McEwen (NYSE:MUX) Stock Price Up 10.1% – Should You Buy?

McEwen Inc. (NYSE:MUX) (TSE:MUX) shares shot up 10.1% during mid-day trading on Thursday . The company traded as high as $25.95 and last traded at $26.1350. 640,790 shares changed hands during mid-day trading, a decline of 50% from the average session volume of 1,292,497 shares. The stock had previously closed at $23.73.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on MUX. Roth Mkm reissued a “buy” rating and set a $23.00 target price (up from $21.00) on shares of McEwen in a research report on Wednesday, December 17th. Weiss Ratings restated a “sell (d+)” rating on shares of McEwen in a research note on Monday, December 29th. Canaccord Genuity Group set a $25.00 target price on McEwen and gave the stock a “buy” rating in a research report on Wednesday, October 15th. Finally, HC Wainwright raised their price objective on shares of McEwen from $17.00 to $21.50 and gave the stock a “buy” rating in a report on Friday, October 10th. One research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $23.17.

McEwen Stock Performance

The stock has a market cap of $1.46 billion, a price-to-earnings ratio of -121.80 and a beta of 1.08. 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 firm has a fifty day simple moving average of $19.72 and a 200-day simple moving average of $16.22.

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

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in MUX. Synergy Asset Management LLC acquired a new position in McEwen in the 4th quarter valued at $13,547,000. Royal Bank of Canada grew its holdings in shares of McEwen by 4,309.4% during the 1st quarter. Royal Bank of Canada now owns 638,871 shares of the basic materials company’s stock worth $4,823,000 after purchasing an additional 624,382 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position 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 purchasing an additional 541,890 shares during the period. JPMorgan Chase & Co. raised its stake in McEwen by 231.6% in the third 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 in the last quarter. Finally, BNP Paribas Financial Markets lifted its position in McEwen by 210.0% during the third quarter. BNP Paribas Financial Markets now owns 640,739 shares of the basic materials company’s stock worth $10,957,000 after purchasing an additional 434,065 shares during the period. Institutional investors and hedge funds 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.