Van ECK Associates Corp Acquires 45,410 Shares of McEwen Mining Inc (NYSE:MUX)

Van ECK Associates Corp lifted its holdings in shares of McEwen Mining Inc (NYSE:MUX) (TSE:MUX) by 2.1% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 2,163,930 shares of the basic materials company’s stock after acquiring an additional 45,410 shares during the quarter. Van ECK Associates Corp’s holdings in McEwen Mining were worth $20,125,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Tidal Investments LLC purchased a new stake in shares of McEwen Mining in the first quarter worth $1,348,000. Susquehanna Fundamental Investments LLC purchased a new stake in shares of McEwen Mining in the first quarter worth $1,023,000. Renaissance Technologies LLC grew its stake in shares of McEwen Mining by 41.3% in the second quarter. Renaissance Technologies LLC now owns 196,910 shares of the basic materials company’s stock worth $1,808,000 after acquiring an additional 57,600 shares during the last quarter. GSA Capital Partners LLP purchased a new stake in shares of McEwen Mining in the first quarter worth $529,000. Finally, Bank of Montreal Can grew its stake in shares of McEwen Mining by 100.1% in the second quarter. Bank of Montreal Can now owns 82,905 shares of the basic materials company’s stock worth $780,000 after acquiring an additional 41,480 shares during the last quarter. 17.03% of the stock is owned by hedge funds and other institutional investors.

McEwen Mining Stock Down 1.7 %

NYSE MUX opened at $9.16 on Tuesday. The stock’s 50-day moving average price is $9.58 and its 200-day moving average price is $9.99. The company has a quick ratio of 1.21, a current ratio of 1.68 and a debt-to-equity ratio of 0.07. McEwen Mining Inc has a 52 week low of $5.92 and a 52 week high of $12.50. The company has a market capitalization of $467.80 million, a P/E ratio of 4.98 and a beta of 1.43.

McEwen Mining (NYSE:MUX) (TSE:MUX) last released its earnings results on Wednesday, August 7th. The basic materials company reported ($0.26) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.22) by ($0.04). The business had revenue of $47.48 million for the quarter, compared to analysts’ expectations of $43.90 million. McEwen Mining had a return on equity of 18.08% and a net margin of 46.32%. During the same quarter in the prior year, the business posted ($0.46) EPS. On average, equities research analysts predict that McEwen Mining Inc will post -0.73 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Separately, StockNews.com cut McEwen Mining from a “hold” rating to a “sell” rating in a research note on Thursday, July 11th.

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.