McEwen Mining (NYSE:MUX) Upgraded by StockNews.com to “Hold”

StockNews.com upgraded shares of McEwen Mining (NYSE:MUX) (TSE:MUX) from a sell rating to a hold rating in a report published on Thursday.

Several other research firms have also weighed in on MUX. HC Wainwright boosted their target price on shares of McEwen Mining from $13.00 to $15.00 and gave the company a buy rating in a report on Monday, May 13th. Roth Mkm reiterated a buy rating and issued a $12.00 price objective (up from $11.00) on shares of McEwen Mining in a research report on Friday, May 10th. Finally, TheStreet upgraded McEwen Mining from a d rating to a c rating in a research report on Friday, March 1st.

McEwen Mining Trading Down 1.3 %

Shares of McEwen Mining stock opened at $9.14 on Thursday. The company has a debt-to-equity ratio of 0.08, a current ratio of 1.37 and a quick ratio of 0.85. The stock’s 50 day simple moving average is $10.95 and its 200-day simple moving average is $8.94. The stock has a market cap of $451.36 million, a P/E ratio of 5.57 and a beta of 1.51. McEwen Mining has a 1-year low of $5.92 and a 1-year high of $12.50.

McEwen Mining (NYSE:MUX) (TSE:MUX) last issued its earnings results on Wednesday, May 8th. The basic materials company reported ($0.41) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.03) by ($0.38). McEwen Mining had a net margin of 44.83% and a return on equity of 16.46%. The company had revenue of $41.23 million during the quarter, compared to analysts’ expectations of $39.80 million. Analysts predict that McEwen Mining will post -0.7 EPS for the current fiscal year.

Insider Transactions at McEwen Mining

In related news, CFO Perry Ing sold 23,332 shares of McEwen Mining stock in a transaction that occurred on Tuesday, June 18th. The shares were sold at an average price of $9.76, for a total value of $227,720.32. Following the completion of the sale, the chief financial officer now owns 15,551 shares in the company, valued at approximately $151,777.76. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, General Counsel Carmen L. Diges sold 17,066 shares of the stock in a transaction dated Friday, June 21st. The shares were sold at an average price of $9.44, for a total transaction of $161,103.04. Following the sale, the general counsel now owns 10,982 shares of the company’s stock, valued at $103,670.08. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Perry Ing sold 23,332 shares of McEwen Mining stock in a transaction that occurred on Tuesday, June 18th. The shares were sold at an average price of $9.76, for a total transaction of $227,720.32. Following the completion of the transaction, the chief financial officer now owns 15,551 shares of the company’s stock, valued at approximately $151,777.76. The disclosure for this sale can be found here. In the last three months, insiders have sold 42,901 shares of company stock worth $413,353. 17.11% of the stock is currently owned by insiders.

Institutional Investors Weigh In On McEwen Mining

A number of hedge funds have recently added to or reduced their stakes in the business. Connor Clark & Lunn Investment Management Ltd. increased its position in shares of McEwen Mining by 175.8% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 75,611 shares of the basic materials company’s stock worth $486,000 after acquiring an additional 48,192 shares during the period. Trexquant Investment LP grew its position in shares of McEwen Mining by 83.2% during the third quarter. Trexquant Investment LP now owns 90,262 shares of the basic materials company’s stock worth $587,000 after buying an additional 41,000 shares in the last quarter. Toronto Dominion Bank increased its stake in shares of McEwen Mining by 25.2% during the third quarter. Toronto Dominion Bank now owns 25,032 shares of the basic materials company’s stock worth $163,000 after buying an additional 5,032 shares during the period. Quadrature Capital Ltd acquired a new stake in McEwen Mining in the third quarter valued at approximately $72,000. Finally, Fifth Third Bancorp purchased a new position in McEwen Mining in the fourth quarter worth approximately $98,000. 17.03% of the stock is currently owned by institutional investors and hedge funds.

McEwen Mining Company Profile

McEwen Mining Inc engages in the exploration, development, production, and sale of gold and silver. It also explores for copper deposits. The company owns 100% interests in the El Gallo and Fenix projects located in Mexico; and the Black Fox Mine and Stock Mill, Grey Fox, and Froome and Tamarack properties in Canada.