Shares of McEwen Mining Inc (NYSE:MUX) (TSE:MUX) shot up 5.3% on Thursday . The stock traded as high as $2.20 and last traded at $2.18. 3,627,058 shares changed hands during trading, an increase of 62% from the average session volume of 2,236,718 shares. The stock had previously closed at $2.07.
Several research firms have weighed in on MUX. HC Wainwright set a $5.00 target price on shares of McEwen Mining and gave the stock a “buy” rating in a research report on Thursday, July 26th. Zacks Investment Research downgraded shares of McEwen Mining from a “hold” rating to a “strong sell” rating in a research report on Saturday, August 4th. Two research analysts have rated the stock with a sell rating and three have issued a buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus target price of $4.00.
The stock has a market capitalization of $654.32 million, a price-to-earnings ratio of -72.00 and a beta of -1.20.
McEwen Mining (NYSE:MUX) (TSE:MUX) last released its earnings results on Wednesday, August 1st. The basic materials company reported ($0.02) earnings per share for the quarter, missing the consensus estimate of ($0.01) by ($0.01). The company had revenue of $34.18 million for the quarter, compared to analysts’ expectations of $28.55 million. McEwen Mining had a negative return on equity of 2.68% and a negative net margin of 14.56%. On average, research analysts expect that McEwen Mining Inc will post -0.04 EPS for the current year.
Hedge funds and other institutional investors have recently made changes to their positions in the business. Aperio Group LLC lifted its stake in McEwen Mining by 24.5% during the 2nd quarter. Aperio Group LLC now owns 122,524 shares of the basic materials company’s stock valued at $254,000 after acquiring an additional 24,119 shares during the period. Global X Management Co LLC lifted its stake in McEwen Mining by 6.4% during the 2nd quarter. Global X Management Co LLC now owns 4,232,774 shares of the basic materials company’s stock valued at $8,762,000 after acquiring an additional 255,639 shares during the period. Van ECK Associates Corp lifted its stake in McEwen Mining by 7.1% during the 2nd quarter. Van ECK Associates Corp now owns 38,017,451 shares of the basic materials company’s stock valued at $78,696,000 after acquiring an additional 2,517,412 shares during the period. Schwab Charles Investment Management Inc. lifted its stake in McEwen Mining by 39.9% during the 1st quarter. Schwab Charles Investment Management Inc. now owns 843,671 shares of the basic materials company’s stock valued at $1,755,000 after acquiring an additional 240,730 shares during the period. Finally, CIBC World Markets Inc. acquired a new stake in McEwen Mining during the 1st quarter valued at approximately $164,000. Institutional investors and hedge funds own 30.53% of the company’s stock.
About McEwen Mining (NYSE:MUX)
McEwen Mining Inc engages in the exploration, development, production, and sale of gold and silver. The company owns 100% interests in the El Gallo 1 mine and El Gallo 2 project in the state of Sinaloa, Mexico; and the Black Fox Complex, Buffalo Ankerite, Fuller, Davidson Tisdale, and Black Fox North properties in Canada.
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