Roth Mkm Forecasts Strong Price Appreciation for McEwen (NYSE:MUX) Stock

McEwen (NYSE:MUX) (TSE:MUX) had its price objective lifted by stock analysts at Roth Mkm from $30.00 to $35.00 in a research report issued on Wednesday,Benzinga reports. The firm currently has a “buy” rating on the basic materials company’s stock. Roth Mkm’s target price points to a potential upside of 78.72% from the stock’s current price.

Other research analysts also recently issued research reports about the stock. Weiss Ratings raised shares of McEwen from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Wednesday, March 11th. HC Wainwright upped their target price on shares of McEwen from $21.50 to $29.50 and gave the company a “buy” rating in a report on Wednesday. Four investment analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $29.83.

McEwen Trading Down 6.2%

Shares of McEwen stock opened at $19.58 on Wednesday. The stock has a market cap of $1.07 billion, a P/E 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 has a 12-month low of $6.38 and a 12-month high of $29.70. The business’s 50 day moving average is $24.90 and its 200-day moving average is $20.17.

McEwen (NYSE:MUX) (TSE:MUX) last released its earnings results on Thursday, March 12th. The basic materials company reported $0.66 earnings per share for the quarter, beating the consensus estimate of $0.25 by $0.41. The business had revenue of $64.60 million during the quarter, compared to analysts’ expectations of $72.83 million. McEwen had a net margin of 17.43% and a return on equity of 6.89%. Equities research analysts predict that McEwen will post -0.72 earnings per share for the current fiscal year.

Institutional Investors Weigh In On McEwen

Several hedge funds have recently added to or reduced their stakes in the business. Catalyst Funds Management Pty Ltd bought a new position in McEwen in the 2nd quarter valued at about $338,000. North of South Capital LLP acquired a new stake in McEwen during the third quarter worth approximately $855,000. Quantbot Technologies LP boosted its holdings in shares of McEwen by 62.7% during the third quarter. Quantbot Technologies LP now owns 131,786 shares of the basic materials company’s stock worth $2,254,000 after acquiring an additional 50,778 shares during the period. JPMorgan Chase & Co. boosted its holdings in shares of McEwen by 231.6% during the third quarter. JPMorgan Chase & Co. now owns 659,079 shares of the basic materials company’s stock worth $11,270,000 after acquiring an additional 460,308 shares during the period. Finally, Entropy Technologies LP acquired a new position in shares of McEwen in the second quarter valued at approximately $161,000. Institutional investors and hedge funds own 17.03% of the company’s stock.

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.