Shares of McEwen Mining Inc (NYSE:MUX) (TSE:MUX) dropped 0.6% on Friday . The company traded as low as $1.65 and last traded at $1.66, approximately 248,226 shares traded hands during mid-day trading. A decline of 93% from the average daily volume of 3,744,790 shares. The stock had previously closed at $1.67.
MUX has been the topic of a number of analyst reports. B. Riley initiated coverage on McEwen Mining in a research note on Tuesday, September 10th. They issued a “buy” rating and a $4.20 price target on the stock. ValuEngine upgraded shares of McEwen Mining from a “hold” rating to a “buy” rating in a research report on Monday, June 17th. Zacks Investment Research upgraded shares of McEwen Mining from a “sell” rating to a “hold” rating in a research report on Tuesday, September 10th. Finally, HC Wainwright upped their price objective on shares of McEwen Mining from $2.50 to $3.50 and gave the company a “buy” rating in a research report on Monday, August 19th. One investment analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. The company presently has a consensus rating of “Buy” and a consensus price target of $3.85.
The company has a debt-to-equity ratio of 0.11, a current ratio of 1.90 and a quick ratio of 0.94. The stock’s 50-day moving average is $1.89 and its 200 day moving average is $1.65.
In related news, Director Richard W. Brissenden sold 25,000 shares of the company’s stock in a transaction on Friday, August 9th. The shares were sold at an average price of $2.01, for a total value of $50,250.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. 22.70% of the stock is owned by corporate insiders.
Hedge funds have recently added to or reduced their stakes in the business. BlackRock Inc. grew its position in McEwen Mining by 4.7% in the 2nd quarter. BlackRock Inc. now owns 10,375,279 shares of the basic materials company’s stock worth $18,157,000 after purchasing an additional 466,681 shares in the last quarter. Morgan Stanley raised its holdings in McEwen Mining by 27.8% in 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 during the last quarter. Vanguard Group Inc. raised its holdings in McEwen Mining by 1.7% in the second quarter. Vanguard Group Inc. now owns 4,959,539 shares of the basic materials company’s stock worth $8,680,000 after buying an additional 82,979 shares during the last quarter. Charles Schwab Investment Management Inc. raised its holdings in McEwen Mining by 4.4% in the second quarter. Charles Schwab Investment Management Inc. now owns 1,076,222 shares of the basic materials company’s stock worth $1,884,000 after buying an additional 45,362 shares during the last quarter. Finally, CIBC World Markets Inc. raised its holdings in McEwen Mining by 851.2% in the first quarter. CIBC World Markets Inc. now owns 1,017,215 shares of the basic materials company’s stock worth $1,526,000 after buying an additional 910,279 shares during the last quarter. Hedge funds and other institutional investors own 25.42% of the company’s stock.
About McEwen Mining (NYSE:MUX)
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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