McEwen (NYSE:MUX) Shares Gap Up – Still a Buy?

McEwen Inc. (NYSE:MUX) (TSE:MUX)’s stock price gapped up before the market opened on Monday . The stock had previously closed at $19.35, but opened at $20.30. McEwen shares last traded at $20.1450, with a volume of 192,334 shares.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on the stock. Weiss Ratings reiterated a “sell (d+)” rating on shares of McEwen in a report on Monday. Roth Capital reissued a “buy” rating and set a $23.00 price target (up previously from $21.00) on shares of McEwen in a research note on Wednesday, December 17th. HC Wainwright raised their price objective on McEwen from $17.00 to $21.50 and gave the company a “buy” rating in a research note on Friday, October 10th. Finally, Canaccord Genuity Group set a $25.00 price objective on McEwen and gave the stock a “buy” rating in a report on Wednesday, October 15th. One equities research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $20.50.

McEwen Stock Down 2.8%

The firm’s 50-day moving average price is $18.58 and its 200-day moving average price is $14.45. The company has a market cap of $1.06 billion, a price-to-earnings ratio of -88.48 and a beta of 1.06. The company has a debt-to-equity ratio of 0.26, a current ratio of 2.10 and a quick ratio of 1.58.

McEwen (NYSE:MUX) (TSE:MUX) last posted its quarterly earnings results on Wednesday, November 5th. The basic materials company reported ($0.01) EPS for the quarter, missing analysts’ consensus estimates of $0.31 by ($0.32). McEwen had a negative return on equity of 2.45% and a negative net margin of 7.16%.The firm had revenue of $50.53 million during the quarter, compared to analyst estimates of $60.00 million. Sell-side analysts forecast that McEwen Inc. will post -0.72 earnings per share for the current fiscal year.

Hedge Funds Weigh In On McEwen

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. CoreCap Advisors LLC acquired a new position in McEwen in the 3rd quarter valued at $27,000. National Bank of Canada FI boosted its position in McEwen by 3,328.3% in the 3rd quarter. National Bank of Canada FI now owns 3,634 shares of the basic materials company’s stock valued at $62,000 after buying an additional 3,528 shares during the last quarter. Tower Research Capital LLC TRC raised its position in shares of McEwen by 17,204.9% during the second quarter. Tower Research Capital LLC TRC now owns 10,556 shares of the basic materials company’s stock worth $101,000 after acquiring an additional 10,495 shares during the last quarter. Pale Fire Capital SE acquired a new position in McEwen in the second quarter valued at approximately $119,000. Finally, Everstar Asset Management LLC bought a new stake in McEwen in the first quarter valued at about $128,000. Institutional investors and hedge funds own 17.03% of the company’s stock.

About McEwen

McEwen Mining Inc (NYSE: MUX) is a Canada-based precious metals company focused on the exploration, development and production of gold, silver and copper. Headquartered in Toronto, the company pursues a diversified portfolio of assets across the Americas, with operations and projects spanning Argentina, Mexico, Canada and the United States. McEwen Mining employs an integrated approach that combines in-house technical expertise with strategic partnerships to advance its assets from resource definition through to commercial production.

The company’s flagship producing asset is the San José mine in Argentina, a high-grade silver-gold operation.