Algert Global LLC Makes New Investment in McEwen Mining Inc (NYSE:MUX)

Algert Global LLC purchased a new position in shares of McEwen Mining Inc (NYSE:MUX - Free Report) TSE: MUX in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 37,740 shares of the basic materials company's stock, valued at approximately $294,000. Algert Global LLC owned about 0.07% of McEwen Mining as of its most recent SEC filing.

Several other hedge funds have also recently modified their holdings of MUX. Empowered Funds LLC acquired a new stake in McEwen Mining during the 4th quarter worth $788,000. Private Advisor Group LLC lifted its holdings in shares of McEwen Mining by 18.8% in the fourth quarter. Private Advisor Group LLC now owns 12,645 shares of the basic materials company's stock valued at $98,000 after purchasing an additional 2,000 shares in the last quarter. Sprott Inc. purchased a new stake in shares of McEwen Mining in the fourth quarter valued at about $100,000. U S Global Investors Inc. purchased a new stake in shares of McEwen Mining in the fourth quarter valued at about $2,557,000. Finally, Connor Clark & Lunn Investment Management Ltd. lifted its stake in shares of McEwen Mining by 1.5% during the fourth quarter. Connor Clark & Lunn Investment Management Ltd. now owns 399,519 shares of the basic materials company's stock valued at $3,103,000 after buying an additional 5,800 shares during the period. Institutional investors and hedge funds own 17.03% of the company's stock.

Wall Street Analysts Forecast Growth

MUX has been the subject of several research analyst reports. HC Wainwright dropped their price target on shares of McEwen Mining from $18.00 to $15.50 and set a "buy" rating for the company in a research report on Friday, May 9th. StockNews.com raised shares of McEwen Mining from a "sell" rating to a "hold" rating in a report on Wednesday. National Bank Financial upgraded shares of McEwen Mining to a "strong-buy" rating in a research report on Tuesday, April 29th. Finally, Roth Mkm lowered their price objective on shares of McEwen Mining from $13.00 to $12.50 and set a "buy" rating on the stock in a research note on Friday, March 21st.

McEwen Mining Price Performance

NYSE MUX traded down $0.02 on Friday, hitting $7.15. 424,208 shares of the company were exchanged, compared to its average volume of 691,421. The company has a current ratio of 1.17, a quick ratio of 0.74 and a debt-to-equity ratio of 0.06. McEwen Mining Inc has a 1-year low of $6.38 and a 1-year high of $12.45. The company has a market cap of $385.74 million, a P/E ratio of 3.26 and a beta of 0.93. The firm has a 50 day moving average of $7.60 and a two-hundred day moving average of $7.93.

McEwen Mining (NYSE:MUX - Get Free Report) TSE: MUX last announced its quarterly earnings results on Wednesday, May 7th. The basic materials company reported ($0.12) EPS for the quarter, beating analysts' consensus estimates of ($0.14) by $0.02. McEwen Mining had a return on equity of 20.77% and a net margin of 51.31%. The company had revenue of $35.70 million during the quarter, compared to analysts' expectations of $39.06 million. On average, equities analysts predict that McEwen Mining Inc will post -0.72 EPS for the current year.

About McEwen Mining

McEwen Mining Inc engages in the exploration, development, production, and sale of gold and silver. It also explores for copper deposits. The company owns 100% interests in the El Gallo and Fenix projects located in Mexico; and the Black Fox Mine and Stock Mill, Grey Fox, and Froome and Tamarack properties in Canada.