McEwen Mining Inc (NYSE:MUX) Short Interest Down 31.0% in April

McEwen Mining Inc (NYSE:MUX – Get Rating) (TSE:MUX) was the target of a large decrease in short interest during the month of April. As of April 15th, there was short interest totalling 7,780,000 shares, a decrease of 31.0% from the March 31st total of 11,270,000 shares. Based on an average trading volume of 2,350,000 shares, the days-to-cover ratio is presently 3.3 days. Approximately 2.0% of the shares of the stock are sold short.

Shares of NYSE MUX opened at $0.67 on Friday. The stock’s 50-day moving average is $0.81 and its 200 day moving average is $0.92. The stock has a market cap of $317.86 million, a price-to-earnings ratio of -5.16 and a beta of 1.15. McEwen Mining has a 1-year low of $0.66 and a 1-year high of $1.71. The company has a current ratio of 1.62, a quick ratio of 1.32 and a debt-to-equity ratio of 0.13.

McEwen Mining (NYSE:MUX – Get Rating) (TSE:MUX) last posted its quarterly earnings results on Tuesday, March 1st. The basic materials company reported ($0.05) EPS for the quarter, missing the consensus estimate of ($0.01) by ($0.04). McEwen Mining had a negative return on equity of 14.37% and a negative net margin of 41.63%. The business had revenue of $35.00 million for the quarter, compared to analysts’ expectations of $34.90 million. On average, analysts forecast that McEwen Mining will post -0.1 EPS for the current fiscal year.

A number of analysts have recently issued reports on MUX shares. Alliance Global Partners dropped their price target on McEwen Mining from $1.75 to $1.50 and set a “buy” rating for the company in a research report on Thursday, March 10th. StockNews.com assumed coverage on shares of McEwen Mining in a research note on Thursday, March 31st. They issued a “sell” rating for the company. Finally, Zacks Investment Research lowered shares of McEwen Mining from a “hold” rating to a “strong sell” rating in a report on Thursday, March 10th. Two equities research analysts have rated the stock with a sell rating and three have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $1.65.

A number of institutional investors have recently bought and sold shares of the business. MMCAP International Inc. SPC purchased a new stake in McEwen Mining during the fourth quarter valued at about $4,114,000. Credit Suisse AG grew its position in McEwen Mining by 1,136.1% during the 3rd quarter. Credit Suisse AG now owns 3,773,473 shares of the basic materials company’s stock worth $3,926,000 after acquiring an additional 3,468,191 shares during the last quarter. Morgan Stanley increased its stake in McEwen Mining by 341.4% in the 2nd quarter. Morgan Stanley now owns 1,022,134 shares of the basic materials company’s stock worth $1,410,000 after purchasing an additional 790,582 shares during the period. Millennium Management LLC lifted its position in McEwen Mining by 53.2% in the fourth quarter. Millennium Management LLC now owns 2,021,235 shares of the basic materials company’s stock valued at $1,792,000 after purchasing an additional 701,473 shares during the last quarter. Finally, Condire Management LP purchased a new stake in shares of McEwen Mining during the fourth quarter valued at approximately $477,000. 24.42% of the stock is owned by institutional investors and hedge funds.

About McEwen Mining (Get Rating)

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.

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