McEwen Mining Sees Unusually Large Options Volume (NYSE:MUX)

McEwen Mining Inc (NYSE:MUX) (TSE:MUX) was the recipient of some unusual options trading activity on Thursday. Investors acquired 3,451 call options on the company. This is an increase of 443% compared to the typical daily volume of 636 call options.

McEwen Mining Stock Performance

Shares of NYSE:MUX opened at $7.49 on Friday. The company has a market cap of $396.20 million, a P/E ratio of 3.42 and a beta of 1.39. McEwen Mining has a one year low of $6.46 and a one year high of $12.50. The business’s 50-day simple moving average is $7.80 and its 200 day simple moving average is $8.60. 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 (NYSE:MUX) (TSE:MUX) last posted its quarterly earnings data on Thursday, March 20th. The basic materials company reported ($0.15) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.13) by ($0.02). McEwen Mining had a net margin of 51.31% and a return on equity of 20.77%. On average, sell-side analysts forecast that McEwen Mining will post -0.72 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

MUX has been the subject of several recent research reports. HC Wainwright dropped their price objective on shares of McEwen Mining from $19.00 to $18.00 and set a “buy” rating for the company in a research report on Thursday, January 30th. StockNews.com cut shares of McEwen Mining from a “hold” rating to a “sell” rating in a research report on Wednesday, February 19th.

Hedge Funds Weigh In On McEwen Mining

A number of institutional investors and hedge funds have recently added to or reduced their stakes in MUX. GSA Capital Partners LLP acquired a new position in shares of McEwen Mining in the third quarter worth about $457,000. Quest Partners LLC bought a new stake in shares of McEwen Mining in the 3rd quarter worth about $166,000. Connor Clark & Lunn Investment Management Ltd. increased its holdings in McEwen Mining by 66.5% in the third 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 buying an additional 157,300 shares during the last quarter. Quantbot Technologies LP bought a new stake in McEwen Mining in the third quarter valued at about $230,000. Finally, PDT Partners LLC acquired a new stake in McEwen Mining during the third quarter valued at approximately $101,000. 17.03% of the stock is owned by hedge funds and other institutional investors.

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.