McEwen (NYSE:MUX) Stock Moved Down to Strong Sell by Zacks Research

Zacks Research cut shares of McEwen (NYSE:MUX) (TSE:MUX) from a hold rating to a strong sell rating in a research report sent to investors on Wednesday,Zacks reports.

A number of other analysts also recently commented on the stock. Wall Street Zen downgraded shares of McEwen from a “hold” rating to a “sell” rating in a report on Saturday, October 3rd. Weiss Ratings lowered shares of McEwen from a “hold (c)” rating to a “hold (c-)” rating in a research report on Tuesday. Roth Capital set a $31.00 target price on shares of McEwen and gave the company a “buy” rating in a report on Monday, August 10th. Finally, HC Wainwright reduced their price target on shares of McEwen from $28.00 to $27.00 and set a “buy” rating for the company in a research report on Tuesday. Two 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 company presently has a consensus rating of “Hold” and a consensus target price of $29.00.

McEwen Stock Down 5.8%

McEwen stock opened at $11.97 on Wednesday. The stock’s 50 day moving average price is $16.96 and its 200 day moving average price is $20.37. McEwen has a 1-year low of $11.94 and a 1-year high of $29.70. The company has a market cap of $737.43 million, a PE ratio of 17.87 and a beta of 1.31. The company has a debt-to-equity ratio of 0.17, a current ratio of 1.34 and a quick ratio of 1.61.

McEwen (NYSE:MUX) (TSE:MUX) last released its earnings results on Monday, November 9th. The basic materials company reported ($0.60) EPS for the quarter, missing analysts’ consensus estimates of $0.09 by ($0.69). McEwen had a net margin of 18.41% and a return on equity of 6.90%. The business had revenue of $43.64 million during the quarter, compared to analyst estimates of $43.00 million. On average, sell-side analysts predict that McEwen will post 0.48 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in MUX. KBC Group NV acquired a new position in shares of McEwen during the 1st quarter worth $27,000. Global Retirement Partners LLC grew its stake in McEwen by 572.0% in the 3rd quarter. Global Retirement Partners LLC now owns 1,680 shares of the basic materials company’s stock valued at $30,000 after acquiring an additional 1,430 shares during the last quarter. Versant Capital Management Inc acquired a new stake in McEwen in the 3rd quarter valued at about $31,000. GAMMA Investing LLC grew its stake in McEwen by 170.2% in the 3rd quarter. GAMMA Investing LLC now owns 2,010 shares of the basic materials company’s stock valued at $36,000 after acquiring an additional 1,266 shares during the last quarter. Finally, Russell Investments Group Ltd. grew its stake in McEwen by 8.8% in the 3rd quarter. Russell Investments Group Ltd. now owns 9,667 shares of the basic materials company’s stock valued at $173,000 after acquiring an additional 779 shares during the last quarter. Hedge funds and other institutional investors own 17.03% of the company’s stock.

About McEwen

McEwen Inc., formerly known as McEwen Mining, is a metals exploration and mining company focused on gold, silver and copper. Its activities include operating mines, advancing development projects and exploring for additional mineral resources. The company’s assets and projects span the United States, Canada, Mexico and Argentina. Its portfolio includes gold and silver properties as well as the Los Azules copper project in Argentina, which is being advanced through its McEwen Copper subsidiary. McEwen was founded by Rob McEwen, who serves as the company’s chairman and chief executive officer.