McEwen (NYSE:MUX) Cut to “Sell” at Wall Street Zen

Wall Street Zen cut shares of McEwen (NYSE:MUX) (TSE:MUX) from a hold rating to a sell rating in a research report sent to investors on Saturday.

A number of other equities analysts have also weighed in on MUX. Zacks Research lowered shares of McEwen from a “hold” rating to a “strong sell” rating in a research report on Wednesday, August 5th. HC Wainwright reiterated a “buy” rating and issued a $28.00 price target (down from $29.50) on shares of McEwen in a report on Friday. Finally, Weiss Ratings downgraded shares of McEwen from a “hold (c+)” rating to a “hold (c)” rating in a report on Tuesday, June 2nd. Three analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the company currently has an average rating of “Hold” and an average price target of $28.00.

McEwen Price Performance

NYSE MUX opened at $19.19 on Friday. McEwen has a 12 month low of $9.82 and a 12 month high of $29.70. The company has a current ratio of 2.04, a quick ratio of 1.61 and a debt-to-equity ratio of 0.17. The stock has a market cap of $1.18 billion, a PE ratio of 15.23 and a beta of 1.23. The stock’s 50 day moving average is $18.32 and its 200 day moving average is $21.80.

McEwen (NYSE:MUX) (TSE:MUX) last announced its quarterly earnings data 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). The company had revenue of $59.23 million for the quarter, compared to analysts’ expectations of $65.51 million. McEwen had a net margin of 32.46% and a return on equity of 13.48%. Research analysts predict that McEwen will post 0.99 EPS for the current fiscal year.

Insider Transactions at McEwen

In other McEwen news, Director Richard W. Brissenden sold 3,275 shares of McEwen stock in a transaction that occurred on Monday, June 29th. The stock was sold at an average price of $18.13, for a total value of $59,375.75. Following the sale, the director owned 18,022 shares of the company’s stock, valued at $326,738.86. The trade was a 15.38% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. 14.80% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the business. Royal Bank of Canada raised its stake in McEwen by 4,309.4% during the first quarter. Royal Bank of Canada now owns 638,871 shares of the basic materials company’s stock valued at $4,823,000 after purchasing an additional 624,382 shares in the last quarter. Goldman Sachs Group Inc. lifted its position in McEwen by 44.2% during the first quarter. Goldman Sachs Group Inc. now owns 63,768 shares of the basic materials company’s stock valued at $481,000 after purchasing an additional 19,548 shares during the last quarter. Empowered Funds LLC grew its stake in shares of McEwen by 105.4% in the 1st quarter. Empowered Funds LLC now owns 208,100 shares of the basic materials company’s stock worth $1,571,000 after buying an additional 106,800 shares in the last quarter. Geode Capital Management LLC grew its stake 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 worth $4,897,000 after buying an additional 1,585 shares in the last quarter. Finally, JPMorgan Chase & Co. increased its holdings in shares of McEwen by 92.5% in the 2nd quarter. JPMorgan Chase & Co. now owns 198,771 shares of the basic materials company’s stock worth $1,910,000 after buying an additional 95,488 shares during the last quarter. 17.03% of the stock is owned by hedge funds and other institutional investors.

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.