Van ECK Associates Corp lifted its stake in McEwen Mining Inc (NYSE:MUX) (TSE:MUX) by 0.1% in the second quarter, HoldingsChannel reports. The fund owned 39,626,023 shares of the basic materials company’s stock after purchasing an additional 44,318 shares during the quarter. Van ECK Associates Corp owned approximately 0.11% of McEwen Mining worth $69,346,000 at the end of the most recent reporting period.
Several other large investors also recently modified their holdings of MUX. Pictet Asset Management Ltd. lifted its stake in shares of McEwen Mining by 134.8% in the 1st quarter. Pictet Asset Management Ltd. now owns 24,732 shares of the basic materials company’s stock worth $37,000 after acquiring an additional 14,200 shares during the period. Mercer Global Advisors Inc. ADV acquired a new stake in shares of McEwen Mining in the 1st quarter worth approximately $45,000. Sumitomo Mitsui Trust Holdings Inc. acquired a new stake in shares of McEwen Mining in the 2nd quarter worth approximately $51,000. First Republic Investment Management Inc. lifted its stake in McEwen Mining by 39.1% during the first quarter. First Republic Investment Management Inc. now owns 35,050 shares of the basic materials company’s stock valued at $53,000 after purchasing an additional 9,850 shares during the last quarter. Finally, Wedbush Securities Inc. lifted its stake in McEwen Mining by 1,178.4% during the first quarter. Wedbush Securities Inc. now owns 130,401 shares of the basic materials company’s stock valued at $196,000 after purchasing an additional 120,201 shares during the last quarter. 24.46% of the stock is owned by institutional investors.
MUX stock traded up $0.13 on Friday, hitting $1.96. 4,956,577 shares of the company’s stock traded hands, compared to its average volume of 3,760,898. McEwen Mining Inc has a 1-year low of $1.23 and a 1-year high of $2.44. The stock has a fifty day moving average of $1.82 and a 200-day moving average of $1.64. The company has a quick ratio of 0.94, a current ratio of 1.90 and a debt-to-equity ratio of 0.11.
McEwen Mining (NYSE:MUX) (TSE:MUX) last released its earnings results on Tuesday, July 30th. The basic materials company reported ($0.04) EPS for the quarter, missing the consensus estimate of ($0.01) by ($0.03). McEwen Mining had a negative net margin of 55.09% and a negative return on equity of 11.81%. The business had revenue of $36.38 million for the quarter, compared to analyst estimates of $34.92 million. Equities research analysts forecast that McEwen Mining Inc will post -0.08 earnings per share for the current fiscal year.
Several analysts recently commented on MUX shares. ValuEngine raised shares of McEwen Mining from a “hold” rating to a “buy” rating in a research note on Monday, June 17th. Zacks Investment Research lowered shares of McEwen Mining from a “hold” rating to a “sell” rating in a research note on Tuesday, July 23rd. Finally, HC Wainwright increased their target price on shares of McEwen Mining from $2.50 to $3.50 and gave the company a “buy” rating in a research note on Monday, August 19th. One research analyst has rated the stock with a sell rating and three have assigned a buy rating to the stock. The stock presently has an average rating of “Buy” and a consensus target price of $3.50.
In related news, Director Richard W. Brissenden sold 25,000 shares of the stock in a transaction that occurred on Friday, August 9th. The shares were sold at an average price of $2.01, for a total transaction of $50,250.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 22.70% of the stock is owned by corporate insiders.
McEwen Mining 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.
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