Bridgeway Capital Management LLC Acquires 106,800 Shares of McEwen Inc. $MUX

Key Points

• Bridgeway Capital Management LLC increased its stake in McEwen Inc. by 39.4%, owning approximately 0.70% of the company worth about $2.86 million as of the latest SEC filing.
• Despite a recent earnings report showing a miss on EPS expectations, several analysts have provided varying ratings, including a "buy" rating from Roth Capital with a price target of $15.00.
• The stock has recently been trading around $13.56 with a market cap of $733.68 million, while analysts project a consensus target price of $14.83.

Bridgeway Capital Management LLC lifted its stake in shares of McEwen Inc. (NYSE:MUX - Free Report) TSE: MUX by 39.4% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 378,100 shares of the basic materials company's stock after purchasing an additional 106,800 shares during the period. Bridgeway Capital Management LLC owned approximately 0.70% of McEwen worth $2,855,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of MUX. Total Wealth Planning & Management Inc. acquired a new stake in shares of McEwen during the fourth quarter worth $96,000. SBI Securities Co. Ltd. raised its position in shares of McEwen by 9,935.0% during the first quarter. SBI Securities Co. Ltd. now owns 14,350 shares of the basic materials company's stock worth $108,000 after purchasing an additional 14,207 shares during the period. Private Advisor Group LLC raised its position in shares of McEwen by 16.6% during the first quarter. Private Advisor Group LLC now owns 14,743 shares of the basic materials company's stock worth $111,000 after purchasing an additional 2,098 shares during the period. Algert Global LLC acquired a new stake in shares of McEwen during the fourth quarter worth $294,000. Finally, Universal Beteiligungs und Servicegesellschaft mbH acquired a new stake in shares of McEwen during the first quarter worth $378,000. 17.03% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, Director Ian J. Ball sold 2,656 shares of the stock in a transaction that occurred on Tuesday, August 12th. The stock was sold at an average price of $10.49, for a total transaction of $27,861.44. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 16.10% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on the company. Roth Capital set a $15.00 target price on McEwen and gave the stock a "buy" rating in a research report on Tuesday, July 1st. National Bankshares restated an "outperform" rating on shares of McEwen in a research note on Wednesday, July 16th. Wall Street Zen downgraded McEwen from a "hold" rating to a "sell" rating in a research note on Thursday, May 22nd. Finally, HC Wainwright boosted 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. One research analyst has rated the stock with a Strong Buy rating and four have issued a Buy rating to the company's stock. According to MarketBeat.com, McEwen presently has an average rating of "Buy" and a consensus price target of $14.83.

McEwen Stock Up 0.6%

Shares of MUX traded up $0.08 during trading hours on Thursday, hitting $13.79. 1,001,912 shares of the company were exchanged, compared to its average volume of 925,647. The firm's 50 day moving average is $11.24 and its 200-day moving average is $9.12. McEwen Inc. has a 52 week low of $6.38 and a 52 week high of $14.29. The company has a market cap of $746.23 million, a PE ratio of -55.16 and a beta of 0.96. The company has a debt-to-equity ratio of 0.26, a quick ratio of 1.82 and a current ratio of 2.35.

McEwen (NYSE:MUX - Get Free Report) TSE: MUX last announced its 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 for the quarter, compared to the consensus estimate of $49.05 million. On average, equities research analysts forecast that McEwen Inc. will post -0.72 EPS for the current fiscal year.

About McEwen

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.