McEwen Mining (NYSE:MUX) Lifted to “Hold” at Zacks Investment Research

McEwen Mining (NYSE:MUX) (TSE:MUX) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report released on Tuesday, Zacks.com reports.

According to Zacks, “U.S. GOLD CORP. is primarily engaged in the precious metal mining business in the continental United States, however, it may also evaluate properties outside the United States. “

A number of other research analysts also recently commented on MUX. ValuEngine raised shares of McEwen Mining from a “hold” rating to a “buy” rating in a research report on Monday, June 17th. HC Wainwright increased their price target on shares of McEwen Mining from $2.50 to $3.50 and gave the stock a “buy” rating in a research note on Monday, August 19th. One analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. McEwen Mining has a consensus rating of “Buy” and a consensus price target of $3.85.



Shares of NYSE MUX traded down $0.10 during mid-day trading on Tuesday, reaching $1.68. The company had a trading volume of 610,295 shares, compared to its average volume of 2,729,945. The company has a current ratio of 1.90, a quick ratio of 0.94 and a debt-to-equity ratio of 0.11. The firm has a 50 day simple moving average of $1.90 and a two-hundred day simple moving average of $1.65. The stock has a market cap of $620.85 million, a P/E ratio of -12.85 and a beta of -0.47. McEwen Mining has a 52-week low of $1.23 and a 52-week high of $2.44.

McEwen Mining (NYSE:MUX) (TSE:MUX) last posted its earnings results on Tuesday, July 30th. The basic materials company reported ($0.04) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.01) by ($0.03). The company had revenue of $36.38 million during the quarter, compared to analysts’ expectations of $34.92 million. McEwen Mining had a negative net margin of 55.09% and a negative return on equity of 11.81%. On average, equities analysts expect that McEwen Mining will post -0.07 EPS for the current year.

In related news, Director Richard W. Brissenden sold 25,000 shares of the stock in a transaction on Friday, August 9th. The shares were sold at an average price of $2.01, for a total transaction of $50,250.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. 22.70% of the stock is owned by corporate insiders.

A number of large investors have recently modified their holdings of MUX. Mercer Global Advisors Inc. ADV acquired a new stake in McEwen Mining during the 1st quarter worth $45,000. First Republic Investment Management Inc. boosted its stake in McEwen Mining by 39.1% during the 1st quarter. First Republic Investment Management Inc. now owns 35,050 shares of the basic materials company’s stock worth $53,000 after purchasing an additional 9,850 shares during the period. ETF Managers Group LLC boosted its stake in McEwen Mining by 12.4% during the 1st quarter. ETF Managers Group LLC now owns 616,366 shares of the basic materials company’s stock worth $925,000 after purchasing an additional 67,842 shares during the period. CIBC World Markets Inc. boosted its stake in McEwen Mining by 851.2% during the 1st quarter. CIBC World Markets Inc. now owns 1,017,215 shares of the basic materials company’s stock worth $1,526,000 after purchasing an additional 910,279 shares during the period. Finally, Pictet Asset Management Ltd. boosted its stake in McEwen Mining by 134.8% during the 1st quarter. Pictet Asset Management Ltd. now owns 24,732 shares of the basic materials company’s stock worth $37,000 after purchasing an additional 14,200 shares during the period. Hedge funds and other institutional investors own 25.42% 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.

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