McEwen Mining Inc to Post FY2024 Earnings of ($0.58) Per Share, Roth Capital Forecasts (NYSE:MUX)

McEwen Mining Inc (NYSE:MUX) (TSE:MUX) – Equities researchers at Roth Capital upped their FY2024 earnings per share estimates for McEwen Mining in a report released on Monday, October 7th. Roth Capital analyst J. Reagor now forecasts that the basic materials company will post earnings of ($0.58) per share for the year, up from their previous estimate of ($0.73). The consensus estimate for McEwen Mining’s current full-year earnings is ($0.81) per share. Roth Capital also issued estimates for McEwen Mining’s Q4 2024 earnings at $0.03 EPS, Q1 2025 earnings at ($0.11) EPS, Q2 2025 earnings at ($0.12) EPS, Q3 2025 earnings at $0.04 EPS, Q4 2025 earnings at $0.03 EPS and FY2025 earnings at ($0.15) EPS.

McEwen Mining (NYSE:MUX) (TSE:MUX) last issued its quarterly earnings data on Wednesday, August 7th. The basic materials company reported ($0.26) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.22) by ($0.04). The business had revenue of $47.48 million for the quarter, compared to analyst estimates of $43.90 million. McEwen Mining had a return on equity of 18.08% and a net margin of 46.32%. During the same quarter in the prior year, the firm posted ($0.46) earnings per share.

Separately, StockNews.com cut McEwen Mining from a “hold” rating to a “sell” rating in a report on Thursday, July 11th.

McEwen Mining Price Performance

Shares of NYSE:MUX opened at $9.69 on Wednesday. McEwen Mining has a 12 month low of $5.92 and a 12 month high of $12.50. The stock has a market cap of $493.93 million, a price-to-earnings ratio of 5.91 and a beta of 1.44. The stock’s 50 day moving average price is $9.09 and its 200 day moving average price is $10.05. The company has a debt-to-equity ratio of 0.07, a current ratio of 1.68 and a quick ratio of 1.21.

Institutional Investors Weigh In On McEwen Mining

Several hedge funds and other institutional investors have recently added to or reduced their stakes in MUX. Cubist Systematic Strategies LLC increased its holdings in shares of McEwen Mining by 28.5% in the second quarter. Cubist Systematic Strategies LLC now owns 96,730 shares of the basic materials company’s stock valued at $888,000 after buying an additional 21,479 shares in the last quarter. Marshall Wace LLP bought a new position in shares of McEwen Mining in the second quarter valued at $214,000. Bank of Montreal Can increased its holdings in shares of McEwen Mining by 100.1% in the second quarter. Bank of Montreal Can now owns 82,905 shares of the basic materials company’s stock valued at $780,000 after buying an additional 41,480 shares in the last quarter. Plancorp LLC bought a new position in shares of McEwen Mining in the second quarter valued at $246,000. Finally, Renaissance Technologies LLC increased its holdings in shares of McEwen Mining by 41.3% in the second quarter. Renaissance Technologies LLC now owns 196,910 shares of the basic materials company’s stock valued at $1,808,000 after buying an additional 57,600 shares in the last quarter. Institutional investors own 17.03% of the company’s stock.

About McEwen Mining

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.