McEwen Inc. $MUX Shares Sold by Royal Bank of Canada

Royal Bank of Canada trimmed its holdings in McEwen Inc. (NYSE:MUX) (TSE:MUX) by 6.8% in the 1st quarter, according to its most recent disclosure with the SEC. The firm owned 535,092 shares of the basic materials company’s stock after selling 39,334 shares during the period. Royal Bank of Canada owned approximately 0.90% of McEwen worth $10,927,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. KBC Group NV acquired a new position in shares of McEwen in the 1st quarter valued at $27,000. Leonteq Securities AG purchased a new position in shares of McEwen during the 1st quarter worth $31,000. Parkside Financial Bank & Trust acquired a new stake in shares of McEwen during the 4th quarter worth about $37,000. Banque Cantonale Vaudoise acquired a new stake in shares of McEwen during the 4th quarter worth about $40,000. Finally, National Bank of Canada FI raised its holdings in McEwen by 3,328.3% in the 3rd quarter. National Bank of Canada FI now owns 3,634 shares of the basic materials company’s stock valued at $62,000 after buying an additional 3,528 shares during the period. Institutional investors and hedge funds own 17.03% of the company’s stock.

Insider Buying and Selling

In other McEwen news, Director Richard W. Brissenden sold 3,275 shares of the firm’s stock in a transaction that occurred on Monday, June 29th. The shares were sold at an average price of $18.13, for a total transaction of $59,375.75. Following the sale, the director owned 18,022 shares of the company’s stock, valued at approximately $326,738.86. This trade represents a 15.38% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 14.80% of the stock is owned by corporate insiders.

McEwen Stock Up 5.2%

McEwen stock opened at $19.21 on Friday. McEwen Inc. has a 1-year low of $9.82 and a 1-year high of $29.70. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.14 and a quick ratio of 0.81. The stock has a market cap of $1.18 billion, a PE ratio of 15.25 and a beta of 1.23. The stock’s fifty day moving average is $18.37 and its two-hundred day moving average is $21.85.

McEwen (NYSE:MUX) (TSE:MUX) last announced its quarterly earnings results on Wednesday, August 5th. The basic materials company reported $0.14 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.28 by ($0.14). McEwen had a return on equity of 14.34% and a net margin of 32.46%.The business had revenue of $59.23 million for the quarter, compared to analysts’ expectations of $65.51 million. On average, sell-side analysts expect that McEwen Inc. will post 0.99 EPS for the current fiscal year.

Analysts Set New Price Targets

Several research analysts have weighed in on MUX shares. HC Wainwright reaffirmed a “buy” rating and set a $28.00 target price (down from $29.50) on shares of McEwen in a research note on Friday. Zacks Research downgraded shares of McEwen from a “hold” rating to a “strong sell” rating in a research note on Wednesday. Wall Street Zen lowered shares of McEwen from a “hold” rating to a “sell” rating in a report on Saturday. Finally, Weiss Ratings cut shares of McEwen from a “hold (c+)” rating to a “hold (c)” rating in a research report on Tuesday, June 2nd. Three equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $29.33.

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.