McEwen Mining (MUX) Cut to Sell at Zacks Investment Research

McEwen Mining (NYSE:MUX) (TSE:MUX) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued on Friday.

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. “

MUX has been the topic of a number of other reports. Roth Capital set a $3.00 price target on shares of McEwen Mining and gave the company a “buy” rating in a research report on Tuesday. HC Wainwright reaffirmed a “buy” rating and set a $5.00 price target on shares of McEwen Mining in a research report on Tuesday. Finally, Cantor Fitzgerald assumed coverage on shares of McEwen Mining in a research report on Thursday, October 26th. They set a “buy” rating on the stock. Three analysts have rated the stock with a sell rating and three have assigned a buy rating to the stock. The stock has a consensus rating of “Hold” and a consensus price target of $4.00.

McEwen Mining (NYSE MUX) traded up $0.01 on Friday, hitting $2.24. 2,751,575 shares of the company traded hands, compared to its average volume of 3,310,000. The firm has a market capitalization of $745.87, a PE ratio of -37.33 and a beta of -1.43. McEwen Mining has a twelve month low of $1.82 and a twelve month high of $4.43.

McEwen Mining (NYSE:MUX) (TSE:MUX) last announced its quarterly earnings results on Thursday, November 2nd. The basic materials company reported ($0.03) earnings per share for the quarter. McEwen Mining had a negative net margin of 31.71% and a negative return on equity of 4.25%. sell-side analysts anticipate that McEwen Mining will post -0.03 earnings per share for the current year.

In other McEwen Mining news, insider Xavier Ochoa purchased 12,600 shares of McEwen Mining stock in a transaction on Tuesday, December 26th. The shares were purchased at an average cost of $2.36 per share, with a total value of $29,736.00. Following the completion of the transaction, the insider now directly owns 12,600 shares in the company, valued at approximately $29,736. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Over the last ninety days, insiders have acquired 21,200 shares of company stock worth $47,550. 26.10% of the stock is currently owned by corporate insiders.

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Schwab Charles Investment Management Inc. lifted its position in shares of McEwen Mining by 16.3% during the fourth quarter. Schwab Charles Investment Management Inc. now owns 602,941 shares of the basic materials company’s stock worth $1,375,000 after purchasing an additional 84,516 shares in the last quarter. Jane Street Group LLC lifted its position in shares of McEwen Mining by 270.2% during the third quarter. Jane Street Group LLC now owns 344,839 shares of the basic materials company’s stock worth $672,000 after purchasing an additional 251,685 shares in the last quarter. Commerzbank Aktiengesellschaft FI lifted its position in shares of McEwen Mining by 143.3% during the third quarter. Commerzbank Aktiengesellschaft FI now owns 744,236 shares of the basic materials company’s stock worth $1,451,000 after purchasing an additional 438,312 shares in the last quarter. JPMorgan Chase & Co. lifted its position in shares of McEwen Mining by 44.5% during the third quarter. JPMorgan Chase & Co. now owns 2,492,208 shares of the basic materials company’s stock worth $5,009,000 after purchasing an additional 766,944 shares in the last quarter. Finally, Staley Capital Advisers Inc. lifted its position in shares of McEwen Mining by 25.1% during the third quarter. Staley Capital Advisers Inc. now owns 5,600,440 shares of the basic materials company’s stock worth $10,921,000 after purchasing an additional 1,125,000 shares in the last quarter. 27.72% of the stock is currently owned by institutional investors and hedge funds.

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McEwen Mining Company Profile

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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