McEwen (NYSE:MUX) Trading Up 13% – Should You Buy?

Shares of McEwen Inc. (NYSE:MUX) (TSE:MUX) were up 13% during mid-day trading on Thursday . The company traded as high as $25.69 and last traded at $25.7960. Approximately 221,008 shares changed hands during trading, a decline of 81% from the average daily volume of 1,176,158 shares. The stock had previously closed at $22.82.

Analysts Set New Price Targets

MUX has been the topic of several analyst reports. Weiss Ratings upgraded shares of McEwen from a “sell (d+)” rating to a “hold (c-)” rating in a report on Wednesday, March 11th. Zacks Research downgraded shares of McEwen from a “hold” rating to a “strong sell” rating in a research report on Wednesday, April 15th. HC Wainwright increased their target price on shares of McEwen from $21.50 to $29.50 and gave the stock a “buy” rating in a report on Wednesday, March 18th. Roth Mkm lifted their price objective on shares of McEwen from $30.00 to $35.00 and gave the company a “buy” rating in a research report on Wednesday, March 18th. Finally, Wall Street Zen raised shares of McEwen from a “hold” rating to a “buy” rating in a research report on Saturday. Four research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $29.83.

McEwen Stock Up 3.5%

The firm’s 50-day moving average price is $22.98 and its 200 day moving average price is $21.62. The company has a market capitalization of $1.45 billion, a price-to-earnings ratio of 20.51 and a beta of 1.19. The company has a current ratio of 1.14, a quick ratio of 1.27 and a debt-to-equity ratio of 0.19.

McEwen (NYSE:MUX) (TSE:MUX) last issued its earnings results on Thursday, March 12th. The basic materials company reported $0.66 EPS for the quarter, beating the consensus estimate of $0.25 by $0.41. The company had revenue of $64.60 million during the quarter, compared to analysts’ expectations of $72.83 million. McEwen had a net margin of 31.40% and a return on equity of 13.65%. On average, sell-side analysts forecast that McEwen Inc. will post 0.86 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the business. Dimensional Fund Advisors LP raised its holdings in McEwen by 15.7% during the first quarter. Dimensional Fund Advisors LP now owns 1,269,760 shares of the basic materials company’s stock worth $25,920,000 after buying an additional 172,687 shares during the last quarter. KBC Group NV acquired a new position in McEwen during the first quarter worth $27,000. Swiss National Bank raised its holdings in McEwen by 6.3% during the first quarter. Swiss National Bank now owns 97,900 shares of the basic materials company’s stock worth $1,999,000 after buying an additional 5,800 shares during the last quarter. Bank of New York Mellon Corp raised its holdings in shares of McEwen by 5.8% in the first quarter. Bank of New York Mellon Corp now owns 10,780 shares of the basic materials company’s stock valued at $220,000 after purchasing an additional 589 shares during the last quarter. Finally, Private Advisor Group LLC purchased a new stake in shares of McEwen in the first quarter valued at about $234,000. Institutional investors and hedge funds own 17.03% of the company’s stock.

McEwen Company Profile

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.