McEwen (NYSE:MUX) Stock Price Expected to Rise, HC Wainwright Analyst Says

McEwen (NYSE:MUX) (TSE:MUX) had its target price upped by research analysts at HC Wainwright from $21.50 to $29.50 in a research report issued on Wednesday,Benzinga reports. The brokerage currently has a “buy” rating on the basic materials company’s stock. HC Wainwright’s price objective would suggest a potential upside of 31.14% from the company’s current price.

Several other research analysts have also issued reports on MUX. Roth Mkm reiterated a “buy” rating and issued a $30.00 price target (up from $23.00) on shares of McEwen in a research note on Friday, January 30th. Weiss Ratings raised shares of McEwen from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Wednesday, March 11th. Four equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $28.17.

McEwen Trading Down 0.8%

NYSE MUX opened at $22.50 on Wednesday. The firm has a market capitalization of $1.23 billion, a PE ratio of 38.13 and a beta of 1.11. The stock’s 50 day moving average is $24.90 and its 200 day moving average is $20.17. McEwen has a twelve month low of $6.38 and a twelve month high of $29.70. 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 posted its quarterly earnings data on Thursday, March 12th. The basic materials company reported $0.66 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.25 by $0.41. McEwen had a return on equity of 7.11% and a net margin of 17.43%.The business had revenue of $64.60 million during the quarter, compared to the consensus estimate of $72.83 million. Research analysts forecast that McEwen will post -0.72 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of MUX. CoreCap Advisors LLC bought a new position in shares of McEwen in the third quarter worth approximately $27,000. Parkside Financial Bank & Trust purchased a new position in McEwen in the 4th quarter worth approximately $37,000. Banque Cantonale Vaudoise purchased a new position in McEwen in the 4th quarter worth approximately $40,000. National Bank of Canada FI lifted its position in McEwen by 3,328.3% in the 3rd quarter. National Bank of Canada FI now owns 3,634 shares of the basic materials company’s stock valued at $62,000 after acquiring an additional 3,528 shares in the last quarter. Finally, Wells Fargo & Company MN boosted its stake in McEwen by 330.7% during the 4th quarter. Wells Fargo & Company MN now owns 4,105 shares of the basic materials company’s stock valued at $76,000 after purchasing an additional 3,152 shares during the last quarter. 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.