McEwen (NYSE:MUX) Shares Down 10.3% – Here’s Why

Shares of McEwen Inc. (NYSE:MUX) (TSE:MUX) fell 10.3% during mid-day trading on Friday . The company traded as low as $19.08 and last traded at $18.9850. 384,751 shares traded hands during trading, a decline of 67% from the average session volume of 1,156,476 shares. The stock had previously closed at $21.16.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on MUX. Roth Mkm upped their price target on McEwen from $30.00 to $35.00 and gave the stock a “buy” rating in a research report on Wednesday, March 18th. Weiss Ratings downgraded McEwen from a “hold (c+)” rating to a “hold (c)” rating in a research report on Tuesday. Zacks Research raised McEwen from a “strong sell” rating to a “hold” rating in a research report on Monday, May 11th. Wall Street Zen downgraded McEwen from a “buy” rating to a “hold” rating in a research report on Sunday, May 17th. Finally, HC Wainwright upped their price target on McEwen from $21.50 to $29.50 and gave the stock a “buy” rating in a research report on Wednesday, March 18th. Four equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $29.83.

McEwen Stock Performance

The company has a current ratio of 1.14, a quick ratio of 0.81 and a debt-to-equity ratio of 0.19. The firm has a 50-day moving average of $22.41 and a 200-day moving average of $22.18. The stock has a market capitalization of $1.09 billion, a price-to-earnings ratio of 15.48 and a beta of 1.17.

McEwen (NYSE:MUX) (TSE:MUX) last released its earnings results on Thursday, March 12th. The basic materials company reported $0.66 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.25 by $0.41. McEwen had a return on equity of 13.65% and a net margin of 31.40%.The firm had revenue of $64.60 million for the quarter, compared to the consensus estimate of $72.83 million. As a group, sell-side analysts predict that McEwen Inc. will post 1.06 earnings per share for the current year.

Hedge Funds Weigh In On McEwen

Several hedge funds have recently made changes to their positions in MUX. Royal Bank of Canada increased its position 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 valued at $4,823,000 after acquiring an additional 624,382 shares during the period. Goldman Sachs Group Inc. increased its position in shares of McEwen by 44.2% in the 1st quarter. Goldman Sachs Group Inc. now owns 63,768 shares of the basic materials company’s stock valued at $481,000 after acquiring an additional 19,548 shares during the period. Empowered Funds LLC increased its position in shares of McEwen by 105.4% in the 1st quarter. Empowered Funds LLC now owns 208,100 shares of the basic materials company’s stock valued at $1,571,000 after acquiring an additional 106,800 shares during the period. Geode Capital Management LLC increased its position in shares of McEwen by 0.3% in the 2nd quarter. Geode Capital Management LLC now owns 509,426 shares of the basic materials company’s stock valued at $4,897,000 after acquiring an additional 1,585 shares during the period. Finally, JPMorgan Chase & Co. increased its position in shares of McEwen by 92.5% in the 2nd quarter. JPMorgan Chase & Co. now owns 198,771 shares of the basic materials company’s stock valued at $1,910,000 after acquiring an additional 95,488 shares during the period. 17.03% of the stock is owned by institutional investors and hedge funds.

McEwen Company Profile

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.