HC Wainwright Boosts McEwen (NYSE:MUX) Price Target to $29.50

McEwen (NYSE:MUX) (TSE:MUX) had its price objective hoisted by investment analysts at HC Wainwright from $21.50 to $29.50 in a research note issued to investors on Wednesday,Benzinga reports. The brokerage currently has a “buy” rating on the basic materials company’s stock. HC Wainwright’s price target would indicate a potential upside of 50.63% from the stock’s current price.

MUX has been the subject of a number of other reports. Weiss Ratings raised McEwen from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Wednesday, March 11th. Roth Mkm reaffirmed a “buy” rating and issued a $30.00 price objective (up from $23.00) on shares of McEwen in a research note on Friday, January 30th. Four research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat, McEwen currently has a consensus rating of “Moderate Buy” and a consensus target price of $29.83.

McEwen Stock Down 6.2%

MUX opened at $19.58 on Wednesday. The firm has a 50-day simple moving average of $24.90 and a two-hundred day simple moving average of $20.17. McEwen has a 52 week low of $6.38 and a 52 week high of $29.70. The company has a market capitalization of $1.07 billion, a PE ratio of 33.19 and a beta of 1.11. The company has a quick ratio of 1.58, a current ratio of 1.69 and a debt-to-equity ratio of 0.23.

McEwen (NYSE:MUX) (TSE:MUX) last issued its quarterly earnings data on Thursday, March 12th. The basic materials company reported $0.66 earnings per share for the quarter, beating analysts’ consensus estimates of $0.25 by $0.41. McEwen had a return on equity of 6.89% and a net margin of 17.43%.The firm had revenue of $64.60 million during the quarter, compared to analyst estimates of $72.83 million. Analysts forecast that McEwen will post -0.72 earnings per share for the current fiscal year.

Institutional Trading of McEwen

Several hedge funds have recently made changes to their positions in the business. Amundi purchased a new stake in McEwen during the fourth quarter valued at approximately $14,240,000. Synergy Asset Management LLC bought a new stake in shares of McEwen in the 4th quarter valued at approximately $13,547,000. Royal Bank of Canada boosted its holdings in shares of McEwen by 4,309.4% in the 1st quarter. Royal Bank of Canada now owns 638,871 shares of the basic materials company’s stock worth $4,823,000 after purchasing an additional 624,382 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in shares of McEwen by 38.2% in the 3rd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,959,913 shares of the basic materials company’s stock worth $33,515,000 after purchasing an additional 541,890 shares during the period. Finally, Voloridge Investment Management LLC increased its position in shares of McEwen by 228.6% during the 4th quarter. Voloridge Investment Management LLC now owns 701,344 shares of the basic materials company’s stock valued at $12,982,000 after purchasing an additional 487,924 shares during the last quarter. 17.03% of the stock is currently owned by hedge funds and other institutional investors.

About McEwen

McEwen Mining Inc (NYSE: MUX) is a Canada-based precious metals company focused on the exploration, development and production of gold, silver and copper. Headquartered in Toronto, the company pursues a diversified portfolio of assets across the Americas, with operations and projects spanning Argentina, Mexico, Canada and the United States. McEwen Mining employs an integrated approach that combines in-house technical expertise with strategic partnerships to advance its assets from resource definition through to commercial production.

The company’s flagship producing asset is the San José mine in Argentina, a high-grade silver-gold operation.