McEwen Mining (NYSE:MUX) Lowered to Strong Sell at Zacks Investment Research

Zacks Investment Research downgraded shares of McEwen Mining (NYSE:MUX) (TSE:MUX) from a hold rating to a strong sell rating in a research report sent to investors on Thursday morning, 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. “

Separately, Roth Capital upped their target price on McEwen Mining from $1.90 to $2.00 and gave the stock a buy rating in a research note on Friday, January 8th.

Shares of MUX traded up $0.01 during mid-day trading on Thursday, hitting $1.16. The stock had a trading volume of 54,651 shares, compared to its average volume of 6,946,931. The firm has a market cap of $532.66 million, a P/E ratio of -2.96 and a beta of 0.97. The business has a fifty day moving average price of $1.11 and a 200-day moving average price of $1.07. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.60 and a quick ratio of 0.65. McEwen Mining has a 52 week low of $0.77 and a 52 week high of $1.60.

McEwen Mining (NYSE:MUX) (TSE:MUX) last released its quarterly earnings data on Thursday, March 11th. The basic materials company reported ($0.06) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.02) by ($0.04). McEwen Mining had a negative net margin of 140.63% and a negative return on equity of 16.86%. The company had revenue of $27.70 million for the quarter, compared to the consensus estimate of $28.40 million. As a group, research analysts expect that McEwen Mining will post -0.13 earnings per share for the current fiscal year.

Several institutional investors and hedge funds have recently bought and sold shares of MUX. JPMorgan Chase & Co. boosted its holdings in shares of McEwen Mining by 28,251.1% in the 3rd quarter. JPMorgan Chase & Co. now owns 26,083 shares of the basic materials company’s stock worth $28,000 after purchasing an additional 25,991 shares in the last quarter. Investors Asset Management of Georgia Inc. GA ADV boosted its holdings in McEwen Mining by 65.9% during the 1st quarter. Investors Asset Management of Georgia Inc. GA ADV now owns 27,700 shares of the basic materials company’s stock valued at $29,000 after acquiring an additional 11,000 shares during the period. Teacher Retirement System of Texas boosted its holdings in McEwen Mining by 57.5% during the 4th quarter. Teacher Retirement System of Texas now owns 31,738 shares of the basic materials company’s stock valued at $31,000 after acquiring an additional 11,585 shares during the period. Toroso Investments LLC bought a new position in McEwen Mining during the 4th quarter valued at approximately $37,000. Finally, Formidable Asset Management LLC bought a new position in shares of McEwen Mining in the 3rd quarter worth approximately $51,000. Hedge funds and other institutional investors own 16.02% 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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