GSA Capital Partners LLP Raises Stake in McEwen Inc. (NYSE:MUX)

Key Points

• GSA Capital Partners LLP increased its stake in McEwen Inc. by 53.3%
• JPMorgan Chase & Co. dramatically boosted its holdings by 282,420.0% in the fourth quarter, indicating significant investor interest.
• McEwen reported a loss of ($0.12) earnings per share, improving slightly against analyst expectations.

GSA Capital Partners LLP increased its stake in McEwen Inc. (NYSE:MUX - Free Report) TSE: MUX by 53.3% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 213,909 shares of the basic materials company's stock after acquiring an additional 74,401 shares during the quarter. GSA Capital Partners LLP owned about 0.40% of McEwen worth $1,615,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Bank of America Corp DE lifted its stake in shares of McEwen by 74.9% in the fourth quarter. Bank of America Corp DE now owns 115,080 shares of the basic materials company's stock worth $895,000 after acquiring an additional 49,301 shares during the period. Susquehanna Fundamental Investments LLC bought a new stake in McEwen in the fourth quarter worth approximately $526,000. Northern Trust Corp increased its holdings in McEwen by 16.4% in the fourth quarter. Northern Trust Corp now owns 161,972 shares of the basic materials company's stock worth $1,260,000 after purchasing an additional 22,854 shares in the last quarter. Norges Bank bought a new stake in McEwen in the fourth quarter worth approximately $421,000. Finally, Dimensional Fund Advisors LP increased its holdings in McEwen by 369.3% in the fourth quarter. Dimensional Fund Advisors LP now owns 556,718 shares of the basic materials company's stock worth $4,331,000 after purchasing an additional 438,088 shares in the last quarter. 17.03% of the stock is owned by institutional investors and hedge funds.

McEwen Stock Performance

NYSE:MUX traded down $0.11 during trading on Friday, reaching $10.05. The company's stock had a trading volume of 852,530 shares, compared to its average volume of 749,877. The firm has a market cap of $542.60 million, a price-to-earnings ratio of -17.63 and a beta of 0.88. The company has a debt-to-equity ratio of 0.26, a quick ratio of 1.89 and a current ratio of 2.35. The firm has a 50 day moving average of $9.98 and a 200-day moving average of $8.45. McEwen Inc. has a 12 month low of $6.38 and a 12 month high of $11.80.

McEwen (NYSE:MUX - Get Free Report) TSE: MUX last announced its quarterly earnings data on Wednesday, May 7th. The basic materials company reported ($0.12) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.14) by $0.02. McEwen had a negative return on equity of 6.03% and a negative net margin of 17.51%. The firm had revenue of $35.70 million during the quarter, compared to the consensus estimate of $39.06 million. Research analysts expect that McEwen Inc. will post -0.72 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on MUX shares. Wall Street Zen downgraded McEwen from a "hold" rating to a "sell" rating in a report on Thursday, May 22nd. HC Wainwright boosted their price objective on McEwen from $15.50 to $17.00 and gave the company a "buy" rating in a report on Tuesday. National Bankshares restated an "outperform" rating on shares of McEwen in a report on Wednesday, July 16th. Roth Capital set a $15.00 price objective on McEwen and gave the company a "buy" rating in a report on Tuesday, July 1st. Finally, National Bank Financial upgraded McEwen to a "strong-buy" rating in a report on Tuesday, April 29th. One equities research analyst has rated the stock with a sell rating, four have issued a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $14.83.

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.