McEwen Inc. $MUX Stock Position Increased by AlphaQuest LLC

Key Points

• AlphaQuest LLC significantly increased its holdings in McEwen Inc. by 1,840.5%, acquiring an additional 101,414 shares, resulting in total ownership of 106,924 shares valued at $807,000.
• A variety of institutional investors, including JPMorgan Chase & Co. and Dimensional Fund Advisors LP, also increased their stakes in McEwen during the fourth quarter, indicating growing institutional interest.
• McEwen Inc. reported a loss in earnings per share for the last quarter, missing estimates, and analysts forecast a negative EPS of -0.72 for the current year.

AlphaQuest LLC raised its position in McEwen Inc. (NYSE:MUX - Free Report) TSE: MUX by 1,840.5% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 106,924 shares of the basic materials company's stock after purchasing an additional 101,414 shares during the period. AlphaQuest LLC owned 0.20% of McEwen worth $807,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also recently bought and sold shares of MUX. Bank of America Corp DE lifted its position in shares of McEwen by 74.9% during the 4th quarter. Bank of America Corp DE now owns 115,080 shares of the basic materials company's stock worth $895,000 after buying an additional 49,301 shares during the last quarter. Susquehanna Fundamental Investments LLC purchased a new stake in McEwen during the 4th quarter valued at approximately $526,000. Northern Trust Corp raised its stake in McEwen by 16.4% during the 4th quarter. Northern Trust Corp now owns 161,972 shares of the basic materials company's stock valued at $1,260,000 after acquiring an additional 22,854 shares during the last quarter. Private Advisor Group LLC raised its position in McEwen by 16.6% during the 1st quarter. Private Advisor Group LLC now owns 14,743 shares of the basic materials company's stock worth $111,000 after buying an additional 2,098 shares during the last quarter. Finally, Dimensional Fund Advisors LP raised its position in McEwen by 369.3% during the 4th quarter. Dimensional Fund Advisors LP now owns 556,718 shares of the basic materials company's stock worth $4,331,000 after buying an additional 438,088 shares during the last quarter. Hedge funds and other institutional investors own 17.03% of the company's stock.

Analysts Set New Price Targets

MUX has been the topic of a number of research analyst reports. Roth Capital set a $15.00 price objective on shares of McEwen and gave the stock a "buy" rating in a report on Tuesday, July 1st. National Bankshares reaffirmed an "outperform" rating on shares of McEwen in a research note on Wednesday, July 16th. Wall Street Zen lowered McEwen from a "hold" rating to a "sell" rating in a research note on Thursday, May 22nd. Finally, HC Wainwright increased their price objective on shares of McEwen from $15.50 to $17.00 and gave the stock a "buy" rating in a report on Tuesday, July 29th. 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 Stock Performance

MUX stock traded up $0.02 during midday trading on Thursday, reaching $11.00. The company had a trading volume of 1,014,351 shares, compared to its average volume of 865,902. The company has a quick ratio of 1.82, a current ratio of 2.35 and a debt-to-equity ratio of 0.26. The firm has a market capitalization of $594.94 million, a PE ratio of -43.98 and a beta of 0.88. McEwen Inc. has a fifty-two week low of $6.38 and a fifty-two week high of $11.80. The stock has a 50 day moving average price of $10.58 and a 200 day moving average price of $8.74.

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

Insider Buying and Selling

In other McEwen news, Director Ian J. Ball sold 2,656 shares of the business's stock in a transaction dated 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 filing with the SEC, which is available through the SEC website. Insiders own 16.10% of the company's stock.

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.