Geode Capital Management LLC Increases Stock Position in McEwen Mining Inc (NYSE:MUX)

Geode Capital Management LLC increased its position in McEwen Mining Inc (NYSE:MUX) (TSE:MUX) by 5.8% in the 3rd quarter, HoldingsChannel.com reports. The fund owned 471,119 shares of the basic materials company’s stock after acquiring an additional 25,844 shares during the quarter. Geode Capital Management LLC’s holdings in McEwen Mining were worth $4,383,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Quarry LP bought a new stake in McEwen Mining during the third quarter worth approximately $51,000. Private Advisor Group LLC purchased a new stake in shares of McEwen Mining during the third quarter valued at $99,000. Rathbones Group PLC purchased a new stake in McEwen Mining in the second quarter valued at $101,000. PDT Partners LLC purchased a new stake in McEwen Mining during the third quarter worth $101,000. Finally, Quest Partners LLC purchased a new position in shares of McEwen Mining during the 3rd quarter valued at approximately $166,000. 17.03% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research analysts have weighed in on MUX shares. Roth Mkm decreased their target price on shares of McEwen Mining from $12.75 to $12.25 and set a “buy” rating on the stock in a research note on Thursday, November 7th. HC Wainwright raised their price objective on shares of McEwen Mining from $15.00 to $19.00 and gave the stock a “buy” rating in a report on Thursday, November 7th. Finally, StockNews.com downgraded McEwen Mining from a “hold” rating to a “sell” rating in a research note on Saturday, November 30th.

McEwen Mining Trading Down 1.0 %

Shares of McEwen Mining stock opened at $8.18 on Monday. McEwen Mining Inc has a 1 year low of $5.92 and a 1 year high of $12.50. The company has a market capitalization of $432.93 million, a P/E ratio of 3.74 and a beta of 1.42. The business has a 50 day moving average price of $8.55 and a 200 day moving average price of $9.11. The company has a debt-to-equity ratio of 0.06, a current ratio of 1.17 and a quick ratio of 0.74.

McEwen Mining (NYSE:MUX) (TSE:MUX) last released its earnings results on Tuesday, November 5th. The basic materials company reported ($0.04) EPS for the quarter, missing the consensus estimate of $0.04 by ($0.08). McEwen Mining had a return on equity of 20.77% and a net margin of 51.31%. The firm had revenue of $52.25 million during the quarter, compared to analysts’ expectations of $48.60 million. During the same period in the previous year, the firm posted ($0.39) earnings per share. Sell-side analysts anticipate 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.