HC Wainwright Has Lowered Expectations for McEwen (NYSE:MUX) Stock Price

Key Points

• HC Wainwright lowered its price target for McEwen to $27 from $28 but maintained a Buy rating, implying about 105% upside from the prior closing price.
• McEwen’s latest quarter fell short of expectations, reporting a loss of $0.60 per share versus analysts’ forecast of $0.10 earnings, and revenue of $43.64 million versus $56.40 million expected.
• Shares fell to $13.19 on Tuesday. Analyst opinions are mixed, though MarketBeat reports an overall “Moderate Buy” rating and a $29 consensus price target.

McEwen (NYSE:MUX - Get Free Report) TSE: MUX had its price objective decreased by analysts at HC Wainwright from $28.00 to $27.00 in a research note issued to investors on Tuesday, Benzinga reports. The brokerage currently has a "buy" rating on the basic materials company's stock. HC Wainwright's price objective points to a potential upside of 104.69% from the company's previous close.

A number of other analysts have also commented on the company. Roth Capital set a $31.00 price objective on McEwen and gave the company a "buy" rating in a research note on Monday, August 10th. Weiss Ratings reiterated a "hold (c)" rating on shares of McEwen in a report on Friday, August 28th. Zacks Research upgraded shares of McEwen from a "strong sell" rating to a "hold" rating in a research note on Friday, September 11th. Finally, Wall Street Zen cut shares of McEwen from a "hold" rating to a "sell" rating in a report on Saturday, October 3rd. Two investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company's stock. According to MarketBeat, McEwen currently has an average rating of "Moderate Buy" and a consensus price target of $29.00.

McEwen Price Performance

Shares of NYSE:MUX traded down $3.04 on Tuesday, reaching $13.19. 1,136,498 shares of the company were exchanged, compared to its average volume of 1,155,350. The company has a current ratio of 2.04, a quick ratio of 1.61 and a debt-to-equity ratio of 0.17. The company has a 50-day moving average of $17.39 and a 200-day moving average of $20.57. McEwen has a 1-year low of $13.30 and a 1-year high of $29.70. The firm has a market cap of $809.39 million, a price-to-earnings ratio of 10.52 and a beta of 1.31.

McEwen (NYSE:MUX - Get Free Report) TSE: MUX last posted its quarterly earnings results on Monday, November 9th. The basic materials company reported ($0.60) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.10 by ($0.70). The company had revenue of $43.64 million for the quarter, compared to analyst estimates of $56.40 million. McEwen had a net margin of 32.46% and a return on equity of 13.48%. Equities analysts forecast that McEwen will post 0.83 earnings per share for the current fiscal year.

Institutional Trading of McEwen

Large investors have recently added to or reduced their stakes in the business. Bank of New York Mellon Corp lifted its holdings in shares of McEwen by 5.8% in the first quarter. Bank of New York Mellon Corp now owns 10,780 shares of the basic materials company's stock valued at $220,000 after buying an additional 589 shares during the period. Russell Investments Group Ltd. raised its holdings in shares of McEwen by 8.8% during the third quarter. Russell Investments Group Ltd. now owns 9,667 shares of the basic materials company's stock valued at $173,000 after acquiring an additional 779 shares during the period. GAMMA Investing LLC raised its stake in McEwen by 170.2% during the 3rd quarter. GAMMA Investing LLC now owns 2,010 shares of the basic materials company's stock valued at $36,000 after purchasing an additional 1,266 shares during the period. KBC Group NV purchased a new stake in McEwen in the 1st quarter worth about $27,000. Finally, Versant Capital Management Inc purchased a new position in McEwen during the third quarter valued at approximately $31,000. 17.03% of the stock is currently owned by institutional investors and hedge funds.

About McEwen

McEwen Inc, formerly known as McEwen Mining, is a metals exploration and mining company focused on gold, silver and copper. Its activities include operating mines, advancing development projects and exploring for additional mineral resources.

The company's assets and projects span the United States, Canada, Mexico and Argentina. Its portfolio includes gold and silver properties as well as the Los Azules copper project in Argentina, which is being advanced through its McEwen Copper subsidiary.

McEwen was founded by Rob McEwen, who serves as the company's chairman and chief executive officer.

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