McEwen Mining (NYSE:MUX) Stock Price Up 6.5% – Time to Buy?

McEwen Mining Inc (NYSE:MUX) (TSE:MUX) shares shot up 6.5% during mid-day trading on Friday . The company traded as high as $10.80 and last traded at $10.79. 469,693 shares traded hands during trading, a decline of 30% from the average session volume of 666,445 shares. The stock had previously closed at $10.13.

Analyst Upgrades and Downgrades

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

McEwen Mining Price Performance

The company has a debt-to-equity ratio of 0.07, a current ratio of 1.68 and a quick ratio of 1.21. The firm has a market capitalization of $556.63 million, a PE ratio of 6.66 and a beta of 1.44. The business’s 50 day moving average is $9.34 and its two-hundred day moving average is $10.06.

McEwen Mining (NYSE:MUX) (TSE:MUX) last posted its quarterly earnings data on Wednesday, August 7th. The basic materials company reported ($0.26) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.22) by ($0.04). McEwen Mining had a return on equity of 18.08% and a net margin of 46.32%. The company had revenue of $47.48 million for the quarter, compared to the consensus estimate of $43.90 million. During the same period in the prior year, the firm posted ($0.46) earnings per share. As a group, research analysts anticipate that McEwen Mining Inc will post -0.73 EPS for the current year.

Institutional Investors Weigh In On McEwen Mining

Several hedge funds have recently added to or reduced their stakes in MUX. Tidal Investments LLC purchased a new position in shares of McEwen Mining during the 1st quarter valued at about $1,348,000. Susquehanna Fundamental Investments LLC bought a new stake in shares of McEwen Mining in the 1st quarter worth approximately $1,023,000. Van ECK Associates Corp boosted its stake in shares of McEwen Mining by 3.3% in the 2nd 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 in the last quarter. Renaissance Technologies LLC grew its holdings in shares of McEwen Mining by 41.3% during the 2nd quarter. Renaissance Technologies LLC now owns 196,910 shares of the basic materials company’s stock valued at $1,808,000 after purchasing an additional 57,600 shares during the last quarter. Finally, GSA Capital Partners LLP purchased a new position in McEwen Mining in the 1st quarter worth $529,000. 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.