Quantbot Technologies LP Purchases New Position in McEwen Mining Inc (NYSE:MUX)

Quantbot Technologies LP acquired a new stake in McEwen Mining Inc (NYSE:MUX) (TSE:MUX) in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 24,750 shares of the basic materials company’s stock, valued at approximately $230,000.

A number of other institutional investors and hedge funds have also made changes to their positions in MUX. Vanguard Group Inc. increased its position in shares of McEwen Mining by 1.0% during the first quarter. Vanguard Group Inc. now owns 616,066 shares of the basic materials company’s stock worth $6,074,000 after purchasing an additional 6,082 shares in the last quarter. Fifth Third Bancorp purchased a new stake in shares of McEwen Mining in the 2nd quarter valued at $32,000. Banque Cantonale Vaudoise purchased a new stake in shares of McEwen Mining in the 2nd quarter valued at $78,000. Van ECK Associates Corp raised its holdings in shares of McEwen Mining by 3.3% in the 2nd quarter. Van ECK Associates Corp now owns 2,118,520 shares of the basic materials company’s stock valued at $19,448,000 after buying an additional 67,885 shares during the period. Finally, Custom Index Systems LLC purchased a new stake in shares of McEwen Mining in the 2nd quarter valued at $275,000. 17.03% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several brokerages have weighed in on MUX. Roth Mkm cut their price target on McEwen Mining from $12.75 to $12.25 and set a “buy” rating on the stock in a report on Thursday, November 7th. StockNews.com downgraded McEwen Mining from a “hold” rating to a “sell” rating in a report on Saturday, November 30th. Finally, HC Wainwright increased their price objective on McEwen Mining from $15.00 to $19.00 and gave the company a “buy” rating in a report on Thursday, November 7th.

McEwen Mining Trading Down 1.4 %

MUX opened at $8.99 on Thursday. McEwen Mining Inc has a one year low of $5.92 and a one year high of $12.50. The company has a market cap of $475.80 million, a P/E ratio of 4.16 and a beta of 1.43. The company has a debt-to-equity ratio of 0.06, a quick ratio of 0.74 and a current ratio of 1.17. The business’s 50-day simple moving average is $9.36 and its 200-day simple moving average is $9.57.

McEwen Mining (NYSE:MUX) (TSE:MUX) last announced its earnings results on Tuesday, November 5th. The basic materials company reported ($0.04) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.04 by ($0.08). The firm had revenue of $52.25 million during the quarter, compared to analyst estimates of $48.60 million. McEwen Mining had a net margin of 51.31% and a return on equity of 20.77%. During the same period last year, the company earned ($0.39) earnings per share. As a group, equities research analysts expect that McEwen Mining Inc will post -0.68 EPS for the current fiscal year.

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.