Algert Global LLC Purchases 54,780 Shares of McEwen Inc. $MUX

Key Points

• Algert Global LLC increased its stake in McEwen Inc. by 145.2%, owning a total of 92,520 shares valued at $699,000 after purchasing an additional 54,780 shares during the first quarter.
• Several other institutional investors also significantly boosted their positions in McEwen, with JPMorgan Chase & Co. raising their stake by an astounding 282,420.0% in the fourth quarter.
• Despite increased institutional investment, McEwen's recent earnings report showed a loss of $0.06 EPS, missing expectations, and the company's stock is currently down 0.8% at $10.86 per share.

Algert Global LLC increased its position in McEwen Inc. (NYSE:MUX - Free Report) TSE: MUX by 145.2% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 92,520 shares of the basic materials company's stock after buying an additional 54,780 shares during the period. Algert Global LLC owned 0.17% of McEwen worth $699,000 at the end of the most recent reporting period.

Other large investors also recently made changes to their positions in the company. Aquatic Capital Management LLC grew its stake in shares of McEwen by 357.9% in the 4th quarter. Aquatic Capital Management LLC now owns 7,327 shares of the basic materials company's stock valued at $57,000 after buying an additional 5,727 shares during the period. Total Wealth Planning & Management Inc. acquired a new stake in shares of McEwen in the 4th quarter valued at about $96,000. SBI Securities Co. Ltd. grew its stake in shares of McEwen by 9,935.0% in the 1st quarter. SBI Securities Co. Ltd. now owns 14,350 shares of the basic materials company's stock valued at $108,000 after buying an additional 14,207 shares during the period. Private Advisor Group LLC grew its stake in shares of McEwen by 16.6% in the 1st quarter. Private Advisor Group LLC now owns 14,743 shares of the basic materials company's stock valued at $111,000 after buying an additional 2,098 shares during the period. Finally, JPMorgan Chase & Co. grew its stake in shares of McEwen by 282,420.0% in the 4th quarter. JPMorgan Chase & Co. now owns 42,378 shares of the basic materials company's stock valued at $330,000 after buying an additional 42,363 shares during the period. 17.03% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at McEwen

In other McEwen news, Director Ian J. Ball sold 2,656 shares of McEwen stock in a transaction that occurred on Tuesday, August 12th. The shares were sold at an average price of $10.49, for a total transaction of $27,861.44. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 16.10% of the stock is currently owned by corporate insiders.

McEwen Stock Up 0.9%

NYSE MUX traded up $0.10 during trading hours on Friday, hitting $11.10. The company's stock had a trading volume of 72,432 shares, compared to its average volume of 860,956. McEwen Inc. has a 52 week low of $6.38 and a 52 week high of $11.80. The company has a market capitalization of $600.84 million, a PE ratio of -44.28 and a beta of 0.88. The company has a current ratio of 2.35, a quick ratio of 1.82 and a debt-to-equity ratio of 0.26. The company's 50-day simple moving average is $10.61 and its two-hundred day simple moving average is $8.76.

McEwen (NYSE:MUX - Get Free Report) TSE: MUX last announced its quarterly earnings results on Wednesday, August 6th. The basic materials company reported $0.06 earnings per share for the quarter, missing the consensus estimate of $0.09 by ($0.03). McEwen had a negative net margin of 8.05% and a negative return on equity of 2.76%. The business had revenue of $46.70 million during the quarter, compared to the consensus estimate of $49.05 million. Research analysts anticipate that McEwen Inc. will post -0.72 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several analysts have recently commented on MUX shares. HC Wainwright raised their target price on McEwen from $15.50 to $17.00 and gave the company a "buy" rating in a research note on Tuesday, July 29th. National Bankshares restated an "outperform" rating on shares of McEwen in a research note on Wednesday, July 16th. Wall Street Zen cut shares of McEwen from a "hold" rating to a "sell" rating in a research report on Thursday, May 22nd. Finally, Roth Capital set a $15.00 price target on shares of McEwen and gave the company a "buy" rating in a research report on Tuesday, July 1st. One analyst has rated the stock with a Strong Buy rating and four have issued a Buy rating to the stock. According to MarketBeat, the company has an average rating of "Buy" and a consensus target price of $14.83.

McEwen 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.