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

Key Points

• Zacks Research downgraded McEwen from “Hold” to “Strong Sell.” Other analyst opinions are mixed, and MarketBeat reports a consensus “Hold” rating with a $29 price target.
• McEwen shares fell 5.8% and opened at $11.97, close to their 12-month low of $11.94.
• The company reported quarterly EPS of -$0.60, missing the $0.09 consensus estimate, while revenue of $43.64 million slightly exceeded expectations of $43 million.

McEwen (NYSE:MUX - Get Free Report) TSE: MUX was downgraded by investment analysts at Zacks Research from a "hold" rating to a "strong sell" rating in a research report issued on Wednesday, Zacks reports.

MUX has been the topic of a number of other research reports. Weiss Ratings lowered shares of McEwen from a "hold (c)" rating to a "hold (c-)" rating in a report on Tuesday. Roth Capital set a $31.00 price target on shares of McEwen and gave the company a "buy" rating in a report on Monday, August 10th. HC Wainwright reduced their price target on shares of McEwen from $28.00 to $27.00 and set a "buy" rating for the company in a research report on Tuesday. Finally, Wall Street Zen lowered shares of McEwen from a "hold" rating to a "sell" rating in a research report on Saturday, October 3rd. Two equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus price target of $29.00.

McEwen Stock Down 5.8%

MUX stock opened at $11.97 on Wednesday. The company has a quick ratio of 1.61, a current ratio of 1.34 and a debt-to-equity ratio of 0.17. The firm has a market capitalization of $737.43 million, a PE ratio of 17.87 and a beta of 1.31. McEwen has a twelve month low of $11.94 and a twelve month high of $29.70. The stock has a 50-day simple moving average of $16.96 and a two-hundred day simple moving average of $20.37.

McEwen (NYSE:MUX - Get Free Report) TSE: MUX last announced 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 $0.09 by ($0.69). McEwen had a return on equity of 6.90% and a net margin of 18.41%. The firm had revenue of $43.64 million during the quarter, compared to analysts' expectations of $43.00 million. On average, equities analysts predict that McEwen will post 0.48 EPS for the current fiscal year.

Institutional Trading of McEwen

Hedge funds have recently made changes to their positions in the stock. Private Advisor Group LLC grew its position in McEwen by 26.6% during the third quarter. Private Advisor Group LLC now owns 15,905 shares of the basic materials company's stock valued at $284,000 after acquiring an additional 3,340 shares during the last quarter. Global Retirement Partners LLC lifted its holdings in shares of McEwen by 572.0% in the 3rd quarter. Global Retirement Partners LLC now owns 1,680 shares of the basic materials company's stock worth $30,000 after acquiring an additional 1,430 shares during the last quarter. Russell Investments Group Ltd. lifted its holdings in shares of McEwen by 8.8% in the 3rd quarter. Russell Investments Group Ltd. now owns 9,667 shares of the basic materials company's stock worth $173,000 after acquiring an additional 779 shares during the last quarter. StoneX Group Inc. bought a new stake in shares of McEwen in the 3rd quarter worth approximately $285,000. Finally, North Star Investment Management Corp. boosted its stake in shares of McEwen by 3.5% in the 3rd quarter. North Star Investment Management Corp. now owns 70,380 shares of the basic materials company's stock valued at $1,256,000 after purchasing an additional 2,380 shares in the last quarter. 17.03% of the stock is owned by institutional investors.

McEwen Company Profile

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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