McEwen (NYSE:MUX) Given New $29.50 Price Target at HC Wainwright

McEwen (NYSE:MUX) (TSE:MUX) had its target price hoisted by HC Wainwright from $21.50 to $29.50 in a research report sent to investors on Wednesday,Benzinga reports. They currently have a buy rating on the basic materials company’s stock.

MUX has been the subject of several other research reports. Weiss Ratings raised shares of McEwen from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Wednesday, March 11th. Roth Mkm reissued a “buy” rating and issued a $30.00 price objective (up from $23.00) on shares of McEwen in a report on Friday, January 30th. Four investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the company’s stock. According to data from MarketBeat, McEwen has an average rating of “Moderate Buy” and an average price target of $29.83.

McEwen Price Performance

MUX stock opened at $20.87 on Wednesday. The company has a current ratio of 2.10, a quick ratio of 1.58 and a debt-to-equity ratio of 0.26. McEwen has a 12-month low of $6.38 and a 12-month high of $29.70. The company has a market cap of $1.14 billion, a PE ratio of 35.37 and a beta of 1.11. The stock has a 50-day moving average price of $24.92 and a two-hundred day moving average price of $20.17.

McEwen (NYSE:MUX) (TSE:MUX) last posted its quarterly earnings results on Thursday, March 12th. The basic materials company reported $0.66 EPS for the quarter, beating the consensus estimate of $0.25 by $0.41. McEwen had a net margin of 17.43% and a return on equity of 7.11%. The firm had revenue of $64.60 million for the quarter, compared to analyst estimates of $72.83 million. As a group, research analysts predict that McEwen will post -0.72 EPS for the current year.

Institutional Investors Weigh In On McEwen

Hedge funds and other institutional investors have recently modified their holdings of the stock. Amundi bought a new stake in shares of McEwen during the 4th quarter worth about $14,240,000. Synergy Asset Management LLC acquired a new stake in McEwen during the 4th quarter worth about $13,547,000. Royal Bank of Canada lifted 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 acquiring an additional 624,382 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in shares of McEwen by 38.2% in the third quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,959,913 shares of the basic materials company’s stock valued at $33,515,000 after purchasing an additional 541,890 shares in the last quarter. Finally, Voloridge Investment Management LLC lifted its stake in McEwen by 228.6% in the 4th quarter. Voloridge Investment Management LLC now owns 701,344 shares of the basic materials company’s stock worth $12,982,000 after acquiring an additional 487,924 shares in the last quarter. 17.03% of the stock is currently owned by institutional investors.

About McEwen

McEwen Mining Inc (NYSE: MUX) is a Canada-based precious metals company focused on the exploration, development and production of gold, silver and copper. Headquartered in Toronto, the company pursues a diversified portfolio of assets across the Americas, with operations and projects spanning Argentina, Mexico, Canada and the United States. McEwen Mining employs an integrated approach that combines in-house technical expertise with strategic partnerships to advance its assets from resource definition through to commercial production.

The company’s flagship producing asset is the San José mine in Argentina, a high-grade silver-gold operation.