Bank of New York Mellon Corp Acquires Shares of 125,497 McEwen Inc. $MUX

Key Points

• Bank of New York Mellon acquired 125,497 McEwen shares worth approximately $2.28 million, representing about 0.21% of the company. Institutional investors collectively own 17.03% of MUX.
• Analyst sentiment is mixed: McEwen has an average rating of “Hold” and an average price target of $28, with ratings ranging from “Strong Sell” to “Buy.”
• McEwen’s latest quarterly results fell short of expectations, reporting $0.14 in EPS versus $0.28 expected and revenue of $59.23 million versus a $65.51 million consensus estimate.

Bank of New York Mellon Corp bought a new position in shares of McEwen Inc. (NYSE:MUX - Free Report) TSE: MUX during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm bought 125,497 shares of the basic materials company's stock, valued at approximately $2,275,000. Bank of New York Mellon Corp owned approximately 0.21% of McEwen as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently modified their holdings of MUX. State Street Corp boosted its stake in McEwen by 24.4% in the fourth quarter. State Street Corp now owns 2,190,605 shares of the basic materials company's stock valued at $40,548,000 after acquiring an additional 429,761 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in shares of McEwen by 38.2% during the 3rd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,959,913 shares of the basic materials company's stock worth $33,515,000 after acquiring an additional 541,890 shares during the period. Dimensional Fund Advisors LP grew its stake in shares of McEwen by 1.2% during the 3rd quarter. Dimensional Fund Advisors LP now owns 1,285,603 shares of the basic materials company's stock worth $21,982,000 after acquiring an additional 15,439 shares during the period. BNP Paribas Financial Markets increased its holdings in McEwen by 56.3% in the 4th quarter. BNP Paribas Financial Markets now owns 1,001,596 shares of the basic materials company's stock worth $18,540,000 after acquiring an additional 360,857 shares during the last quarter. Finally, Vanguard Group Inc. increased its holdings in McEwen by 3.1% in the 3rd quarter. Vanguard Group Inc. now owns 884,347 shares of the basic materials company's stock worth $15,122,000 after acquiring an additional 26,846 shares during the last quarter. 17.03% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities analysts have recently weighed in on the stock. Weiss Ratings reiterated a "hold (c)" rating on shares of McEwen in a research note on Friday, August 28th. HC Wainwright restated a "buy" rating and set a $28.00 price target (down from $29.50) on shares of McEwen in a research note on Friday, August 7th. Zacks Research downgraded shares of McEwen from a "hold" rating to a "strong sell" rating in a report on Wednesday, August 5th. Wall Street Zen lowered shares of McEwen from a "hold" rating to a "sell" rating in a research note on Saturday, August 8th. Finally, Roth Capital set a $31.00 price objective on shares of McEwen and gave the company a "buy" rating in a research note on Monday, August 10th. Three investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat.com, McEwen currently has an average rating of "Hold" and an average target price of $28.00.

Insider Buying and Selling

In other McEwen news, Director Richard Brissenden sold 3,275 shares of McEwen stock in a transaction that occurred on Monday, June 29th. The shares were sold at an average price of $18.13, for a total transaction of $59,375.75. Following the transaction, the director directly owned 18,022 shares of the company's stock, valued at approximately $326,738.86. This trade represents a 15.38% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 14.80% of the stock is owned by insiders.

McEwen Trading Down 0.2%

Shares of MUX stock opened at $20.02 on Tuesday. The company has a debt-to-equity ratio of 0.17, a quick ratio of 1.61 and a current ratio of 2.04. McEwen Inc. has a 52-week low of $13.05 and a 52-week high of $29.70. The company has a market capitalization of $1.23 billion, a PE ratio of 15.89 and a beta of 1.26. The business's fifty day moving average is $18.73 and its 200 day moving average is $20.98.

McEwen (NYSE:MUX - Get Free Report) TSE: MUX last issued its quarterly earnings results on Wednesday, August 5th. The basic materials company reported $0.14 EPS for the quarter, missing analysts' consensus estimates 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%. On average, equities research analysts anticipate that McEwen Inc. will post 0.8 EPS for the current fiscal year.

McEwen Company Profile

McEwen Mining Inc NYSE: MUX is a Canada-based precious metals company focused on the exploration, development and production of gold, silver and copper. Headquartered in Toronto, the company pursues a diversified portfolio of assets across the Americas, with operations and projects spanning Argentina, Mexico, Canada and the United States. McEwen Mining employs an integrated approach that combines in-house technical expertise with strategic partnerships to advance its assets from resource definition through to commercial production.

The company's flagship producing asset is the San José mine in Argentina, a high-grade silver-gold operation.

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