McEwen (NYSE:MUX) Cut to Strong Sell at Zacks Research

McEwen (NYSE:MUX) (TSE:MUX) was downgraded by research analysts at Zacks Research from a “hold” rating to a “strong sell” rating in a report issued on Wednesday,Zacks.com reports.

Several other equities analysts have also weighed in on the stock. Weiss Ratings lowered shares of McEwen from a “hold (c+)” rating to a “hold (c)” rating in a report on Tuesday, June 2nd. Wall Street Zen downgraded shares of McEwen from a “buy” rating to a “hold” rating in a report on Sunday, May 17th. Three analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $29.83.

McEwen Stock Down 7.1%

Shares of MUX stock opened at $18.30 on Wednesday. The stock has a 50 day moving average of $18.42 and a 200 day moving average of $21.86. The company has a current ratio of 1.14, a quick ratio of 0.81 and a debt-to-equity ratio of 0.19. The stock has a market cap of $1.09 billion, a P/E ratio of 14.53 and a beta of 1.23. McEwen has a twelve month low of $9.82 and a twelve month high of $29.70.

McEwen (NYSE:MUX) (TSE:MUX) last announced its quarterly earnings results on Wednesday, August 5th. The basic materials company reported $0.14 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.28 by ($0.14). McEwen had a net margin of 32.46% and a return on equity of 14.34%. The company had revenue of $59.23 million during the quarter, compared to analyst estimates of $65.51 million. As a group, sell-side analysts expect that McEwen will post 1.01 EPS for the current year.

Insider Transactions at McEwen

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

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in the business. KBC Group NV purchased a new position in shares of McEwen during the 1st quarter valued at approximately $27,000. Leonteq Securities AG purchased a new stake in McEwen in the 1st quarter worth $31,000. Parkside Financial Bank & Trust purchased a new stake in McEwen in the 4th quarter worth $37,000. Banque Cantonale Vaudoise acquired a new position in McEwen during the fourth quarter worth $40,000. Finally, National Bank of Canada FI raised its position in 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 acquiring an additional 3,528 shares during the period. 17.03% of the stock is owned by institutional investors and hedge funds.

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.