Zacks Investment Research Lowers McEwen Mining (NYSE:MUX) to Sell

Zacks Investment Research cut shares of McEwen Mining (NYSE:MUXGet Rating) (TSE:MUX) from a hold rating to a sell rating in a report issued on Friday, Zacks.com reports.

According to Zacks, “U.S. GOLD CORP. is primarily engaged in the precious metal mining business in the continental United States, however, it may also evaluate properties outside the United States. “

Other analysts have also issued research reports about the company. Alliance Global Partners cut their price objective on McEwen Mining from $1.50 to $1.00 in a report on Friday, May 13th. StockNews.com began coverage on McEwen Mining in a report on Thursday, March 31st. They issued a sell rating for the company. Two analysts have rated the stock with a sell rating and three have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of Hold and an average price target of $1.53.

Shares of MUX stock opened at $0.50 on Friday. The company has a debt-to-equity ratio of 0.17, a quick ratio of 1.34 and a current ratio of 1.61. McEwen Mining has a 1 year low of $0.46 and a 1 year high of $1.71. The stock has a fifty day moving average of $0.74 and a two-hundred day moving average of $0.86. The firm has a market capitalization of $238.51 million, a PE ratio of -3.59 and a beta of 1.21.

McEwen Mining (NYSE:MUXGet Rating) (TSE:MUX) last announced its quarterly earnings results on Tuesday, March 1st. The basic materials company reported ($0.05) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.01) by ($0.04). McEwen Mining had a negative return on equity of 16.25% and a negative net margin of 46.05%. The business had revenue of $35.00 million for the quarter, compared to analyst estimates of $34.90 million. Equities research analysts predict that McEwen Mining will post -0.13 earnings per share for the current fiscal year.

Hedge funds and other institutional investors have recently made changes to their positions in the company. Fort Sheridan Advisors LLC purchased a new stake in shares of McEwen Mining during the fourth quarter valued at $27,000. Parallax Volatility Advisers L.P. purchased a new stake in shares of McEwen Mining during the fourth quarter valued at $27,000. FirstPurpose Wealth LLC purchased a new stake in shares of McEwen Mining during the fourth quarter valued at $34,000. Janus Henderson Group PLC purchased a new stake in shares of McEwen Mining during the third quarter valued at $40,000. Finally, Squarepoint Ops LLC purchased a new stake in shares of McEwen Mining during the third quarter valued at $48,000. 23.59% of the stock is owned by institutional investors and hedge funds.

About McEwen Mining (Get Rating)

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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