McEwen (NYSE:MUX) Shares Up 9.4% – Should You Buy?

McEwen Inc. (NYSE:MUX) (TSE:MUX)’s share price was up 9.4% on Monday . The stock traded as high as $21.08 and last traded at $20.4370. Approximately 539,977 shares traded hands during trading, a decline of 38% from the average daily volume of 868,503 shares. The stock had previously closed at $18.68.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on MUX shares. Canaccord Genuity Group set a $25.00 target price on McEwen and gave the company a “buy” rating in a research note on Wednesday, October 15th. HC Wainwright boosted their target price on shares of McEwen from $17.00 to $21.50 and gave the company a “buy” rating in a report on Friday, October 10th. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of McEwen in a research report on Monday, December 29th. Finally, Roth Capital reiterated a “buy” rating and issued a $23.00 price target (up from $21.00) on shares of McEwen in a research note on Wednesday, December 17th. One equities research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $20.50.

McEwen Stock Up 7.5%

The company has a market capitalization of $1.09 billion, a PE ratio of -91.31 and a beta of 1.08. The company has a debt-to-equity ratio of 0.26, a quick ratio of 1.58 and a current ratio of 2.10. The company’s 50-day moving average is $18.29 and its 200 day moving average is $15.00.

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

Hedge Funds Weigh In On McEwen

Several hedge funds and other institutional investors have recently bought and sold shares of MUX. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in shares of McEwen by 38.2% in the third quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,959,913 shares of the basic materials company’s stock worth $33,515,000 after acquiring an additional 541,890 shares during the period. Dimensional Fund Advisors LP lifted its holdings in shares of McEwen by 1.2% during the 3rd quarter. Dimensional Fund Advisors LP now owns 1,285,603 shares of the basic materials company’s stock valued at $21,982,000 after buying an additional 15,439 shares during the period. Vanguard Group Inc. boosted its stake in shares of McEwen by 3.1% in the 3rd quarter. Vanguard Group Inc. now owns 884,347 shares of the basic materials company’s stock worth $15,122,000 after buying an additional 26,846 shares during the last quarter. Tidal Investments LLC boosted its position in McEwen by 4.0% in the second quarter. Tidal Investments LLC now owns 846,440 shares of the basic materials company’s stock worth $8,134,000 after purchasing an additional 32,218 shares during the last quarter. Finally, JPMorgan Chase & Co. grew its stake in shares of McEwen by 231.6% during the 3rd quarter. JPMorgan Chase & Co. now owns 659,079 shares of the basic materials company’s stock valued at $11,270,000 after purchasing an additional 460,308 shares during the period. Institutional investors 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.