McEwen (NYSE:MUX) Reaches New 1-Year High – Should You Buy?

Shares of McEwen Inc. (NYSE:MUX) (TSE:MUX) hit a new 52-week high during trading on Wednesday . The company traded as high as $29.56 and last traded at $28.9880, with a volume of 462865 shares trading hands. The stock had previously closed at $27.97.

Analyst Ratings Changes

A number of research analysts have recently issued reports on MUX shares. Canaccord Genuity Group set a $25.00 price objective on shares of McEwen and gave the company a “buy” rating in a report on Wednesday, October 15th. Roth Mkm reaffirmed a “buy” rating and issued a $23.00 price target (up previously from $21.00) on shares of McEwen in a research report on Wednesday, December 17th. HC Wainwright lifted their price target on McEwen from $17.00 to $21.50 and gave the company a “buy” rating in a research note on Friday, October 10th. Finally, Weiss Ratings restated a “sell (d+)” rating on shares of McEwen in a report on Monday, December 29th. One equities research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $23.17.

McEwen Stock Up 3.7%

The company has a current ratio of 2.10, a quick ratio of 1.58 and a debt-to-equity ratio of 0.26. The firm has a market capitalization of $1.58 billion, a P/E ratio of -132.02 and a beta of 1.08. The stock’s 50-day simple moving average is $20.13 and its 200-day simple moving average is $16.53.

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

Institutional Investors Weigh In On McEwen

Several large investors have recently made changes to their positions in MUX. Royal Bank of Canada boosted its holdings in shares of McEwen by 4,309.4% in the 1st quarter. Royal Bank of Canada now owns 638,871 shares of the basic materials company’s stock worth $4,823,000 after buying an additional 624,382 shares during the last quarter. Goldman Sachs Group Inc. raised its position in McEwen by 44.2% in the first quarter. Goldman Sachs Group Inc. now owns 63,768 shares of the basic materials company’s stock worth $481,000 after acquiring an additional 19,548 shares during the period. Empowered Funds LLC boosted its stake in McEwen by 105.4% in the first quarter. Empowered Funds LLC now owns 208,100 shares of the basic materials company’s stock valued at $1,571,000 after acquiring an additional 106,800 shares during the last quarter. Y Intercept Hong Kong Ltd bought a new position in shares of McEwen during the 2nd quarter valued at approximately $947,000. Finally, Campbell & CO Investment Adviser LLC bought a new position in shares of McEwen during the 2nd quarter valued at approximately $983,000. 17.03% of the stock is owned by hedge funds and other institutional investors.

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.