McEwen (NYSE:MUX) Price Target Raised to $29.50

McEwen (NYSE:MUX) (TSE:MUX) had its price objective hoisted by HC Wainwright from $21.50 to $29.50 in a research report report published on Wednesday morning,Benzinga reports. They currently have a buy rating on the basic materials company’s stock.

Several other brokerages also recently weighed in on MUX. Weiss Ratings raised shares of McEwen from a “sell (d+)” rating to a “hold (c-)” rating in a report on Wednesday, March 11th. Roth Mkm reissued a “buy” rating and set a $30.00 price target (up from $23.00) on shares of McEwen in a report on Friday, January 30th. Four research analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $29.83.

McEwen Price Performance

Shares of NYSE MUX opened at $18.48 on Wednesday. The stock has a fifty day moving average price of $24.86 and a 200 day moving average price of $20.21. McEwen has a 1-year low of $6.38 and a 1-year high of $29.70. The company has a debt-to-equity ratio of 0.23, a current ratio of 1.69 and a quick ratio of 1.58. The company has a market cap of $1.10 billion, a PE ratio of 31.32 and a beta of 1.11.

McEwen (NYSE:MUX) (TSE:MUX) last announced its quarterly earnings data on Thursday, March 12th. The basic materials company reported $0.66 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.25 by $0.41. The company had revenue of $64.60 million for the quarter, compared to analysts’ expectations of $72.83 million. McEwen had a net margin of 17.43% and a return on equity of 6.89%. Sell-side analysts forecast that McEwen will post -0.72 EPS for the current year.

Hedge Funds Weigh In On McEwen

A number of institutional investors and hedge funds have recently added to or reduced their stakes in MUX. Royal Bank of Canada grew 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 in the last quarter. Goldman Sachs Group Inc. boosted its stake in shares of McEwen by 44.2% during the 1st quarter. Goldman Sachs Group Inc. now owns 63,768 shares of the basic materials company’s stock valued at $481,000 after buying an additional 19,548 shares during the last quarter. Empowered Funds LLC grew its position in shares of McEwen by 105.4% during the first quarter. Empowered Funds LLC now owns 208,100 shares of the basic materials company’s stock worth $1,571,000 after buying an additional 106,800 shares in the last quarter. Geode Capital Management LLC increased its stake in shares of McEwen by 0.3% in the second quarter. Geode Capital Management LLC now owns 509,426 shares of the basic materials company’s stock worth $4,897,000 after buying an additional 1,585 shares during the last quarter. Finally, Catalyst Funds Management Pty Ltd bought a new stake in shares of McEwen in the second quarter worth $338,000. 17.03% of the stock is owned by hedge funds and other institutional investors.

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.