Canaccord Genuity Group Begins Coverage on McEwen (NYSE:MUX)

Analysts at Canaccord Genuity Group assumed coverage on shares of McEwen (NYSE:MUX) (TSE:MUX) in a note issued to investors on Wednesday, MarketBeat.com reports. The firm set a “buy” rating and a $25.00 price target on the basic materials company’s stock. Canaccord Genuity Group’s price objective indicates a potential upside of 10.13% from the company’s current price.

Other equities research analysts also recently issued research reports about the company. Roth Capital set a $23.00 price target on McEwen in a research report on Thursday, October 9th. HC Wainwright boosted their target price on McEwen from $17.00 to $21.50 and gave the stock a “buy” rating in a report on Friday, October 10th. Weiss Ratings reissued a “sell (d+)” rating on shares of McEwen in a research report on Wednesday, October 8th. Finally, National Bankshares reaffirmed an “outperform” rating on shares of McEwen in a research report on Wednesday, July 16th. One research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, McEwen has an average rating of “Moderate Buy” and a consensus target price of $20.50.

McEwen Stock Up 5.5%

MUX opened at $22.70 on Wednesday. The firm has a market cap of $1.23 billion, a P/E ratio of -90.80 and a beta of 0.99. The business’s fifty day simple moving average is $14.22 and its 200 day simple moving average is $10.77. McEwen has a 52 week low of $6.38 and a 52 week high of $24.88. The company has a quick ratio of 1.82, a current ratio of 2.35 and a debt-to-equity ratio of 0.26.

McEwen (NYSE:MUX) (TSE:MUX) last announced its earnings results on Wednesday, August 6th. The basic materials company reported $0.06 earnings per share for the quarter, missing the consensus estimate of $0.09 by ($0.03). The firm had revenue of $46.70 million during the quarter, compared to analyst estimates of $49.05 million. McEwen had a negative net margin of 8.05% and a negative return on equity of 2.76%. As a group, equities research analysts anticipate that McEwen will post -0.72 EPS for the current fiscal year.

Insider Buying and Selling

In related news, Director Richard W. Brissenden sold 11,203 shares of the business’s stock in a transaction that occurred on Monday, September 22nd. The stock was sold at an average price of $14.89, for a total transaction of $166,812.67. Following the transaction, the director directly owned 9,405 shares of the company’s stock, valued at approximately $140,040.45. The trade was a 54.36% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Ian J. Ball sold 2,656 shares of the company’s stock in a transaction that occurred on Tuesday, August 12th. The stock was sold at an average price of $10.49, for a total value of $27,861.44. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 77,192 shares of company stock valued at $1,110,702. Corporate insiders own 16.10% of the company’s stock.

Institutional Investors Weigh In On McEwen

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Nomura Holdings Inc. purchased a new position in McEwen in the first quarter valued at about $6,925,000. Royal Bank of Canada raised its position in shares of McEwen by 4,309.4% in the 1st quarter. Royal Bank of Canada now owns 638,871 shares of the basic materials company’s stock valued at $4,823,000 after purchasing an additional 624,382 shares in the last quarter. Monashee Investment Management LLC purchased a new position in shares of McEwen during the 1st quarter valued at approximately $2,076,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in shares of McEwen by 19.7% during the second quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,418,023 shares of the basic materials company’s stock worth $13,627,000 after buying an additional 233,266 shares in the last quarter. Finally, Alps Advisors Inc. increased its stake in shares of McEwen by 41.9% in the first quarter. Alps Advisors Inc. now owns 729,515 shares of the basic materials company’s stock worth $5,508,000 after buying an additional 215,396 shares during the last quarter. Hedge funds and other institutional investors own 17.03% of the company’s stock.

About McEwen

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.