McEwen (NYSE:MUX) Upgraded at Weiss Ratings

Weiss Ratings upgraded shares of McEwen (NYSE:MUX) (TSE:MUX) from a sell (d+) rating to a hold (c-) rating in a report released on Saturday morning,Weiss Ratings reports.

MUX has been the subject of several other reports. National Bankshares restated an “outperform” rating on shares of McEwen in a research note on Wednesday, July 16th. Canaccord Genuity Group set a $25.00 target price on shares of McEwen and gave the company a “buy” rating in a research note on Wednesday, October 15th. HC Wainwright raised their target price on shares of McEwen from $17.00 to $21.50 and gave the company a “buy” rating in a research note on Friday, October 10th. Finally, Roth Capital set a $23.00 target price on shares of McEwen in a research note on Thursday, October 9th. One research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat, the company has a consensus rating of “Buy” and a consensus target price of $20.50.

McEwen Price Performance

NYSE MUX opened at $19.08 on Friday. The company has a debt-to-equity ratio of 0.26, a quick ratio of 1.82 and a current ratio of 2.35. The firm’s 50 day moving average price is $15.61 and its 200-day moving average price is $11.47. McEwen has a 52-week low of $6.38 and a 52-week high of $24.88. The company has a market cap of $1.03 billion, a PE ratio of -76.33 and a beta of 0.99.

McEwen (NYSE:MUX) (TSE:MUX) last released its quarterly earnings data on Wednesday, August 6th. The basic materials company reported $0.06 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.09 by ($0.03). McEwen had a negative net margin of 8.05% and a negative return on equity of 2.76%. The business had revenue of $46.70 million for the quarter, compared to the consensus estimate of $49.05 million. Sell-side analysts forecast that McEwen will post -0.72 EPS for the current fiscal year.

Insider Activity at McEwen

In other news, Director Richard W. Brissenden sold 11,203 shares of the business’s stock in a transaction on Monday, September 22nd. The shares were sold at an average price of $14.89, for a total transaction of $166,812.67. Following the sale, the director directly owned 9,405 shares of the company’s stock, valued at $140,040.45. The trade was a 54.36% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Jeffrey Chan sold 13,333 shares of the business’s stock in a transaction on Monday, September 22nd. The shares were sold at an average price of $14.89, for a total transaction of $198,528.37. Following the sale, the vice president directly owned 2,267 shares in the company, valued at $33,755.63. This trade represents a 85.47% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 77,192 shares of company stock valued at $1,110,702 over the last three months. 16.10% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On McEwen

A number of large investors have recently made changes to their positions in the stock. Nomura Holdings Inc. purchased a new position in McEwen in the first quarter valued at $6,925,000. Royal Bank of Canada increased its holdings in McEwen by 4,309.4% in the first quarter. Royal Bank of Canada now owns 638,871 shares of the basic materials company’s stock valued at $4,823,000 after buying an additional 624,382 shares in the last quarter. Monashee Investment Management LLC acquired a new stake in shares of McEwen in the first quarter valued at about $2,076,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in shares of McEwen by 19.7% in the second quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,418,023 shares of the basic materials company’s stock valued at $13,627,000 after purchasing an additional 233,266 shares during the period. Finally, Alps Advisors Inc. grew its position 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 valued at $5,508,000 after purchasing an additional 215,396 shares during the period. 17.03% of the stock is owned by hedge funds and other institutional investors.

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.