Zurcher Kantonalbank Zurich Cantonalbank Makes New $460,000 Investment in McEwen Inc. $MUX

Zurcher Kantonalbank Zurich Cantonalbank bought a new position in shares of McEwen Inc. (NYSE:MUX) (TSE:MUX) during the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund bought 24,837 shares of the basic materials company’s stock, valued at approximately $460,000.

Several other hedge funds and other institutional investors have also recently modified their holdings of MUX. CoreCap Advisors LLC acquired a new stake in shares of McEwen in the 3rd quarter valued at about $27,000. National Bank of Canada FI raised its stake in shares of McEwen by 3,328.3% in the 3rd quarter. National Bank of Canada FI now owns 3,634 shares of the basic materials company’s stock valued at $62,000 after purchasing an additional 3,528 shares during the period. Tower Research Capital LLC TRC raised its stake in shares of McEwen by 17,204.9% in the 2nd quarter. Tower Research Capital LLC TRC now owns 10,556 shares of the basic materials company’s stock valued at $101,000 after purchasing an additional 10,495 shares during the period. XTX Topco Ltd acquired a new stake in shares of McEwen in the 2nd quarter valued at about $141,000. Finally, Brevan Howard Capital Management LP acquired a new stake in shares of McEwen in the 2nd quarter valued at about $185,000. Institutional investors and hedge funds own 17.03% of the company’s stock.

McEwen Price Performance

NYSE:MUX opened at $21.28 on Monday. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.27 and a current ratio of 1.69. The stock’s 50-day simple moving average is $23.23 and its 200 day simple moving average is $21.61. The company has a market cap of $1.27 billion, a P/E ratio of 36.07 and a beta of 1.19. McEwen Inc. has a 52-week low of $6.88 and a 52-week high of $29.70.

McEwen (NYSE:MUX) (TSE:MUX) last released its earnings results on Thursday, March 12th. The basic materials company reported $0.66 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.25 by $0.41. The business had revenue of $64.60 million for the quarter, compared to the consensus estimate of $72.83 million. McEwen had a return on equity of 6.89% and a net margin of 17.43%. As a group, sell-side analysts forecast that McEwen Inc. will post 0.86 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several research firms have issued reports on MUX. Zacks Research downgraded McEwen from a “hold” rating to a “strong sell” rating in a research note on Wednesday, April 15th. HC Wainwright lifted their price target on McEwen from $21.50 to $29.50 and gave the company a “buy” rating in a research note on Wednesday, March 18th. Roth Mkm lifted their price target on McEwen from $30.00 to $35.00 and gave the company a “buy” rating in a research note on Wednesday, March 18th. Weiss Ratings raised McEwen from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Wednesday, March 11th. Finally, Wall Street Zen downgraded McEwen from a “buy” rating to a “hold” rating in a research note on Sunday, March 29th. Four investment 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. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $29.83.

About McEwen

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.