Wells Fargo & Company MN Reduces Holdings in McEwen Mining Inc (NYSE:MUX)

Wells Fargo & Company MN decreased its holdings in shares of McEwen Mining Inc (NYSE:MUX) (TSE:MUX) by 71.7% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The fund owned 23,310 shares of the basic materials company’s stock after selling 59,086 shares during the quarter. Wells Fargo & Company MN’s holdings in McEwen Mining were worth $181,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of MUX. Geode Capital Management LLC boosted its holdings in McEwen Mining by 2.9% during the 4th quarter. Geode Capital Management LLC now owns 484,792 shares of the basic materials company’s stock valued at $3,774,000 after acquiring an additional 13,673 shares during the period. National Bank of Canada FI boosted its stake in shares of McEwen Mining by 12,910.1% during the fourth quarter. National Bank of Canada FI now owns 14,181 shares of the basic materials company’s stock valued at $110,000 after purchasing an additional 14,072 shares during the period. New Age Alpha Advisors LLC bought a new position in shares of McEwen Mining in the fourth quarter worth about $38,000. Norges Bank purchased a new position in McEwen Mining in the 4th quarter worth about $421,000. Finally, JPMorgan Chase & Co. lifted its holdings in McEwen Mining by 282,420.0% during the 4th quarter. JPMorgan Chase & Co. now owns 42,378 shares of the basic materials company’s stock valued at $330,000 after buying an additional 42,363 shares in the last quarter. 17.03% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on the stock. Roth Mkm dropped their target price on shares of McEwen Mining from $13.00 to $12.50 and set a “buy” rating on the stock in a research note on Friday, March 21st. HC Wainwright restated a “buy” rating and issued a $18.00 price target on shares of McEwen Mining in a report on Wednesday, March 19th. StockNews.com cut McEwen Mining from a “hold” rating to a “sell” rating in a research report on Wednesday, February 19th. Finally, National Bank Financial raised McEwen Mining to a “strong-buy” rating in a research report on Tuesday, April 29th.

McEwen Mining Trading Down 5.4 %

NYSE MUX opened at $7.41 on Friday. The company has a fifty day simple moving average of $7.58 and a two-hundred day simple moving average of $8.10. McEwen Mining Inc has a 12-month low of $6.38 and a 12-month high of $12.45. The company has a current ratio of 1.17, a quick ratio of 0.74 and a debt-to-equity ratio of 0.06. The stock has a market cap of $399.55 million, a P/E ratio of 3.38 and a beta of 0.93.

McEwen Mining (NYSE:MUX) (TSE:MUX) last posted its quarterly earnings results on Wednesday, May 7th. The basic materials company reported ($0.12) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.14) by $0.02. McEwen Mining had a net margin of 51.31% and a return on equity of 20.77%. The company had revenue of $35.70 million during the quarter, compared to analyst estimates of $39.06 million. On average, analysts forecast that McEwen Mining Inc will post -0.72 earnings per share for the current year.

McEwen Mining 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.