McEwen (NYSE:MUX) Lowered to Strong Sell Rating by Zacks Research

Zacks Research downgraded shares of McEwen (NYSE:MUX) (TSE:MUX) from a hold rating to a strong sell rating in a research note published on Wednesday morning,Zacks.com reports.

Other research analysts have also recently issued research reports about the stock. Weiss Ratings cut shares of McEwen from a “hold (c+)” rating to a “hold (c)” rating in a research report on Tuesday, June 2nd. Wall Street Zen lowered McEwen from a “buy” rating to a “hold” rating in a research report on Sunday, May 17th. Three equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $29.83.

McEwen Trading Down 7.1%

MUX opened at $18.30 on Wednesday. McEwen has a 1-year low of $9.82 and a 1-year high of $29.70. The stock has a market capitalization of $1.09 billion, a PE ratio of 14.53 and a beta of 1.23. The company has a current ratio of 1.14, a quick ratio of 0.81 and a debt-to-equity ratio of 0.19. The firm has a 50-day moving average price of $18.42 and a two-hundred day moving average price of $21.86.

McEwen (NYSE:MUX) (TSE:MUX) last announced its earnings results on Wednesday, August 5th. The basic materials company reported $0.14 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.28 by ($0.14). McEwen had a return on equity of 14.34% and a net margin of 32.46%.The company had revenue of $59.23 million for the quarter, compared to analyst estimates of $65.51 million. As a group, equities analysts anticipate that McEwen will post 1.01 earnings per share for the current fiscal year.

Insider Activity

In other news, Director Richard W. Brissenden sold 3,275 shares of the firm’s stock in a transaction dated Monday, June 29th. The shares were sold at an average price of $18.13, for a total value of $59,375.75. Following the transaction, the director owned 18,022 shares of the company’s stock, valued at approximately $326,738.86. This trade represents a 15.38% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 14.80% of the company’s stock.

Hedge Funds Weigh In On McEwen

Large investors have recently bought and sold shares of the business. State Street Corp boosted its stake in McEwen by 24.4% in the fourth quarter. State Street Corp now owns 2,190,605 shares of the basic materials company’s stock valued at $40,548,000 after acquiring an additional 429,761 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in McEwen by 38.2% during the 3rd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,959,913 shares of the basic materials company’s stock worth $33,515,000 after acquiring an additional 541,890 shares during the period. Dimensional Fund Advisors LP raised its position in shares of McEwen by 1.2% during the 3rd quarter. Dimensional Fund Advisors LP now owns 1,285,603 shares of the basic materials company’s stock valued at $21,982,000 after acquiring an additional 15,439 shares during the last quarter. BNP Paribas Financial Markets raised its position in shares of McEwen by 56.3% during the 4th quarter. BNP Paribas Financial Markets now owns 1,001,596 shares of the basic materials company’s stock valued at $18,540,000 after acquiring an additional 360,857 shares during the last quarter. Finally, Vanguard Group Inc. lifted its stake in shares of McEwen by 3.1% in the 3rd quarter. Vanguard Group Inc. now owns 884,347 shares of the basic materials company’s stock valued at $15,122,000 after purchasing an additional 26,846 shares during the period. 17.03% of the stock is currently owned by institutional investors and hedge funds.

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.