Private Advisor Group LLC Grows Stake in McEwen Inc. (NYSE:MUX)

Private Advisor Group LLC grew its stake in McEwen Inc. (NYSE:MUX) (TSE:MUX) by 16.6% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 14,743 shares of the basic materials company’s stock after purchasing an additional 2,098 shares during the period. Private Advisor Group LLC’s holdings in McEwen were worth $111,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of MUX. Tidal Investments LLC increased its holdings in McEwen by 556.7% during the 4th quarter. Tidal Investments LLC now owns 1,003,830 shares of the basic materials company’s stock worth $7,810,000 after purchasing an additional 850,971 shares during the period. Dimensional Fund Advisors LP increased its holdings in shares of McEwen by 369.3% in the 4th quarter. Dimensional Fund Advisors LP now owns 556,718 shares of the basic materials company’s stock valued at $4,331,000 after acquiring an additional 438,088 shares during the period. Bridgeway Capital Management LLC purchased a new position in shares of McEwen in the 4th quarter valued at $2,111,000. Alps Advisors Inc. increased its holdings in shares of McEwen by 41.9% in the 1st quarter. Alps Advisors Inc. now owns 729,515 shares of the basic materials company’s stock valued at $5,508,000 after acquiring an additional 215,396 shares during the period. Finally, Renaissance Technologies LLC boosted its position in shares of McEwen by 170.5% in the 4th quarter. Renaissance Technologies LLC now owns 162,186 shares of the basic materials company’s stock worth $1,262,000 after purchasing an additional 102,231 shares in the last quarter. 17.03% of the stock is owned by institutional investors.

McEwen Price Performance

NYSE:MUX opened at $10.05 on Friday. The stock has a 50 day moving average price of $9.98 and a 200 day moving average price of $8.45. The company has a debt-to-equity ratio of 0.26, a quick ratio of 1.89 and a current ratio of 2.35. The stock has a market cap of $542.60 million, a PE ratio of -17.63 and a beta of 0.88. McEwen Inc. has a one year low of $6.38 and a one year high of $11.80.

McEwen (NYSE:MUX) (TSE:MUX) last posted its earnings results on Wednesday, May 7th. The basic materials company reported ($0.12) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.14) by $0.02. McEwen had a negative return on equity of 6.03% and a negative net margin of 17.51%. The company had revenue of $35.70 million during the quarter, compared to analysts’ expectations of $39.06 million. Equities research analysts expect that McEwen Inc. will post -0.72 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on the company. Wall Street Zen downgraded McEwen from a “hold” rating to a “sell” rating in a research note on Thursday, May 22nd. HC Wainwright boosted their price objective on McEwen from $15.50 to $17.00 and gave the company a “buy” rating in a report on Tuesday, July 29th. National Bankshares reissued an “outperform” rating on shares of McEwen in a report on Wednesday, July 16th. National Bank Financial raised McEwen to a “strong-buy” rating in a report on Tuesday, April 29th. Finally, Roth Capital set a $15.00 price target on McEwen and gave the company a “buy” rating in a research note on Tuesday, July 1st. One equities research analyst has rated the stock with a sell rating, four have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, McEwen has a consensus rating of “Moderate Buy” and an average price target of $14.83.

McEwen 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.