StockNews.com Lowers McEwen Mining (NYSE:MUX) to Sell

StockNews.com cut shares of McEwen Mining (NYSE:MUX) (TSE:MUX) from a hold rating to a sell rating in a research report released on Thursday morning.

A number of other brokerages have also issued reports on MUX. HC Wainwright upped their target price on shares of McEwen Mining from $13.00 to $15.00 and gave the stock a buy rating in a research report on Monday, May 13th. Roth Mkm reaffirmed a buy rating and set a $12.00 price objective (up previously from $11.00) on shares of McEwen Mining in a report on Friday, May 10th.

McEwen Mining Stock Down 0.9 %

Shares of MUX opened at $10.21 on Thursday. The company has a market capitalization of $520.40 million, a P/E ratio of 6.23 and a beta of 1.40. McEwen Mining has a one year low of $5.92 and a one year high of $12.50. The business’s 50 day simple moving average is $10.57 and its 200-day simple moving average is $9.13. The company has a debt-to-equity ratio of 0.08, a current ratio of 1.37 and a quick ratio of 0.85.

McEwen Mining (NYSE:MUX) (TSE:MUX) last issued its quarterly earnings data 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). The business had revenue of $41.23 million during the quarter, compared to the consensus estimate of $39.80 million. McEwen Mining had a net margin of 44.83% and a return on equity of 16.46%. As a group, sell-side analysts predict that McEwen Mining will post -0.7 EPS for the current fiscal year.

Insider Activity

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

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Van ECK Associates Corp raised its holdings in McEwen Mining by 1.0% in the first quarter. Van ECK Associates Corp now owns 2,050,635 shares of the basic materials company’s stock worth $20,219,000 after purchasing an additional 20,587 shares during the period. Mirae Asset Global Investments Co. Ltd. grew its stake in McEwen Mining by 3.8% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,103,550 shares of the basic materials company’s stock valued at $10,881,000 after acquiring an additional 40,205 shares during the period. Polunin Capital Partners Ltd bought a new stake in shares of McEwen Mining in the first quarter worth about $6,730,000. Vanguard Group Inc. increased its holdings in shares of McEwen Mining by 1.0% in the first quarter. Vanguard Group Inc. now owns 616,066 shares of the basic materials company’s stock worth $6,074,000 after acquiring an additional 6,082 shares in the last quarter. Finally, Tidal Investments LLC acquired a new stake in shares of McEwen Mining during the first quarter worth about $1,348,000. Institutional investors own 17.03% of the company’s stock.

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.