McEwen Inc. (NYSE:MUX) Short Interest Update

McEwen Inc. (NYSE:MUX) (TSE:MUX) was the target of a large growth in short interest in the month of January. As of January 15th, there was short interest totaling 10,633,915 shares, a growth of 19.9% from the December 31st total of 8,870,376 shares. Approximately 23.3% of the company’s shares are short sold. Based on an average daily volume of 1,269,805 shares, the short-interest ratio is currently 8.4 days. Based on an average daily volume of 1,269,805 shares, the short-interest ratio is currently 8.4 days. Approximately 23.3% of the company’s shares are short sold.

McEwen Stock Down 0.0%

Shares of NYSE MUX opened at $25.63 on Thursday. The firm has a fifty day simple moving average of $21.18 and a two-hundred day simple moving average of $17.12. McEwen has a 12 month low of $6.38 and a 12 month high of $29.70. 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 market capitalization of $1.40 billion, a PE ratio of -116.50 and a beta of 1.13.

McEwen (NYSE:MUX) (TSE:MUX) last announced its earnings results on Wednesday, November 5th. The basic materials company reported ($0.01) earnings per share 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 the consensus estimate of $60.00 million. Equities analysts expect that McEwen will post -0.72 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on MUX shares. Roth Mkm restated a “buy” rating and issued a $30.00 target price (up previously from $23.00) on shares of McEwen in a report on Friday, January 30th. Weiss Ratings reissued a “sell (d+)” rating on shares of McEwen in a report on Monday, December 29th. HC Wainwright boosted their price objective on shares of McEwen from $17.00 to $21.50 and gave the company a “buy” rating in a research report on Friday, October 10th. Finally, Canaccord Genuity Group set a $25.00 target price on shares of McEwen and gave the stock a “buy” rating in a report on Wednesday, October 15th. One investment analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, McEwen has a consensus rating of “Moderate Buy” and a consensus price target of $25.50.

Hedge Funds Weigh In On McEwen

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Synergy Asset Management LLC bought a new stake in shares of McEwen during the fourth quarter valued at approximately $13,547,000. Royal Bank of Canada boosted its stake in 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 valued at $4,823,000 after purchasing an additional 624,382 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in shares of McEwen by 38.2% in the 3rd 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 in the last quarter. JPMorgan Chase & Co. raised its stake in shares of McEwen by 231.6% in the third quarter. JPMorgan Chase & Co. now owns 659,079 shares of the basic materials company’s stock worth $11,270,000 after purchasing an additional 460,308 shares during the last quarter. Finally, BNP Paribas Financial Markets lifted its holdings in shares of McEwen by 210.0% during the third quarter. BNP Paribas Financial Markets now owns 640,739 shares of the basic materials company’s stock valued at $10,957,000 after purchasing an additional 434,065 shares in 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.