Perritt Capital Management Inc. raised its stake in McEwen Mining Inc (NYSE:MUX) (TSE:MUX) by 23.6% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 617,800 shares of the basic materials company’s stock after purchasing an additional 117,800 shares during the quarter. Perritt Capital Management Inc. owned about 0.17% of McEwen Mining worth $1,081,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors also recently made changes to their positions in the company. Pictet Asset Management Ltd. boosted its holdings in McEwen Mining by 134.8% in the first quarter. Pictet Asset Management Ltd. now owns 24,732 shares of the basic materials company’s stock valued at $37,000 after acquiring an additional 14,200 shares during the last quarter. Mercer Global Advisors Inc. ADV purchased a new position in shares of McEwen Mining in the 1st quarter worth about $45,000. Sumitomo Mitsui Trust Holdings Inc. purchased a new position in shares of McEwen Mining in the 2nd quarter worth about $51,000. First Republic Investment Management Inc. lifted its stake in shares of McEwen Mining by 39.1% in the 1st quarter. First Republic Investment Management Inc. now owns 35,050 shares of the basic materials company’s stock valued at $53,000 after purchasing an additional 9,850 shares in the last quarter. Finally, Aperio Group LLC lifted its stake in shares of McEwen Mining by 25.1% in the 2nd quarter. Aperio Group LLC now owns 184,014 shares of the basic materials company’s stock valued at $322,000 after purchasing an additional 36,864 shares in the last quarter. 25.42% of the stock is owned by institutional investors.
MUX has been the subject of a number of research analyst reports. HC Wainwright increased their target price on shares of McEwen Mining from $2.50 to $3.50 and gave the stock a “buy” rating in a research report on Monday, August 19th. B. Riley started coverage on shares of McEwen Mining in a research report on Tuesday. They set a “buy” rating and a $4.20 price target on the stock. Zacks Investment Research upgraded shares of McEwen Mining from a “sell” rating to a “hold” rating in a research note on Tuesday. Finally, ValuEngine raised shares of McEwen Mining from a “hold” rating to a “buy” rating in a research report on Monday, June 17th. One research analyst has rated the stock with a hold rating and four have given a buy rating to the company. McEwen Mining currently has a consensus rating of “Buy” and an average target price of $3.85.
In related news, Director Richard W. Brissenden sold 25,000 shares of the business’s stock in a transaction that occurred on Friday, August 9th. The stock was sold at an average price of $2.01, for a total transaction of $50,250.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Company insiders own 22.70% of the company’s stock.
NYSE:MUX traded up $0.02 during mid-day trading on Wednesday, hitting $1.77. The company had a trading volume of 267,659 shares, compared to its average volume of 3,686,117. The business has a fifty day simple moving average of $1.90 and a 200-day simple moving average of $1.65. The company has a current ratio of 1.90, a quick ratio of 0.94 and a debt-to-equity ratio of 0.11. McEwen Mining Inc has a 1 year low of $1.23 and a 1 year high of $2.44. The firm has a market capitalization of $655.24 million, a price-to-earnings ratio of -13.65 and a beta of -0.47.
McEwen Mining (NYSE:MUX) (TSE:MUX) last issued its earnings results on Tuesday, July 30th. The basic materials company reported ($0.04) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.01) by ($0.03). McEwen Mining had a negative return on equity of 11.81% and a negative net margin of 55.09%. The company had revenue of $36.38 million during the quarter, compared to analysts’ expectations of $34.92 million. As a group, research analysts anticipate that McEwen Mining Inc will post -0.07 earnings per share for the current year.
McEwen Mining Company Profile
McEwen Mining Inc engages in the exploration, development, production, and sale of gold and silver. It also explores for copper deposits. The company owns 100% interests in the El Gallo and Fenix projects located in Mexico; and the Black Fox Mine and Stock Mill, Grey Fox, and Froome and Tamarack properties in Canada.
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