McEwen (NYSE:MUX) Downgraded by Zacks Research to Strong Sell

McEwen (NYSE:MUX) (TSE:MUX) was downgraded by equities research analysts at Zacks Research from a “hold” rating to a “strong sell” rating in a research report issued to clients and investors on Wednesday, Zacks reports.

A number of other research firms have also recently issued reports on MUX. Weiss Ratings cut shares of McEwen from a “hold (c)” rating to a “hold (c-)” rating in a research report on Tuesday. HC Wainwright dropped their target price on shares of McEwen from $28.00 to $27.00 and set a “buy” rating for the company in a report on Tuesday. Wall Street Zen cut McEwen from a “hold” rating to a “sell” rating in a research note on Saturday, October 3rd. Finally, Roth Capital set a $31.00 target price on McEwen and gave the stock a “buy” rating in a research note on Monday, August 10th. Two investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $29.00.

McEwen Trading Down 5.8%

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

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

Institutional Trading of McEwen

Several large investors have recently added to or reduced their stakes in the stock. Private Advisor Group LLC boosted its stake in shares of McEwen by 26.6% during the 3rd quarter. Private Advisor Group LLC now owns 15,905 shares of the basic materials company’s stock valued at $284,000 after purchasing an additional 3,340 shares in the last quarter. Global Retirement Partners LLC increased its position in shares of McEwen by 572.0% during the third quarter. Global Retirement Partners LLC now owns 1,680 shares of the basic materials company’s stock valued at $30,000 after buying an additional 1,430 shares during the period. Russell Investments Group Ltd. increased its position in shares of McEwen by 8.8% during the third quarter. Russell Investments Group Ltd. now owns 9,667 shares of the basic materials company’s stock valued at $173,000 after buying an additional 779 shares during the period. StoneX Group Inc. bought a new position in McEwen in the third quarter worth about $285,000. Finally, North Star Investment Management Corp. raised its stake in McEwen by 3.5% in the third quarter. North Star Investment Management Corp. now owns 70,380 shares of the basic materials company’s stock worth $1,256,000 after buying an additional 2,380 shares in the last quarter. 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.