McEwen (NYSE:MUX) Shares Up 7.1% – Should You Buy?

McEwen Inc. (NYSE:MUX) (TSE:MUX) rose 7.1% on Monday . The stock traded as high as $22.02 and last traded at $22.2880. Approximately 249,564 shares were traded during mid-day trading, a decline of 77% from the average daily volume of 1,102,301 shares. The stock had previously closed at $20.81.

Analyst Ratings Changes

MUX has been the topic of several research reports. Weiss Ratings reissued a “sell (d+)” rating on shares of McEwen in a report on Monday, December 29th. HC Wainwright increased their price objective on shares of McEwen from $17.00 to $21.50 and gave the company a “buy” rating in a research note on Friday, October 10th. Canaccord Genuity Group set a $25.00 target price on shares of McEwen and gave the company a “buy” rating in a report on Wednesday, October 15th. Finally, Roth Capital reaffirmed a “buy” rating and issued a $23.00 price target (up previously from $21.00) on shares of McEwen in a report on Wednesday, December 17th. One equities research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $20.50.

McEwen Trading Up 2.6%

The business has a 50 day simple moving average of $18.70 and a two-hundred day simple moving average of $15.61. The company has a current ratio of 2.10, a quick ratio of 1.58 and a debt-to-equity ratio of 0.26. The company has a market cap of $1.22 billion, a PE ratio of -101.59 and a beta of 1.08.

McEwen (NYSE:MUX) (TSE:MUX) last posted its quarterly earnings data 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 net margin of 7.16% and a negative return on equity of 2.45%. The company had revenue of $50.53 million for the quarter, compared to analyst estimates of $60.00 million. On average, analysts forecast that McEwen Inc. will post -0.72 EPS for the current fiscal year.

Institutional Trading of McEwen

A number of institutional investors have recently modified their holdings of the company. Everstar Asset Management LLC increased its holdings in McEwen by 4.3% in the 2nd quarter. Everstar Asset Management LLC now owns 28,988 shares of the basic materials company’s stock valued at $279,000 after purchasing an additional 1,188 shares in the last quarter. Geode Capital Management LLC raised its stake in shares of McEwen by 0.3% in the 2nd quarter. Geode Capital Management LLC now owns 509,426 shares of the basic materials company’s stock valued at $4,897,000 after purchasing an additional 1,585 shares in the last quarter. CoreCap Advisors LLC acquired a new position in McEwen in the third quarter worth about $27,000. Verition Fund Management LLC increased its holdings in shares of McEwen by 6.3% in the 3rd quarter. Verition Fund Management LLC now owns 58,252 shares of the basic materials company’s stock valued at $996,000 after acquiring an additional 3,452 shares during the last quarter. Finally, Inceptionr LLC increased its stake in McEwen by 21.7% during the second quarter. Inceptionr LLC now owns 19,496 shares of the basic materials company’s stock valued at $187,000 after purchasing an additional 3,480 shares during the last quarter. Hedge funds and other institutional investors own 17.03% of the company’s stock.

McEwen Company Profile

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.