StockNews.com Downgrades McEwen Mining (NYSE:MUX) to Sell

McEwen Mining (NYSE:MUX) (TSE:MUX) was downgraded by StockNews.com from a “hold” rating to a “sell” rating in a research note issued to investors on Thursday.

A number of other equities analysts have also recently weighed in on MUX. Roth Mkm cut their price target on McEwen Mining from $12.75 to $12.25 and set a “buy” rating for the company in a report on Thursday, November 7th. HC Wainwright upped their price objective on shares of McEwen Mining from $15.00 to $19.00 and gave the company a “buy” rating in a research note on Thursday, November 7th.

McEwen Mining Trading Up 0.1 %

Shares of MUX stock opened at $8.42 on Thursday. The stock has a market cap of $445.59 million, a P/E ratio of 3.84 and a beta of 1.43. The company has a quick ratio of 0.74, a current ratio of 1.17 and a debt-to-equity ratio of 0.06. McEwen Mining has a fifty-two week low of $5.92 and a fifty-two week high of $12.50. The business has a fifty day simple moving average of $9.53 and a 200-day simple moving average of $9.82.

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). McEwen Mining had a return on equity of 20.77% and a net margin of 51.31%. The business had revenue of $52.25 million for the quarter, compared to analyst estimates of $48.60 million. During the same quarter in the previous year, the firm posted ($0.39) EPS. On average, analysts forecast that McEwen Mining will post -0.68 earnings per share for the current fiscal year.

Hedge Funds Weigh In On McEwen Mining

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Connor Clark & Lunn Investment Management Ltd. increased its holdings in shares of McEwen Mining by 66.5% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 393,719 shares of the basic materials company’s stock worth $3,659,000 after buying an additional 157,300 shares during the last quarter. Tidal Investments LLC purchased a new stake in McEwen Mining during the first quarter valued at about $1,348,000. Van ECK Associates Corp increased its stake in McEwen Mining by 3.3% during the second quarter. Van ECK Associates Corp now owns 2,118,520 shares of the basic materials company’s stock worth $19,448,000 after acquiring an additional 67,885 shares during the last quarter. Renaissance Technologies LLC raised its holdings in shares of McEwen Mining by 41.3% in the 2nd quarter. Renaissance Technologies LLC now owns 196,910 shares of the basic materials company’s stock worth $1,808,000 after purchasing an additional 57,600 shares during the period. Finally, GSA Capital Partners LLP acquired a new position in shares of McEwen Mining in the 3rd quarter valued at about $457,000. Institutional investors and hedge funds 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.