Bank of Montreal Can Sells 79,336 Shares of McEwen Mining Inc (NYSE:MUX)

Bank of Montreal Can trimmed its holdings in McEwen Mining Inc (NYSE:MUX - Free Report) TSE: MUX by 66.9% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 39,330 shares of the basic materials company's stock after selling 79,336 shares during the period. Bank of Montreal Can owned 0.07% of McEwen Mining worth $306,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in the business. Geode Capital Management LLC lifted its position in shares of McEwen Mining by 2.9% in the fourth quarter. Geode Capital Management LLC now owns 484,792 shares of the basic materials company's stock valued at $3,774,000 after buying an additional 13,673 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. lifted its position in shares of McEwen Mining by 1.5% in 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 last quarter. U S Global Investors Inc. acquired a new stake in shares of McEwen Mining in the fourth quarter valued at approximately $2,557,000. Tidal Investments LLC lifted its position in shares of McEwen Mining by 1.8% in the third quarter. Tidal Investments LLC now owns 152,859 shares of the basic materials company's stock valued at $1,422,000 after buying an additional 2,632 shares during the last quarter. Finally, Empowered Funds LLC bought a new position in shares of McEwen Mining during the fourth quarter worth approximately $788,000. 17.03% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of brokerages have recently weighed in on MUX. StockNews.com lowered McEwen Mining from a "hold" rating to a "sell" rating in a research note on Wednesday, February 19th. Roth Mkm lowered their target price on McEwen Mining from $13.00 to $12.50 and set a "buy" rating on the stock in a research note on Friday, March 21st. Finally, HC Wainwright reiterated a "buy" rating and set a $18.00 target price on shares of McEwen Mining in a research note on Wednesday, March 19th.

McEwen Mining Price Performance

McEwen Mining stock traded down $0.16 during mid-day trading on Tuesday, reaching $7.67. 72,280 shares of the company were exchanged, compared to its average volume of 705,213. The company has a fifty day simple moving average of $7.50 and a 200-day simple moving average of $8.21. The firm has a market cap of $413.41 million, a PE ratio of 3.50 and a beta of 1.21. McEwen Mining Inc has a 12 month low of $6.38 and a 12 month high of $12.47. The company has a debt-to-equity ratio of 0.06, a current ratio of 1.17 and a quick ratio of 0.74.

McEwen Mining (NYSE:MUX - Get Free Report) TSE: MUX last issued its earnings results on Friday, March 14th. The basic materials company reported ($0.15) earnings per share for the quarter, missing analysts' consensus estimates of ($0.13) by ($0.02). The business had revenue of $33.52 million during the quarter, compared to analyst estimates of $32.20 million. McEwen Mining had a net margin of 51.31% and a return on equity of 20.77%. As a group, equities research analysts expect that McEwen Mining Inc will post -0.72 earnings per share for the current fiscal year.

McEwen Mining Company Profile

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.