McEwen Inc. $MUX Shares Sold by Van ECK Associates Corp

Van ECK Associates Corp trimmed its position in McEwen Inc. (NYSE:MUX) (TSE:MUX) by 3.2% in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 1,519,282 shares of the basic materials company’s stock after selling 49,675 shares during the quarter. Van ECK Associates Corp owned about 2.48% of McEwen worth $27,545,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of MUX. Hsbc Holdings PLC acquired a new position in McEwen in the 2nd quarter worth approximately $225,000. Bank of New York Mellon Corp acquired a new stake in McEwen during the 2nd quarter valued at approximately $2,275,000. Synergy Asset Management LLC lifted its stake in McEwen by 31.6% during the 2nd quarter. Synergy Asset Management LLC now owns 803,122 shares of the basic materials company’s stock valued at $14,561,000 after acquiring an additional 193,005 shares during the period. Counterpoint Mutual Funds LLC purchased a new stake in shares of McEwen in the 2nd quarter valued at $218,000. Finally, Bank of America Corp DE boosted its holdings in shares of McEwen by 1,347.7% in the 1st quarter. Bank of America Corp DE now owns 534,824 shares of the basic materials company’s stock valued at $10,921,000 after acquiring an additional 497,882 shares during the last quarter. Institutional investors and hedge funds own 17.03% of the company’s stock.

McEwen Trading Up 0.6%

McEwen stock opened at $20.54 on Monday. The firm has a market cap of $1.26 billion, a PE ratio of 16.30 and a beta of 1.23. McEwen Inc. has a 12 month low of $10.96 and a 12 month high of $29.70. The stock’s 50 day simple moving average is $18.48 and its two-hundred day simple moving average is $21.22. The company has a current ratio of 2.04, a quick ratio of 1.61 and a debt-to-equity ratio of 0.17.

McEwen (NYSE:MUX) (TSE:MUX) last posted its earnings results on Wednesday, August 5th. The basic materials company reported $0.14 earnings per share for the quarter, missing the consensus estimate of $0.28 by ($0.14). McEwen had a net margin of 32.46% and a return on equity of 13.48%. The firm had revenue of $59.23 million for the quarter, compared to analysts’ expectations of $65.51 million. Analysts anticipate that McEwen Inc. will post 0.8 earnings per share for the current year.

Insider Buying and Selling

In related news, Director Richard W. Brissenden sold 3,275 shares of the firm’s stock in a transaction 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 in the company, 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 filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 14.80% of the company’s stock.

Wall Street Analyst Weigh In

MUX has been the topic of a number of research reports. Weiss Ratings lowered shares of McEwen from a “hold (c+)” rating to a “hold (c)” rating in a research note on Tuesday, June 2nd. HC Wainwright reaffirmed a “buy” rating and issued a $28.00 price target (down from $29.50) on shares of McEwen in a report on Friday, August 7th. Wall Street Zen downgraded McEwen from a “hold” rating to a “sell” rating in a research report on Saturday, August 8th. Roth Capital set a $31.00 price target on McEwen and gave the stock a “buy” rating in a research report on Monday, August 10th. Finally, Zacks Research lowered McEwen from a “hold” rating to a “strong sell” rating in a research note on Wednesday, August 5th. Three research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $28.00.

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.