McEwen Mining Inc (NYSE:MUX) Short Interest Update

McEwen Mining Inc (NYSE:MUX) (TSE:MUX) was the target of a large increase in short interest in February. As of February 15th, there was short interest totalling 4,890,000 shares, an increase of 418.0% from the January 31st total of 944,000 shares. Based on an average trading volume of 754,100 shares, the days-to-cover ratio is presently 6.5 days. Approximately 11.0% of the shares of the stock are short sold.

Institutional Trading of McEwen Mining

A number of institutional investors and hedge funds have recently modified their holdings of MUX. Tidal Investments LLC lifted its position in shares of McEwen Mining by 556.7% in the fourth quarter. Tidal Investments LLC now owns 1,003,830 shares of the basic materials company’s stock worth $7,810,000 after purchasing an additional 850,971 shares in the last quarter. Man Group plc acquired a new position in shares of McEwen Mining in the fourth quarter valued at about $450,000. Graham Capital Management L.P. raised its position in shares of McEwen Mining by 18.5% in the fourth quarter. Graham Capital Management L.P. now owns 89,453 shares of the basic materials company’s stock valued at $696,000 after buying an additional 13,937 shares in the last quarter. Bridgeway Capital Management LLC acquired a new position in McEwen Mining in the 4th quarter valued at $2,111,000. Finally, Bank of America Corp DE raised its stake in McEwen Mining by 74.9% in the fourth quarter. Bank of America Corp DE now owns 115,080 shares of the basic materials company’s stock valued at $895,000 after purchasing an additional 49,301 shares in the last quarter. 17.03% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several brokerages have issued reports on MUX. HC Wainwright cut their target price on shares of McEwen Mining from $19.00 to $18.00 and set a “buy” rating on the stock in a research note on Thursday, January 30th. Roth Mkm reduced their price target on shares of McEwen Mining from $12.75 to $12.25 and set a “buy” rating for the company in a research report on Thursday, November 7th. Finally, StockNews.com lowered shares of McEwen Mining from a “hold” rating to a “sell” rating in a research note on Wednesday, February 19th.

McEwen Mining Price Performance

NYSE:MUX traded down $0.31 during mid-day trading on Thursday, hitting $6.91. The company’s stock had a trading volume of 486,615 shares, compared to its average volume of 950,235. The stock has a fifty day moving average of $7.98 and a 200-day moving average of $8.76. McEwen Mining has a fifty-two week low of $5.92 and a fifty-two week high of $12.50. The company has a market capitalization of $365.45 million, a price-to-earnings ratio of 3.15 and a beta of 1.42. The company has a current ratio of 1.17, a quick ratio of 0.74 and a debt-to-equity ratio of 0.06.

About McEwen Mining

McEwen Mining Inc engages in the exploration, development, production, and sale of gold and silver. It also explores for copper deposits. The company owns 100% interests in the El Gallo and Fenix projects located in Mexico; and the Black Fox Mine and Stock Mill, Grey Fox, and Froome and Tamarack properties in Canada.