McEwen (NYSE:MUX) Stock Passes Above Two Hundred Day Moving Average – Here’s What Happened

Shares of McEwen Inc. (NYSE:MUX) (TSE:MUX) crossed above its two hundred day moving average during trading on Friday . The stock has a two hundred day moving average of $22.06 and traded as high as $22.41. McEwen shares last traded at $21.9740, with a volume of 804,713 shares changing hands.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on MUX shares. Wall Street Zen lowered McEwen from a “buy” rating to a “hold” rating in a research report on Sunday, May 17th. HC Wainwright increased their target price on McEwen from $21.50 to $29.50 and gave the stock a “buy” rating in a research report on Wednesday, March 18th. Zacks Research raised McEwen from a “strong sell” rating to a “hold” rating in a research report on Monday, May 11th. Weiss Ratings raised McEwen from a “hold (c)” rating to a “hold (c+)” rating in a research report on Monday, May 18th. Finally, Roth Mkm increased their target price on McEwen from $30.00 to $35.00 and gave the stock a “buy” rating in a research report on Wednesday, March 18th. Four research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to MarketBeat.com, McEwen presently has a consensus rating of “Moderate Buy” and an average price target of $29.83.

McEwen Price Performance

The company has a market capitalization of $1.31 billion, a price-to-earnings ratio of 18.62 and a beta of 1.19. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.14 and a quick ratio of 0.81. The business has a fifty day moving average price of $22.23 and a 200 day moving average price of $22.06.

McEwen (NYSE:MUX) (TSE:MUX) last announced its earnings results on Thursday, March 12th. The basic materials company reported $0.66 earnings per share for the quarter, beating the consensus estimate of $0.25 by $0.41. McEwen had a return on equity of 13.65% and a net margin of 31.40%.The business had revenue of $64.60 million during the quarter, compared to analysts’ expectations of $72.83 million. On average, research analysts expect that McEwen Inc. will post 1.06 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the company. Bank of America Corp DE boosted its stake in McEwen by 1,347.7% during the first quarter. Bank of America Corp DE now owns 534,824 shares of the basic materials company’s stock valued at $10,921,000 after buying an additional 497,882 shares in the last quarter. California State Teachers Retirement System boosted its stake in McEwen by 45.7% during the first quarter. California State Teachers Retirement System now owns 60,857 shares of the basic materials company’s stock valued at $1,243,000 after buying an additional 19,077 shares in the last quarter. Empowered Funds LLC boosted its stake in McEwen by 6.1% during the first quarter. Empowered Funds LLC now owns 275,384 shares of the basic materials company’s stock valued at $5,623,000 after buying an additional 15,886 shares in the last quarter. Entropy Technologies LP bought a new position in McEwen during the first quarter valued at about $206,000. Finally, Healthcare of Ontario Pension Plan Trust Fund bought a new position in McEwen during the first quarter valued at about $271,000. Institutional investors own 17.03% of the company’s stock.

McEwen Company Profile

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.