McEwen Mining’s (MUX) Buy Rating Reaffirmed at HC Wainwright

HC Wainwright reaffirmed their buy rating on shares of McEwen Mining (NYSE:MUX) (TSE:MUX) in a research note published on Wednesday morning,Benzinga reports. HC Wainwright currently has a $18.00 price objective on the basic materials company’s stock.

Separately, StockNews.com cut McEwen Mining from a “hold” rating to a “sell” rating in a research report on Wednesday, February 19th.

McEwen Mining Stock Performance

Shares of NYSE MUX opened at $8.25 on Wednesday. The company has a market capitalization of $436.37 million, a PE ratio of 3.76 and a beta of 1.39. The company has a debt-to-equity ratio of 0.06, a quick ratio of 0.74 and a current ratio of 1.17. The company’s fifty day moving average price is $7.76 and its 200 day moving average price is $8.55. McEwen Mining has a 1 year low of $6.46 and a 1 year high of $12.50.

McEwen Mining (NYSE:MUX) (TSE:MUX) last posted its earnings results on Friday, March 14th. The basic materials company reported ($0.15) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.13) by ($0.02). McEwen Mining had a return on equity of 20.77% and a net margin of 51.31%. The firm had revenue of $33.52 million for the quarter, compared to analysts’ expectations of $32.20 million. On average, research analysts predict that McEwen Mining will post -0.72 earnings per share for the current year.

Institutional Trading of McEwen Mining

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Connor Clark & Lunn Investment Management Ltd. lifted its stake in McEwen Mining by 66.5% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 393,719 shares of the basic materials company’s stock valued at $3,659,000 after buying an additional 157,300 shares in the last quarter. Private Advisor Group LLC raised its holdings in shares of McEwen Mining by 18.8% during the fourth quarter. Private Advisor Group LLC now owns 12,645 shares of the basic materials company’s stock valued at $98,000 after acquiring an additional 2,000 shares during the last quarter. Geode Capital Management LLC boosted its stake in shares of McEwen Mining by 5.8% in the third quarter. Geode Capital Management LLC now owns 471,119 shares of the basic materials company’s stock worth $4,383,000 after acquiring an additional 25,844 shares during the last quarter. Empowered Funds LLC acquired a new stake in shares of McEwen Mining in the fourth quarter worth approximately $788,000. Finally, GSA Capital Partners LLP acquired a new position in McEwen Mining in the 3rd quarter valued at $457,000. Hedge funds and other institutional investors own 17.03% of the company’s stock.

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.