $5.00.
McEwen Mining (NYSE MUX) remained flat at $$1.93 during midday trading on Friday. The company’s stock had a trading volume of 1,990,000 shares, compared to its average volume of 2,442,068. McEwen Mining has a 12 month low of $1.88 and a 12 month high of $4.43.
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Several large investors have recently made changes to their positions in MUX. Bank of New York Mellon Corp lifted its holdings in shares of McEwen Mining by 49.2% during the first quarter. Bank of New York Mellon Corp now owns 254,018 shares of the basic materials company’s stock valued at $772,000 after purchasing an additional 83,797 shares in the last quarter. Karp Capital Management Corp bought a new position in shares of McEwen Mining during the first quarter valued at $110,000. Parametric Portfolio Associates LLC lifted its holdings in shares of McEwen Mining by 1.4% during the first quarter. Parametric Portfolio Associates LLC now owns 42,368 shares of the basic materials company’s stock valued at $129,000 after purchasing an additional 589 shares in the last quarter. Vanguard Group Inc. lifted its holdings in shares of McEwen Mining by 7.2% during the first quarter. Vanguard Group Inc. now owns 3,630,276 shares of the basic materials company’s stock valued at $11,036,000 after purchasing an additional 242,942 shares in the last quarter. Finally, Geode Capital Management LLC lifted its holdings in shares of McEwen Mining by 3.9% during the first quarter. Geode Capital Management LLC now owns 1,383,780 shares of the basic materials company’s stock valued at $4,206,000 after purchasing an additional 51,689 shares in the last quarter. 27.76% of the stock is currently owned by hedge funds and other institutional investors.
About McEwen Mining
McEwen Mining Inc is a mining and minerals production and exploration company. The Company is focused on precious and base metals in Argentina, Mexico and the United States. The Company’s segments include Mexico, Minera Santa Cruz SA (MSC), Nevada and Los Azules. The Mexico Operations segment includes properties, such as El Gallo 1 mine and the El Gallo 2 project.
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