McEwen (NYSE:MUX) Trading 13% Higher – Time to Buy?

Shares of McEwen Inc. (NYSE:MUX) (TSE:MUX) shot up 13% during mid-day trading on Thursday . The stock traded as high as $25.69 and last traded at $25.7960. 221,008 shares changed hands during trading, a decline of 81% from the average session volume of 1,176,158 shares. The stock had previously closed at $22.82.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on MUX. Wall Street Zen cut McEwen from a “buy” rating to a “hold” rating in a research note on Sunday, March 29th. Roth Mkm raised their target price on McEwen from $30.00 to $35.00 and gave the stock a “buy” rating in a research note on Wednesday, March 18th. Weiss Ratings raised McEwen from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Wednesday, March 11th. HC Wainwright increased their price objective on shares of McEwen from $21.50 to $29.50 and gave the stock a “buy” rating in a research report on Wednesday, March 18th. Finally, Zacks Research downgraded shares of McEwen from a “hold” rating to a “strong sell” rating in a report on Wednesday, April 15th. Four investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $29.83.

McEwen Price Performance

The company has a debt-to-equity ratio of 0.23, a current ratio of 1.69 and a quick ratio of 1.27. The stock has a 50 day moving average price of $23.05 and a two-hundred day moving average price of $21.61. The firm has a market capitalization of $1.39 billion, a price-to-earnings ratio of 39.53 and a beta of 1.19.

McEwen (NYSE:MUX) (TSE:MUX) last issued its quarterly earnings data on Thursday, March 12th. The basic materials company reported $0.66 earnings per share for the quarter, beating analysts’ consensus estimates of $0.25 by $0.41. McEwen had a return on equity of 6.89% and a net margin of 17.43%.The business had revenue of $64.60 million during the quarter, compared to analysts’ expectations of $72.83 million. As a group, analysts expect that McEwen Inc. will post 0.86 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Dimensional Fund Advisors LP boosted its holdings in McEwen by 15.7% in the first quarter. Dimensional Fund Advisors LP now owns 1,269,760 shares of the basic materials company’s stock valued at $25,920,000 after purchasing an additional 172,687 shares during the period. KBC Group NV purchased a new position in McEwen in the first quarter valued at $27,000. Swiss National Bank boosted its holdings in McEwen by 6.3% in the first quarter. Swiss National Bank now owns 97,900 shares of the basic materials company’s stock valued at $1,999,000 after purchasing an additional 5,800 shares during the period. Bank of New York Mellon Corp boosted its holdings in McEwen by 5.8% in the first quarter. Bank of New York Mellon Corp now owns 10,780 shares of the basic materials company’s stock valued at $220,000 after purchasing an additional 589 shares during the period. Finally, Private Advisor Group LLC purchased a new position in McEwen in the first quarter valued at $234,000. 17.03% of the stock is currently owned by hedge funds and other institutional investors.

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.