McEwen Mining (NYSE:MUX) Stock Price Up 5.4% – What’s Next?

McEwen Mining Inc (NYSE:MUX) (TSE:MUX)’s share price was up 5.4% on Monday . The company traded as high as $9.96 and last traded at $9.83. Approximately 511,012 shares were traded during trading, a decline of 24% from the average daily volume of 671,702 shares. The stock had previously closed at $9.33.

Wall Street Analyst Weigh In

Separately, StockNews.com cut shares of McEwen Mining from a “hold” rating to a “sell” rating in a research note on Thursday, July 11th.

McEwen Mining Stock Performance

The stock has a market cap of $494.18 million, a price-to-earnings ratio of 5.91 and a beta of 1.44. The company has a quick ratio of 1.21, a current ratio of 1.68 and a debt-to-equity ratio of 0.07. The company has a 50 day simple moving average of $9.09 and a 200 day simple moving average of $10.05.

McEwen Mining (NYSE:MUX) (TSE:MUX) last issued its quarterly earnings data on Wednesday, August 7th. The basic materials company reported ($0.26) EPS for the quarter, missing the consensus estimate of ($0.22) by ($0.04). The company had revenue of $47.48 million during the quarter, compared to the consensus estimate of $43.90 million. McEwen Mining had a net margin of 46.32% and a return on equity of 18.08%. During the same period in the previous year, the company earned ($0.46) EPS. As a group, equities research analysts forecast that McEwen Mining Inc will post -0.81 EPS for the current year.

Institutional Investors Weigh In On McEwen Mining

A number of hedge funds and other institutional investors have recently bought and sold shares of MUX. Cubist Systematic Strategies LLC boosted its position in McEwen Mining by 28.5% during the 2nd quarter. Cubist Systematic Strategies LLC now owns 96,730 shares of the basic materials company’s stock worth $888,000 after buying an additional 21,479 shares during the period. Marshall Wace LLP bought a new stake in shares of McEwen Mining in the second quarter worth $214,000. Bank of Montreal Can increased its holdings in McEwen Mining by 100.1% in the second quarter. Bank of Montreal Can now owns 82,905 shares of the basic materials company’s stock valued at $780,000 after purchasing an additional 41,480 shares during the period. Plancorp LLC bought a new position in McEwen Mining during the 2nd quarter worth $246,000. Finally, Renaissance Technologies LLC lifted its holdings in McEwen Mining by 41.3% during the 2nd quarter. Renaissance Technologies LLC now owns 196,910 shares of the basic materials company’s stock worth $1,808,000 after buying an additional 57,600 shares during the period. Institutional investors own 17.03% of the company’s stock.

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.