Goldman Sachs Group Inc. Acquires 19,548 Shares of McEwen Inc. $MUX

Key Points

• Goldman Sachs Group Inc. increased its holdings in McEwen Inc. by 44.2% during Q1, acquiring an additional 19,548 shares, bringing its total to 63,768 shares valued at $481,000.
• Multiple institutional investors, including Bank of America and Northern Trust Corp, have significantly boosted their positions in McEwen, contributing to institutional ownership currently at 17.03%.
• Wall Street analysts maintain an average rating of "Buy" for McEwen, with a recent price target increase from $15.50 to $17.00 by HC Wainwright, indicating strong investor confidence in the company's growth prospects.

Goldman Sachs Group Inc. raised its holdings in McEwen Inc. (NYSE:MUX - Free Report) TSE: MUX by 44.2% during the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 63,768 shares of the basic materials company's stock after buying an additional 19,548 shares during the quarter. Goldman Sachs Group Inc. owned about 0.12% of McEwen worth $481,000 at the end of the most recent quarter.

Other large investors have also recently made changes to their positions in the company. Bank of America Corp DE boosted its position in shares of McEwen by 74.9% during the fourth quarter. Bank of America Corp DE now owns 115,080 shares of the basic materials company's stock valued at $895,000 after purchasing an additional 49,301 shares in the last quarter. Northern Trust Corp boosted its position in shares of McEwen by 16.4% during the fourth quarter. Northern Trust Corp now owns 161,972 shares of the basic materials company's stock valued at $1,260,000 after purchasing an additional 22,854 shares in the last quarter. Private Advisor Group LLC boosted 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 valued at $111,000 after purchasing an additional 2,098 shares in the last quarter. Bridgeway Capital Management LLC boosted its position in shares of McEwen by 39.4% during the first quarter. Bridgeway Capital Management LLC now owns 378,100 shares of the basic materials company's stock valued at $2,855,000 after purchasing an additional 106,800 shares in the last quarter. Finally, GSA Capital Partners LLP boosted its position in shares of McEwen by 53.3% during the first quarter. GSA Capital Partners LLP now owns 213,909 shares of the basic materials company's stock valued at $1,615,000 after purchasing an additional 74,401 shares in the last quarter. 17.03% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

MUX has been the topic of several research reports. HC Wainwright lifted their price target on McEwen from $15.50 to $17.00 and gave the company a "buy" rating in a research report on Tuesday, July 29th. National Bankshares restated an "outperform" rating on shares of McEwen in a research report on Wednesday, July 16th. Finally, Roth Capital set a $15.00 price target on McEwen and gave the company a "buy" rating in a research report on Tuesday, July 1st. 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 data from MarketBeat, McEwen currently has an average rating of "Buy" and an average target price of $14.83.

McEwen Trading Up 1.3%

McEwen stock opened at $14.71 on Friday. 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 business's fifty day simple moving average is $11.93 and its two-hundred day simple moving average is $9.66. McEwen Inc. has a 12 month low of $6.38 and a 12 month high of $15.50. The company has a market capitalization of $796.17 million, a price-to-earnings ratio of -58.86 and a beta of 0.96.

McEwen (NYSE:MUX - Get Free Report) TSE: MUX last posted 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 return on equity of 2.76% and a negative net margin of 8.05%.The business had revenue of $46.70 million during the quarter, compared to analysts' expectations of $49.05 million. As a group, equities analysts predict that McEwen Inc. will post -0.72 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CEO Robert Ross Mcewen sold 50,000 shares of the business's stock in a transaction on Friday, September 19th. The stock was sold at an average price of $14.35, for a total value of $717,500.00. Following the completion of the transaction, the chief executive officer owned 450,000 shares in the company, valued at $6,457,500. The trade was a 10.00% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Ian J. Ball sold 2,656 shares of the business's stock in a transaction on Tuesday, August 12th. The stock was sold at an average price of $10.49, for a total value of $27,861.44. The disclosure for this sale can be found here. Insiders have sold 77,192 shares of company stock worth $1,110,702 over the last three months. Company insiders own 16.10% of the company's stock.

McEwen 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.

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