Cubist Systematic Strategies LLC purchased a new stake in shares of McEwen Mining Inc (NYSE:MUX) (TSE:MUX) in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 52,609 shares of the basic materials company’s stock, valued at approximately $109,000.

Several other hedge funds have also recently added to or reduced their stakes in MUX. Schwab Charles Investment Management Inc. lifted its position in shares of McEwen Mining by 39.9% during the first quarter. Schwab Charles Investment Management Inc. now owns 843,671 shares of the basic materials company’s stock valued at $1,755,000 after buying an additional 240,730 shares during the last quarter. BlackRock Inc. lifted its position in shares of McEwen Mining by 1.2% during the first quarter. BlackRock Inc. now owns 9,560,287 shares of the basic materials company’s stock valued at $19,885,000 after buying an additional 111,022 shares during the last quarter. JPMorgan Chase & Co. lifted its position in shares of McEwen Mining by 15.5% during the first quarter. JPMorgan Chase & Co. now owns 3,273,758 shares of the basic materials company’s stock valued at $6,809,000 after buying an additional 438,935 shares during the last quarter. ETF Managers Group LLC purchased a new stake in shares of McEwen Mining during the first quarter valued at about $1,081,000. Finally, Jane Street Group LLC purchased a new stake in shares of McEwen Mining during the first quarter valued at about $646,000. 30.53% of the stock is owned by institutional investors and hedge funds.

MUX opened at $2.16 on Friday. McEwen Mining Inc has a 52-week low of $1.82 and a 52-week high of $2.55. The stock has a market cap of $654.32 million, a PE ratio of -72.00 and a beta of -1.20.

McEwen Mining (NYSE:MUX) (TSE:MUX) last posted its quarterly earnings data on Wednesday, August 1st. The basic materials company reported ($0.02) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.01) by ($0.01). McEwen Mining had a negative net margin of 14.56% and a negative return on equity of 2.68%. The company had revenue of $34.18 million for the quarter, compared to analyst estimates of $28.55 million. Sell-side analysts forecast that McEwen Mining Inc will post -0.04 EPS for the current year.

Several equities analysts have recently issued reports on the stock. HC Wainwright set a $5.00 price objective on shares of McEwen Mining and gave the company a “buy” rating in a report on Thursday, July 26th. Zacks Investment Research downgraded shares of McEwen Mining from a “hold” rating to a “strong sell” rating in a report on Saturday, August 4th. Two analysts have rated the stock with a sell rating and three have assigned a buy rating to the company’s stock. McEwen Mining has a consensus rating of “Hold” and a consensus target price of $4.00.

McEwen Mining Company Profile

McEwen Mining Inc engages in the exploration, development, production, and sale of gold and silver. The company owns 100% interests in the El Gallo 1 mine and El Gallo 2 project in the state of Sinaloa, Mexico; and the Black Fox Complex, Buffalo Ankerite, Fuller, Davidson Tisdale, and Black Fox North properties in Canada.

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Institutional Ownership by Quarter for McEwen Mining (NYSE:MUX)

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