Royal Bank of Canada Reduces Holdings in McEwen Inc. $MUX

Royal Bank of Canada lowered its position in shares of McEwen Inc. (NYSE:MUX) (TSE:MUX) by 6.8% during the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 535,092 shares of the basic materials company’s stock after selling 39,334 shares during the period. Royal Bank of Canada’s holdings in McEwen were worth $10,927,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in the company. Amundi acquired a new stake in shares of McEwen in the 4th quarter valued at about $14,240,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in McEwen by 38.2% during the third 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 buying an additional 541,890 shares during the period. Voloridge Investment Management LLC lifted its stake in McEwen by 228.6% in the fourth quarter. Voloridge Investment Management LLC now owns 701,344 shares of the basic materials company’s stock valued at $12,982,000 after buying an additional 487,924 shares during the last quarter. BNP Paribas Financial Markets lifted its stake in McEwen by 210.0% in the third quarter. BNP Paribas Financial Markets now owns 640,739 shares of the basic materials company’s stock valued at $10,957,000 after buying an additional 434,065 shares during the last quarter. Finally, State Street Corp boosted its holdings in shares of 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 period. 17.03% of the stock is owned by hedge funds and other institutional investors.

McEwen Stock Performance

NYSE MUX opened at $19.21 on Friday. The business’s 50 day moving average is $18.37 and its two-hundred day moving average is $21.85. McEwen Inc. has a 12-month low of $9.82 and a 12-month high of $29.70. The stock has a market capitalization of $1.18 billion, a price-to-earnings ratio of 15.25 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.

McEwen (NYSE:MUX) (TSE:MUX) last released its earnings results on Wednesday, August 5th. The basic materials company reported $0.14 EPS for the quarter, missing analysts’ consensus estimates of $0.28 by ($0.14). The business had revenue of $59.23 million during the quarter, compared to analyst estimates of $65.51 million. McEwen had a net margin of 32.46% and a return on equity of 14.34%. Research analysts expect that McEwen Inc. will post 0.99 EPS for the current year.

Insiders Place Their Bets

In related news, Director Richard W. Brissenden sold 3,275 shares of McEwen stock in a transaction on Monday, June 29th. The stock was sold at an average price of $18.13, for a total transaction of $59,375.75. Following the completion of the transaction, the director directly owned 18,022 shares of the company’s stock, valued at approximately $326,738.86. The trade was a 15.38% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. 14.80% of the stock is owned by insiders.

Analyst Ratings Changes

A number of brokerages have recently commented on MUX. Wall Street Zen cut shares of McEwen from a “hold” rating to a “sell” rating in a report on Saturday. Weiss Ratings cut shares of McEwen from a “hold (c+)” rating to a “hold (c)” rating in a research note on Tuesday, June 2nd. Zacks Research downgraded shares of McEwen from a “hold” rating to a “strong sell” rating in a research report on Wednesday. Finally, HC Wainwright restated a “buy” rating and issued a $28.00 price objective (down from $29.50) on shares of McEwen in a research note on Friday. Three investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $29.33.

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.