Short Interest in McEwen Mining Inc (MUX) Grows By 9.9%

McEwen Mining Inc (NYSE:MUX) (TSE:MUX) was the recipient of a large growth in short interest in the month of March. As of March 29th, there was short interest totalling 50,599,841 shares, a growth of 9.9% from the March 15th total of 46,043,506 shares. Currently, 19.1% of the shares of the company are short sold. Based on an average daily volume of 2,620,748 shares, the short-interest ratio is presently 19.3 days.

MUX has been the subject of a number of recent research reports. Zacks Investment Research raised shares of McEwen Mining from a “strong sell” rating to a “hold” rating in a report on Wednesday, January 2nd. ValuEngine downgraded shares of McEwen Mining from a “buy” rating to a “hold” rating in a report on Monday, February 4th. Cantor Fitzgerald downgraded shares of McEwen Mining from an “overweight” rating to a “neutral” rating in a report on Friday, March 8th. Finally, HC Wainwright set a $4.00 price objective on shares of McEwen Mining and gave the company a “buy” rating in a report on Wednesday, January 16th. One analyst has rated the stock with a sell rating and three have assigned a buy rating to the company. The stock currently has a consensus rating of “Buy” and a consensus price target of $4.00.

NYSE MUX opened at $1.42 on Tuesday. The company has a quick ratio of 1.04, a current ratio of 1.65 and a debt-to-equity ratio of 0.11. The stock has a market capitalization of $493.19 million, a price-to-earnings ratio of -10.92 and a beta of -0.72. McEwen Mining has a 12-month low of $1.35 and a 12-month high of $2.52.



McEwen Mining (NYSE:MUX) (TSE:MUX) last issued its quarterly earnings results on Thursday, February 21st. The basic materials company reported ($0.06) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.04) by ($0.02). McEwen Mining had a negative return on equity of 8.53% and a negative net margin of 35.32%. The firm had revenue of $26.46 million for the quarter, compared to the consensus estimate of $18.03 million. On average, research analysts forecast that McEwen Mining will post -0.04 EPS for the current fiscal year.

Institutional investors have recently modified their holdings of the company. BlackRock Inc. lifted its holdings in shares of McEwen Mining by 5.3% during the 3rd quarter. BlackRock Inc. now owns 9,956,020 shares of the basic materials company’s stock worth $19,314,000 after acquiring an additional 501,118 shares during the period. PEAK6 Investments LLC bought a new stake in shares of McEwen Mining during the 4th quarter worth approximately $30,000. Morgan Stanley lifted its holdings in shares of McEwen Mining by 42.2% during the 3rd quarter. Morgan Stanley now owns 3,408,912 shares of the basic materials company’s stock worth $6,614,000 after acquiring an additional 1,011,428 shares during the period. Alps Advisors Inc. lifted its holdings in shares of McEwen Mining by 20.8% during the 4th quarter. Alps Advisors Inc. now owns 1,357,467 shares of the basic materials company’s stock worth $2,471,000 after acquiring an additional 233,963 shares during the period. Finally, Toronto Dominion Bank lifted its holdings in shares of McEwen Mining by 147.1% during the 4th quarter. Toronto Dominion Bank now owns 64,000 shares of the basic materials company’s stock worth $117,000 after acquiring an additional 38,102 shares during the period. 27.13% of the stock is owned by institutional investors.

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McEwen Mining Company Profile

McEwen Mining, Inc is a mining and minerals production and exploration company, which focuses on base metals in Argentina, Mexico and the United States. It operates through the following geographical segments: Mexico, MSC, Nevada, Los Azules, Canada and Other. The company was founded on July 24, 1979 and is headquartered in Toronto, Canada.

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