Wall Street Zen Downgrades McEwen (NYSE:MUX) to Sell

Key Points

• Wall Street Zen downgraded McEwen to “sell” from “hold,” contrasting with the broader analyst consensus of “Moderate Buy” and a $28.00 price target.
• McEwen shares opened at $17.77, up 0.6%, but remain below their 50-day and 200-day moving averages. The stock has traded between $14.93 and $29.70 over the past year.
• The company’s latest quarterly results fell short of expectations, reporting EPS of $0.14 versus $0.28 expected and revenue of $59.23 million versus a $65.51 million consensus estimate.

McEwen (NYSE:MUX - Get Free Report) TSE: MUX was downgraded by equities research analysts at Wall Street Zen from a "hold" rating to a "sell" rating in a note issued to investors on Saturday, Wall Street Zen reports.

Other research analysts have also issued research reports about the stock. Zacks Research upgraded shares of McEwen from a "strong sell" rating to a "hold" rating in a research note on Friday, September 11th. Roth Capital set a $31.00 price objective on shares of McEwen and gave the company a "buy" rating in a report on Monday, August 10th. HC Wainwright reissued a "buy" rating and issued a $28.00 target price (down from $29.50) on shares of McEwen in a research report on Friday, August 7th. Finally, Weiss Ratings restated a "hold (c)" rating on shares of McEwen in a research note on Friday, August 28th. Three investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $28.00.

McEwen Stock Up 0.6%

Shares of NYSE MUX opened at $17.77 on Friday. McEwen has a 12-month low of $14.93 and a 12-month high of $29.70. The stock's fifty day simple moving average is $19.13 and its two-hundred day simple moving average is $20.09. The stock has a market capitalization of $1.09 billion, a PE ratio of 14.10 and a beta of 1.26. The company has a current ratio of 2.04, a quick ratio of 1.61 and a debt-to-equity ratio of 0.17.

McEwen (NYSE:MUX - Get Free Report) TSE: MUX last released its quarterly earnings results on Wednesday, August 5th. The basic materials company reported $0.14 EPS for the quarter, missing the consensus estimate of $0.28 by ($0.14). The company had revenue of $59.23 million during the quarter, compared to the consensus estimate of $65.51 million. McEwen had a return on equity of 13.48% and a net margin of 32.46%. As a group, analysts expect that McEwen will post 0.83 EPS for the current fiscal year.

Hedge Funds Weigh In On McEwen

Hedge funds have recently made changes to their positions in the company. Synergy Asset Management LLC boosted its holdings in McEwen by 31.6% in the 2nd quarter. Synergy Asset Management LLC now owns 803,122 shares of the basic materials company's stock valued at $14,561,000 after purchasing an additional 193,005 shares in the last quarter. Dimensional Fund Advisors LP raised its stake in shares of McEwen by 15.7% during the 1st quarter. Dimensional Fund Advisors LP now owns 1,269,760 shares of the basic materials company's stock worth $25,920,000 after buying an additional 172,687 shares in the last quarter. Winmill & CO. Inc. acquired a new stake in shares of McEwen in the 4th quarter valued at approximately $879,000. Bank of New York Mellon Corp acquired a new stake in shares of McEwen in the 2nd quarter valued at approximately $2,275,000. Finally, Marathon Trading Investment Management LLC purchased a new stake in shares of McEwen in the fourth quarter valued at approximately $3,522,000. Hedge funds and other institutional investors own 17.03% of the company's stock.

McEwen Company Profile

McEwen Inc NYSE: MUX, formerly known as McEwen Mining Inc, is a precious and base metals mining company focused on the exploration, development and production of gold, silver and copper. The company operates and develops mining projects in Canada, the United States and Argentina.

McEwen's principal gold assets include the Fox Complex in Ontario, Canada, and the Gold Bar mine in Nevada. The Fox Complex is an underground mining operation in the Timmins region, while Gold Bar is an open-pit, heap-leach operation in central Nevada.

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