HC Wainwright Raises Earnings Estimates for McEwen Mining

McEwen Mining Inc (NYSE:MUX) (TSE:MUX) – Investment analysts at HC Wainwright raised their FY2024 EPS estimates for McEwen Mining in a research note issued on Thursday, November 7th. HC Wainwright analyst H. Ihle now forecasts that the basic materials company will earn ($0.60) per share for the year, up from their previous forecast of ($0.88). HC Wainwright has a “Buy” rating and a $19.00 price target on the stock. The consensus estimate for McEwen Mining’s current full-year earnings is ($0.68) per share. HC Wainwright also issued estimates for McEwen Mining’s FY2025 earnings at ($0.15) EPS.

McEwen Mining (NYSE:MUX) (TSE:MUX) last announced its quarterly earnings results on Tuesday, November 5th. The basic materials company reported ($0.04) earnings per share for the quarter, missing analysts’ consensus estimates of $0.04 by ($0.08). The company had revenue of $52.25 million during the quarter, compared to the consensus estimate of $48.60 million. McEwen Mining had a net margin of 51.31% and a return on equity of 20.77%. During the same quarter last year, the company earned ($0.39) earnings per share.

A number of other research analysts have also recently issued reports on MUX. StockNews.com upgraded shares of McEwen Mining from a “sell” rating to a “hold” rating in a research note on Wednesday, November 6th. Roth Mkm decreased their price objective on shares of McEwen Mining from $12.75 to $12.25 and set a “buy” rating on the stock in a report on Thursday, November 7th.

McEwen Mining Stock Down 6.4 %

MUX opened at $8.34 on Monday. The firm has a market cap of $441.35 million, a price-to-earnings ratio of 3.81 and a beta of 1.43. The company has a debt-to-equity ratio of 0.06, a quick ratio of 1.21 and a current ratio of 1.17. The firm’s 50-day simple moving average is $9.55 and its 200-day simple moving average is $9.90. McEwen Mining has a twelve month low of $5.92 and a twelve month high of $12.50.

Institutional Trading of McEwen Mining

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Fifth Third Bancorp bought a new position in shares of McEwen Mining in the 2nd quarter valued at about $32,000. Vanguard Group Inc. boosted its stake in McEwen Mining by 1.0% in the first quarter. Vanguard Group Inc. now owns 616,066 shares of the basic materials company’s stock valued at $6,074,000 after acquiring an additional 6,082 shares during the last quarter. Banque Cantonale Vaudoise acquired a new stake in McEwen Mining during the 2nd quarter worth $78,000. Private Advisor Group LLC bought a new stake in shares of McEwen Mining during the 3rd quarter valued at $99,000. Finally, Rathbones Group PLC acquired a new position in shares of McEwen Mining in the 2nd quarter valued at $101,000. 17.03% of the stock is currently owned by institutional investors and hedge funds.

About McEwen Mining

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.