McEwen Inc. (NYSE:MUX) Receives $20.50 Average PT from Brokerages

McEwen Inc. (NYSE:MUX) (TSE:MUX) has been given an average recommendation of “Moderate Buy” by the six ratings firms that are presently covering the firm, Marketbeat Ratings reports. One research analyst has rated the stock with a sell rating, four have given a buy rating and one has issued a strong buy rating on the company. The average 12-month price objective among brokerages that have updated their coverage on the stock in the last year is $23.1667.

A number of brokerages have issued reports on MUX. Weiss Ratings restated a “sell (d+)” rating on shares of McEwen in a research note on Monday, December 29th. Roth Mkm reissued a “buy” rating and issued a $23.00 price target (up from $21.00) on shares of McEwen in a report on Wednesday, December 17th. HC Wainwright increased their price target on shares of McEwen from $17.00 to $21.50 and gave the company a “buy” rating in a research report on Friday, October 10th. Finally, Canaccord Genuity Group set a $25.00 price objective on shares of McEwen and gave the stock a “buy” rating in a research report on Wednesday, October 15th.

McEwen Price Performance

McEwen stock opened at $26.80 on Friday. McEwen has a 52 week low of $6.38 and a 52 week high of $27.00. The company’s 50 day moving average price is $19.72 and its two-hundred day moving average price is $16.22. The stock has a market cap of $1.46 billion, a P/E ratio of -121.80 and a beta of 1.08. The company has a quick ratio of 1.58, a current ratio of 2.10 and a debt-to-equity ratio of 0.26.

McEwen (NYSE:MUX) (TSE:MUX) last released its earnings results on Wednesday, November 5th. The basic materials company reported ($0.01) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.31 by ($0.32). The business had revenue of $50.53 million during the quarter, compared to the consensus estimate of $60.00 million. McEwen had a negative net margin of 7.16% and a negative return on equity of 2.45%. On average, equities analysts predict that McEwen will post -0.72 earnings per share for the current year.

Institutional Investors Weigh In On McEwen

A number of hedge funds have recently modified their holdings of the stock. Synergy Asset Management LLC purchased a new position in McEwen in the fourth quarter valued at approximately $13,547,000. Royal Bank of Canada lifted its position in shares of McEwen by 4,309.4% during the 1st quarter. Royal Bank of Canada now owns 638,871 shares of the basic materials company’s stock valued at $4,823,000 after buying an additional 624,382 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in shares of McEwen by 38.2% during the 3rd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,959,913 shares of the basic materials company’s stock worth $33,515,000 after acquiring an additional 541,890 shares during the period. JPMorgan Chase & Co. increased its holdings in McEwen by 231.6% in the 3rd quarter. JPMorgan Chase & Co. now owns 659,079 shares of the basic materials company’s stock worth $11,270,000 after acquiring an additional 460,308 shares during the last quarter. Finally, BNP Paribas Financial Markets increased its holdings in McEwen by 210.0% in the 3rd quarter. BNP Paribas Financial Markets now owns 640,739 shares of the basic materials company’s stock worth $10,957,000 after acquiring an additional 434,065 shares during the last quarter. Institutional investors own 17.03% of the company’s stock.

About McEwen

McEwen Mining Inc (NYSE: MUX) is a Canada-based precious metals company focused on the exploration, development and production of gold, silver and copper. Headquartered in Toronto, the company pursues a diversified portfolio of assets across the Americas, with operations and projects spanning Argentina, Mexico, Canada and the United States. McEwen Mining employs an integrated approach that combines in-house technical expertise with strategic partnerships to advance its assets from resource definition through to commercial production.

The company’s flagship producing asset is the San José mine in Argentina, a high-grade silver-gold operation.