McEwen Inc. $MUX Shares Sold by Van ECK Associates Corp

Van ECK Associates Corp cut its holdings in McEwen Inc. (NYSE:MUX) (TSE:MUX) by 3.2% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,519,282 shares of the basic materials company’s stock after selling 49,675 shares during the quarter. Van ECK Associates Corp’s holdings in McEwen were worth $27,545,000 as of its most recent SEC filing.

Several other large investors have also made changes to their positions in the business. Bank of New York Mellon Corp grew its position in shares of McEwen by 5.8% in the first quarter. Bank of New York Mellon Corp now owns 10,780 shares of the basic materials company’s stock valued at $220,000 after purchasing an additional 589 shares during the period. Kercheville Advisors LLC raised its holdings in McEwen by 10.0% in the 1st quarter. Kercheville Advisors LLC now owns 11,000 shares of the basic materials company’s stock valued at $225,000 after buying an additional 1,000 shares during the period. KBC Group NV purchased a new stake in McEwen in the 1st quarter valued at about $27,000. Geode Capital Management LLC lifted its position in McEwen by 0.3% in the fourth quarter. Geode Capital Management LLC now owns 522,435 shares of the basic materials company’s stock valued at $9,673,000 after buying an additional 1,461 shares during the last quarter. Finally, Leonteq Securities AG acquired a new position in McEwen in the first quarter valued at about $31,000. 17.03% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other McEwen news, Director Richard W. Brissenden sold 3,275 shares of the stock in a transaction that occurred on Monday, June 29th. The shares were sold at an average price of $18.13, for a total transaction of $59,375.75. Following the sale, the director directly owned 18,022 shares in the company, valued at $326,738.86. This represents a 15.38% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 14.80% of the stock is currently owned by insiders.

McEwen Stock Performance

NYSE MUX opened at $20.54 on Monday. The company has a debt-to-equity ratio of 0.17, a current ratio of 2.04 and a quick ratio of 1.61. The company has a market cap of $1.26 billion, a P/E ratio of 16.30 and a beta of 1.23. The stock has a 50-day moving average of $18.48 and a two-hundred day moving average of $21.22. McEwen Inc. has a 1-year low of $10.96 and a 1-year high of $29.70.

McEwen (NYSE:MUX) (TSE:MUX) last issued its quarterly earnings results on Wednesday, August 5th. The basic materials company reported $0.14 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.28 by ($0.14). McEwen had a return on equity of 13.48% and a net margin of 32.46%.The business had revenue of $59.23 million for the quarter, compared to analyst estimates of $65.51 million. As a group, analysts anticipate that McEwen Inc. will post 0.8 EPS for the current year.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on MUX shares. Wall Street Zen cut shares of McEwen from a “hold” rating to a “sell” rating in a research report on Saturday, August 8th. Zacks Research cut shares of McEwen from a “hold” rating to a “strong sell” rating in a research report on Wednesday, August 5th. Weiss Ratings downgraded shares of McEwen from a “hold (c+)” rating to a “hold (c)” rating in a report on Tuesday, June 2nd. HC Wainwright reiterated a “buy” rating and issued a $28.00 target price (down from $29.50) on shares of McEwen in a report on Friday, August 7th. Finally, Roth Capital set a $31.00 target price on McEwen and gave the company a “buy” rating in a research report on Monday, August 10th. Three investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, McEwen has an average rating of “Hold” and a consensus target price of $28.00.

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.