McEwen (NYSE:MUX) Issues Earnings Results, Misses Estimates By $0.14 EPS

McEwen (NYSE:MUX) (TSE:MUX) released its quarterly earnings data on Wednesday. The basic materials company reported $0.14 earnings per share for the quarter, missing analysts’ consensus estimates of $0.28 by ($0.14), FiscalAI reports. The company had revenue of $59.23 million for the quarter, compared to analyst estimates of $65.51 million. McEwen had a return on equity of 13.65% and a net margin of 31.40%.

McEwen Stock Down 7.1%

Shares of MUX stock traded down $1.41 during trading on Thursday, reaching $18.30. The company’s stock had a trading volume of 1,472,684 shares, compared to its average volume of 1,173,556. McEwen has a 1-year low of $9.82 and a 1-year high of $29.70. The stock’s 50-day moving average price is $18.49 and its 200 day moving average price is $21.90. The company has a market capitalization of $1.09 billion, a price-to-earnings ratio of 15.51 and a beta of 1.23. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.14 and a quick ratio of 0.81.

Insider Buying and Selling at McEwen

In related news, Director Richard W. Brissenden sold 3,275 shares of McEwen stock in a transaction on Monday, June 29th. The stock was sold at an average price of $18.13, for a total value of $59,375.75. Following the completion of the transaction, the director directly owned 18,022 shares in the company, valued at approximately $326,738.86. This trade represents a 15.38% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 14.80% of the company’s stock.

Institutional Investors Weigh In On McEwen

Large investors have recently modified their holdings of the company. Parkside Financial Bank & Trust acquired a new stake in shares of McEwen in the 4th quarter valued at $37,000. National Bank of Canada FI grew its stake in shares of McEwen by 3,328.3% during the third quarter. National Bank of Canada FI now owns 3,634 shares of the basic materials company’s stock worth $62,000 after purchasing an additional 3,528 shares in the last quarter. Wells Fargo & Company MN increased its holdings in McEwen by 330.7% in the fourth quarter. Wells Fargo & Company MN now owns 4,105 shares of the basic materials company’s stock valued at $76,000 after buying an additional 3,152 shares during the last quarter. Tower Research Capital LLC TRC increased its holdings in McEwen by 17,204.9% in the second quarter. Tower Research Capital LLC TRC now owns 10,556 shares of the basic materials company’s stock valued at $101,000 after buying an additional 10,495 shares during the last quarter. Finally, XTX Topco Ltd acquired a new stake in McEwen in the second quarter valued at $141,000. 17.03% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research analysts have recently weighed in on MUX shares. Weiss Ratings cut shares of McEwen from a “hold (c+)” rating to a “hold (c)” rating in a research report on Tuesday, June 2nd. Wall Street Zen downgraded shares of McEwen from a “buy” rating to a “hold” rating in a research note on Sunday, May 17th. Finally, Zacks Research raised shares of McEwen from a “strong sell” rating to a “hold” rating in a research note on Monday, May 11th. Three investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat, McEwen has a consensus rating of “Moderate Buy” and an average target price of $29.83.

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.