McEwen (NYSE:MUX) Shares Up 7.1% – Here’s Why

McEwen Inc. (NYSE:MUX) (TSE:MUX) shot up 7.1% during mid-day trading on Monday . The stock traded as high as $22.02 and last traded at $22.2880. 249,564 shares were traded during mid-day trading, a decline of 77% from the average session volume of 1,102,301 shares. The stock had previously closed at $20.81.

Analysts Set New Price Targets

Several analysts recently commented on MUX shares. Weiss Ratings reiterated a “sell (d+)” rating on shares of McEwen in a report on Monday, December 29th. Canaccord Genuity Group set a $25.00 price objective on McEwen and gave the company a “buy” rating in a research note on Wednesday, October 15th. HC Wainwright upped their target price on McEwen from $17.00 to $21.50 and gave the company a “buy” rating in a research report on Friday, October 10th. Finally, Roth Capital reissued a “buy” rating and issued a $23.00 price target (up from $21.00) on shares of McEwen in a research note on Wednesday, December 17th. One investment analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and one has given a Sell rating to the stock. According to MarketBeat, McEwen currently has a consensus rating of “Moderate Buy” and an average target price of $20.50.

McEwen Price Performance

The stock has a market capitalization of $1.19 billion, a P/E ratio of -99.15 and a beta of 1.08. The business has a fifty day simple moving average of $18.43 and a 200 day simple moving average of $15.39. The company has a current ratio of 2.10, a quick ratio of 1.58 and a debt-to-equity ratio of 0.26.

McEwen (NYSE:MUX) (TSE:MUX) last announced its earnings results on Wednesday, November 5th. The basic materials company reported ($0.01) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.31 by ($0.32). The company had revenue of $50.53 million for the quarter, compared to analysts’ expectations of $60.00 million. McEwen had a negative net margin of 7.16% and a negative return on equity of 2.45%. On average, analysts expect that McEwen Inc. will post -0.72 earnings per share for the current year.

Hedge Funds Weigh In On McEwen

Several hedge funds have recently modified their holdings of the company. JPMorgan Chase & Co. grew its holdings in shares of McEwen by 231.6% in the third quarter. JPMorgan Chase & Co. now owns 659,079 shares of the basic materials company’s stock valued at $11,270,000 after acquiring an additional 460,308 shares in the last quarter. Allworth Financial LP grew its stake in McEwen by 10,992.9% in the 3rd quarter. Allworth Financial LP now owns 15,641 shares of the basic materials company’s stock valued at $267,000 after purchasing an additional 15,500 shares during the period. Verition Fund Management LLC increased its position in shares of McEwen by 6.3% during the 3rd quarter. Verition Fund Management LLC now owns 58,252 shares of the basic materials company’s stock valued at $996,000 after purchasing an additional 3,452 shares during the last quarter. Prelude Capital Management LLC bought a new stake in shares of McEwen during the 3rd quarter worth $443,000. Finally, National Bank of Canada FI boosted its holdings in shares of McEwen by 3,328.3% in the 3rd quarter. National Bank of Canada FI now owns 3,634 shares of the basic materials company’s stock worth $62,000 after buying an additional 3,528 shares during the last quarter. Institutional investors own 17.03% of the company’s stock.

About McEwen

McEwen Mining Inc (NYSE: MUX) is a Canada-based precious metals company focused on the exploration, development and production of gold, silver and copper. Headquartered in Toronto, the company pursues a diversified portfolio of assets across the Americas, with operations and projects spanning Argentina, Mexico, Canada and the United States. McEwen Mining employs an integrated approach that combines in-house technical expertise with strategic partnerships to advance its assets from resource definition through to commercial production.

The company’s flagship producing asset is the San José mine in Argentina, a high-grade silver-gold operation.