B. Riley began coverage on shares of McEwen Mining (NYSE:MUX) (TSE:MUX) in a report released on Tuesday morning, BenzingaRatingsTable reports. The firm issued a buy rating and a $4.20 target price on the basic materials company’s stock. B. Riley also issued estimates for McEwen Mining’s Q3 2019 earnings at $0.00 EPS, Q4 2019 earnings at $0.00 EPS, FY2019 earnings at ($0.06) EPS, FY2020 earnings at $0.05 EPS and FY2021 earnings at $0.13 EPS.
MUX has been the topic of several other research reports. Zacks Investment Research upgraded McEwen Mining from a sell rating to a hold rating in a research report on Tuesday. HC Wainwright raised their price target on McEwen Mining from $2.50 to $3.50 and gave the stock a buy rating in a research report on Monday, August 19th. Finally, ValuEngine upgraded McEwen Mining from a hold rating to a buy rating in a research report on Monday, June 17th. One analyst has rated the stock with a hold rating and four have given a buy rating to the stock. McEwen Mining has an average rating of Buy and an average price target of $3.85.
MUX stock traded down $0.02 during trading hours on Tuesday, hitting $1.65. 154,053 shares of the stock were exchanged, compared to its average volume of 3,744,790. 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 market capitalization of $620.85 million, a P/E ratio of -13.08 and a beta of -0.47. The company has a 50-day simple moving average of $1.90 and a two-hundred day simple moving average of $1.65. McEwen Mining has a 12 month low of $1.23 and a 12 month high of $2.44.
In related news, Director Richard W. Brissenden sold 25,000 shares of the firm’s stock in a transaction on Friday, August 9th. The stock was sold at an average price of $2.01, for a total value of $50,250.00. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. 22.70% of the stock is currently owned by company insiders.
A number of institutional investors have recently added to or reduced their stakes in the business. River & Mercantile Asset Management LLP bought a new stake in shares of McEwen Mining during the second quarter valued at approximately $725,000. Cambridge Investment Research Advisors Inc. grew its holdings in McEwen Mining by 50.6% during the second quarter. Cambridge Investment Research Advisors Inc. now owns 65,943 shares of the basic materials company’s stock worth $115,000 after buying an additional 22,167 shares in the last quarter. Pictet Asset Management Ltd. grew its holdings in McEwen Mining by 50.0% during the second quarter. Pictet Asset Management Ltd. now owns 37,098 shares of the basic materials company’s stock worth $65,000 after buying an additional 12,366 shares in the last quarter. Price T Rowe Associates Inc. MD grew its holdings in McEwen Mining by 141.0% during the second quarter. Price T Rowe Associates Inc. MD now owns 418,292 shares of the basic materials company’s stock worth $732,000 after buying an additional 244,692 shares in the last quarter. Finally, Morgan Stanley grew its holdings in McEwen Mining by 27.8% during the second quarter. Morgan Stanley now owns 5,623,865 shares of the basic materials company’s stock worth $9,843,000 after buying an additional 1,221,713 shares in the last quarter. Hedge funds and other institutional investors own 25.42% of the company’s stock.
About McEwen Mining
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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