McEwen (NYSE:MUX) Reaches New 1-Year High – Here’s Why

McEwen Inc. (NYSE:MUX) (TSE:MUX)’s stock price hit a new 52-week high during trading on Wednesday . The company traded as high as $20.74 and last traded at $20.28, with a volume of 1382332 shares changing hands. The stock had previously closed at $20.32.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on the company. HC Wainwright upped their price target on McEwen from $17.00 to $21.50 and gave the stock a “buy” rating in a report on Friday, October 10th. Weiss Ratings reiterated a “sell (d+)” rating on shares of McEwen in a research report on Wednesday, October 8th. Roth Capital set a $23.00 price target on McEwen in a research report on Thursday, October 9th. Finally, National Bankshares reaffirmed an “outperform” rating on shares of McEwen in a research note on Wednesday, July 16th. One research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $19.00.

McEwen Stock Performance

The company has a market cap of $1.10 billion, a PE ratio of -81.12 and a beta of 0.99. The stock’s 50 day simple moving average is $13.77 and its two-hundred day simple moving average is $10.59. The company has a quick ratio of 1.82, a current ratio of 2.35 and a debt-to-equity ratio of 0.26.

McEwen (NYSE:MUX) (TSE:MUX) last released its quarterly earnings data on Wednesday, August 6th. The basic materials company reported $0.06 earnings per share for the quarter, missing the consensus estimate of $0.09 by ($0.03). The firm had revenue of $46.70 million during the quarter, compared to analyst estimates of $49.05 million. McEwen had a negative net margin of 8.05% and a negative return on equity of 2.76%. As a group, research analysts anticipate that McEwen Inc. will post -0.72 earnings per share for the current year.

Insider Activity

In related news, CEO Robert Ross Mcewen sold 50,000 shares of McEwen stock in a transaction dated Friday, September 19th. The stock was sold at an average price of $14.35, for a total value of $717,500.00. Following the completion of the transaction, the chief executive officer directly owned 450,000 shares in the company, valued at approximately $6,457,500. This trade represents a 10.00% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Ian J. Ball sold 2,656 shares of the company’s stock in a transaction that occurred on Tuesday, August 12th. The shares were sold at an average price of $10.49, for a total value of $27,861.44. The disclosure for this sale can be found here. Insiders sold a total of 77,192 shares of company stock valued at $1,110,702 in the last 90 days. Company insiders own 16.10% of the company’s stock.

Institutional Trading of McEwen

Hedge funds have recently made changes to their positions in the stock. Everstar Asset Management LLC lifted its stake in McEwen by 4.3% in the second quarter. Everstar Asset Management LLC now owns 28,988 shares of the basic materials company’s stock valued at $279,000 after buying an additional 1,188 shares during the last quarter. Geode Capital Management LLC lifted its position in McEwen by 0.3% in the 2nd quarter. Geode Capital Management LLC now owns 509,426 shares of the basic materials company’s stock valued at $4,897,000 after purchasing an additional 1,585 shares during the last quarter. Private Advisor Group LLC boosted its stake in McEwen by 16.6% during the 1st quarter. Private Advisor Group LLC now owns 14,743 shares of the basic materials company’s stock valued at $111,000 after purchasing an additional 2,098 shares during the period. Inceptionr LLC grew its position in McEwen by 21.7% in the 2nd quarter. Inceptionr LLC now owns 19,496 shares of the basic materials company’s stock worth $187,000 after purchasing an additional 3,480 shares during the last quarter. Finally, American Century Companies Inc. increased its stake in shares of McEwen by 7.6% in the second quarter. American Century Companies Inc. now owns 109,210 shares of the basic materials company’s stock valued at $1,050,000 after purchasing an additional 7,702 shares during the period. Institutional investors own 17.03% of the company’s stock.

McEwen Company Profile

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.