HC Wainwright Lowers McEwen Mining (NYSE:MUX) Price Target to $18.50

McEwen Mining (NYSE:MUX) (TSE:MUX) had its target price decreased by equities research analysts at HC Wainwright from $20.50 to $18.50 in a research note issued on Friday, Benzinga reports. The firm currently has a “buy” rating on the basic materials company’s stock. HC Wainwright’s price target would suggest a potential upside of 172.46% from the stock’s current price.

Other equities analysts also recently issued research reports about the company. Roth Mkm reiterated a “buy” rating and issued a $12.00 target price on shares of McEwen Mining in a report on Wednesday, August 16th. StockNews.com upgraded McEwen Mining to a “sell” rating in a report on Monday, October 30th.

McEwen Mining Price Performance

MUX stock opened at $6.79 on Friday. The company has a current ratio of 2.35, a quick ratio of 2.29 and a debt-to-equity ratio of 0.09. McEwen Mining has a one year low of $4.67 and a one year high of $10.00. The firm has a market capitalization of $322.46 million, a PE ratio of -2.66 and a beta of 1.35. The firm has a 50-day moving average of $6.95 and a two-hundred day moving average of $7.48.

McEwen Mining (NYSE:MUX) (TSE:MUX) last posted its quarterly earnings data on Thursday, August 10th. The basic materials company reported ($0.46) EPS for the quarter, beating analysts’ consensus estimates of ($0.74) by $0.28. McEwen Mining had a negative net margin of 88.75% and a negative return on equity of 19.08%. The company had revenue of $34.40 million during the quarter, compared to analyst estimates of $40.00 million. On average, analysts forecast that McEwen Mining will post -2.61 earnings per share for the current year.

Hedge Funds Weigh In On McEwen Mining

A number of hedge funds have recently added to or reduced their stakes in MUX. UBS Group AG grew its holdings in McEwen Mining by 58.7% during the first quarter. UBS Group AG now owns 4,827 shares of the basic materials company’s stock valued at $41,000 after purchasing an additional 1,785 shares during the last quarter. Northern Trust Corp grew its holdings in McEwen Mining by 2.8% during the second quarter. Northern Trust Corp now owns 112,146 shares of the basic materials company’s stock valued at $806,000 after purchasing an additional 3,066 shares during the last quarter. Cambridge Investment Research Advisors Inc. grew its holdings in McEwen Mining by 5.8% during the third quarter. Cambridge Investment Research Advisors Inc. now owns 59,342 shares of the basic materials company’s stock valued at $386,000 after purchasing an additional 3,245 shares during the last quarter. Meitav Investment House Ltd. acquired a new position in McEwen Mining during the second quarter valued at approximately $950,000. Finally, Geode Capital Management LLC grew its holdings in McEwen Mining by 1.2% during the fourth quarter. Geode Capital Management LLC now owns 344,155 shares of the basic materials company’s stock valued at $2,016,000 after purchasing an additional 4,108 shares during the last quarter. Institutional investors and hedge funds own 19.63% of the company’s stock.

McEwen Mining 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.