StockNews.com Upgrades McEwen Mining (NYSE:MUX) to “Hold”

McEwen Mining (NYSE:MUX) (TSE:MUX) was upgraded by investment analysts at StockNews.com from a “sell” rating to a “hold” rating in a research report issued on Friday.

Several other brokerages have also recently commented on MUX. Roth Mkm decreased their target price on McEwen Mining from $12.75 to $12.25 and set a “buy” rating for the company in a research report on Thursday, November 7th. HC Wainwright lifted their target price on 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 Price Performance

MUX stock opened at $8.38 on Friday. McEwen Mining has a one year low of $5.92 and a one year high of $12.50. The firm has a 50-day moving average of $9.49 and a two-hundred day moving average of $9.70. The firm has a market capitalization of $443.47 million, a PE ratio of 3.83 and a beta of 1.43. The company has a current ratio of 1.17, a quick ratio of 0.74 and a debt-to-equity ratio of 0.06.

McEwen Mining (NYSE:MUX) (TSE:MUX) last issued its quarterly 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 net margin of 51.31% and a return on equity of 20.77%. The firm had revenue of $52.25 million during the quarter, compared to analysts’ expectations of $48.60 million. During the same quarter last year, the company posted ($0.39) EPS. On average, analysts forecast that McEwen Mining will post -0.68 earnings per share for the current year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of MUX. Fifth Third Bancorp acquired a new stake in McEwen Mining in the second quarter valued at approximately $32,000. Quarry LP bought a new position in shares of McEwen Mining during the 3rd quarter valued at $51,000. Banque Cantonale Vaudoise acquired a new stake in shares of McEwen Mining in the 2nd quarter valued at $78,000. Private Advisor Group LLC bought a new stake in McEwen Mining in the third quarter worth $99,000. Finally, PDT Partners LLC acquired a new position in McEwen Mining during the third quarter worth $101,000. Hedge funds and other 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.