McEwen Mining (NYSE:MUX) Upgraded to “Hold” at StockNews.com

StockNews.com upgraded shares of McEwen Mining (NYSE:MUX) (TSE:MUX) from a sell rating to a hold rating in a research note published on Wednesday.

McEwen Mining Stock Performance

Shares of MUX stock opened at $9.09 on Wednesday. The firm has a market cap of $464.23 million, a price-to-earnings ratio of 4.94 and a beta of 1.43. The company’s 50 day moving average is $9.57 and its 200 day moving average is $9.96. The company has a quick ratio of 1.21, a current ratio of 1.68 and a debt-to-equity ratio of 0.07. McEwen Mining has a 52-week low of $5.92 and a 52-week high of $12.50.

McEwen Mining (NYSE:MUX) (TSE:MUX) last released its quarterly earnings results on Wednesday, August 7th. The basic materials company reported ($0.26) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.22) by ($0.04). McEwen Mining had a return on equity of 18.08% and a net margin of 46.32%. The firm had revenue of $47.48 million during the quarter, compared to analysts’ expectations of $43.90 million. During the same period in the prior year, the firm posted ($0.46) earnings per share. On average, sell-side analysts anticipate that McEwen Mining will post -0.73 EPS for the current fiscal year.

Hedge Funds Weigh In On McEwen Mining

Several institutional investors and hedge funds have recently bought and sold shares of MUX. Tidal Investments LLC acquired a new stake in shares of McEwen Mining during the first quarter worth $1,348,000. Susquehanna Fundamental Investments LLC acquired a new position in McEwen Mining during the first quarter valued at $1,023,000. Van ECK Associates Corp lifted its position in McEwen Mining by 3.3% during the second quarter. Van ECK Associates Corp now owns 2,118,520 shares of the basic materials company’s stock valued at $19,448,000 after purchasing an additional 67,885 shares during the period. Renaissance Technologies LLC lifted its position in McEwen Mining by 41.3% during the second quarter. Renaissance Technologies LLC now owns 196,910 shares of the basic materials company’s stock valued at $1,808,000 after purchasing an additional 57,600 shares during the period. Finally, GSA Capital Partners LLP acquired a new position in McEwen Mining during the first quarter valued at $529,000. 17.03% of the stock is owned by hedge funds and other institutional investors.

McEwen Mining Company 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.