McEwen Mining Inc (NYSE:MUX) Shares Sold by State Street Corp

State Street Corp reduced its holdings in shares of McEwen Mining Inc (NYSE:MUX) (TSE:MUX) by 16.5% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 1,119,821 shares of the basic materials company’s stock after selling 221,114 shares during the quarter. State Street Corp owned 2.12% of McEwen Mining worth $10,414,000 as of its most recent SEC filing.

Other institutional investors have also recently added to or reduced their stakes in the company. Connor Clark & Lunn Investment Management Ltd. lifted its holdings in McEwen Mining by 66.5% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 393,719 shares of the basic materials company’s stock valued at $3,659,000 after acquiring an additional 157,300 shares during the last quarter. Renaissance Technologies LLC raised 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 during the last quarter. Private Advisor Group LLC acquired a new position in shares of McEwen Mining during the 3rd quarter worth about $99,000. Van ECK Associates Corp grew its holdings in McEwen Mining by 3.3% during the second quarter. Van ECK Associates Corp now owns 2,118,520 shares of the basic materials company’s stock valued at $19,448,000 after purchasing an additional 67,885 shares during the period. Finally, Custom Index Systems LLC bought a new position in McEwen Mining during the second quarter worth about $275,000. Institutional investors own 17.03% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on the company. HC Wainwright increased their target price on McEwen Mining from $15.00 to $19.00 and gave the stock a “buy” rating in a research note on Thursday, November 7th. Roth Mkm lowered their price target on shares of McEwen Mining from $12.75 to $12.25 and set a “buy” rating on the stock in a research note on Thursday, November 7th. Finally, StockNews.com downgraded McEwen Mining from a “hold” rating to a “sell” rating in a report on Saturday, November 30th.

McEwen Mining Price Performance

MUX stock opened at $8.05 on Friday. The company has a market capitalization of $426.05 million, a P/E ratio of 3.68 and a beta of 1.43. The company has a fifty day moving average price of $8.90 and a 200-day moving average price of $9.22. The company has a debt-to-equity ratio of 0.06, a quick ratio of 0.74 and a current ratio of 1.17. McEwen Mining Inc has a 52-week low of $5.92 and a 52-week high of $12.50.

McEwen Mining (NYSE:MUX) (TSE:MUX) last released its quarterly earnings data on Tuesday, November 5th. The basic materials company reported ($0.04) EPS for the quarter, missing the consensus estimate of $0.04 by ($0.08). The firm had revenue of $52.25 million for the quarter, compared to the consensus estimate of $48.60 million. McEwen Mining had a net margin of 51.31% and a return on equity of 20.77%. During the same quarter in the prior year, the firm earned ($0.39) EPS. As a group, equities analysts expect that McEwen Mining Inc will post -0.68 EPS for the current year.

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.