Canaccord Genuity Group Initiates Coverage on McEwen (NYSE:MUX)

Investment analysts at Canaccord Genuity Group started coverage on shares of McEwen (NYSE:MUX) (TSE:MUX) in a note issued to investors on Wednesday, MarketBeat Ratings reports. The firm set a “buy” rating and a $25.00 price target on the basic materials company’s stock. Canaccord Genuity Group’s price target would indicate a potential upside of 16.00% from the stock’s previous close.

A number of other equities research analysts have also issued reports on the company. HC Wainwright increased their price target on McEwen from $17.00 to $21.50 and gave the stock a “buy” rating in a research note on Friday, October 10th. National Bankshares reiterated an “outperform” rating on shares of McEwen in a research note on Wednesday, July 16th. Weiss Ratings reissued a “sell (d+)” rating on shares of McEwen in a report on Wednesday, October 8th. Finally, Roth Capital set a $23.00 price objective on shares of McEwen in a report on Thursday, October 9th. Two research analysts have rated the stock with a Strong Buy rating, four have given a Buy rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Buy” and an average price target of $20.50.

McEwen Trading Up 6.2%

Shares of MUX stock opened at $21.55 on Wednesday. McEwen has a 52-week low of $6.38 and a 52-week high of $21.90. The company has a debt-to-equity ratio of 0.26, a quick ratio of 1.82 and a current ratio of 2.35. The firm has a market capitalization of $1.17 billion, a PE ratio of -86.20 and a beta of 0.99. The stock has a fifty day simple moving average of $13.98 and a two-hundred day simple moving average of $10.67.

McEwen (NYSE:MUX) (TSE:MUX) last issued its quarterly earnings results on Wednesday, August 6th. The basic materials company reported $0.06 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.09 by ($0.03). McEwen had a negative return on equity of 2.76% and a negative net margin of 8.05%.The business had revenue of $46.70 million during the quarter, compared to analysts’ expectations of $49.05 million. On average, analysts predict that McEwen will post -0.72 EPS for the current fiscal year.

Insider Activity at McEwen

In related news, CEO Robert Ross Mcewen sold 50,000 shares of the stock in a transaction dated Friday, September 19th. The shares were sold at an average price of $14.35, for a total value of $717,500.00. Following the completion of the transaction, the chief executive officer owned 450,000 shares of the company’s stock, valued at approximately $6,457,500. This trade represents a 10.00% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Richard W. Brissenden sold 11,203 shares of the stock in a transaction dated Monday, September 22nd. The shares were sold at an average price of $14.89, for a total transaction of $166,812.67. Following the completion of the transaction, the director directly owned 9,405 shares of the company’s stock, valued at approximately $140,040.45. The trade was a 54.36% decrease in their position. The disclosure for this sale can be found here. Insiders sold 77,192 shares of company stock worth $1,110,702 over the last 90 days. Company insiders own 16.10% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the business. Everstar Asset Management LLC lifted its holdings in shares of McEwen by 4.3% in the 2nd quarter. Everstar Asset Management LLC now owns 28,988 shares of the basic materials company’s stock valued at $279,000 after acquiring an additional 1,188 shares during the last quarter. Geode Capital Management LLC lifted its holdings in shares of McEwen by 0.3% in the 2nd quarter. Geode Capital Management LLC now owns 509,426 shares of the basic materials company’s stock valued at $4,897,000 after acquiring an additional 1,585 shares during the last quarter. Private Advisor Group LLC lifted its holdings in shares of McEwen by 16.6% in the 1st quarter. Private Advisor Group LLC now owns 14,743 shares of the basic materials company’s stock valued at $111,000 after acquiring an additional 2,098 shares during the last quarter. Inceptionr LLC lifted its holdings in shares of McEwen by 21.7% in the 2nd quarter. Inceptionr LLC now owns 19,496 shares of the basic materials company’s stock valued at $187,000 after acquiring an additional 3,480 shares during the last quarter. Finally, American Century Companies Inc. lifted its holdings in shares of McEwen by 7.6% in the 2nd quarter. American Century Companies Inc. now owns 109,210 shares of the basic materials company’s stock valued at $1,050,000 after acquiring an additional 7,702 shares during the last quarter. Institutional investors own 17.03% of the company’s stock.

McEwen Company Profile

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.