JPMorgan Chase & Co. Raises Stock Position in McEwen Inc. $MUX

Key Points

• JPMorgan Chase raised its stake in McEwen by 231.6% in Q3 to 659,079 shares — about 1.21% of the company, valued at roughly $11.27 million.
• Other institutions including MIRAE, BNP Paribas, Vanguard and Dimensional also increased positions, bringing total institutional ownership to 17.03%, indicating rising institutional interest.
• McEwen reported an EPS beat ($0.66 vs. $0.25) despite revenue missing estimates; the stock trades near $19.22 (1‑year range $6.38–$29.70) with a market cap of ~$1.14B and a consensus analyst price target of $29.83 after several upgrades.

JPMorgan Chase & Co. lifted its holdings in McEwen Inc. (NYSE:MUX - Free Report) TSE: MUX by 231.6% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 659,079 shares of the basic materials company's stock after buying an additional 460,308 shares during the period. JPMorgan Chase & Co. owned about 1.21% of McEwen worth $11,270,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in McEwen by 38.2% in the third 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 in the last quarter. Dimensional Fund Advisors LP increased its stake in McEwen by 1.2% during the third 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 last quarter. Vanguard Group Inc. raised its position in McEwen by 3.1% during the third quarter. Vanguard Group Inc. now owns 884,347 shares of the basic materials company's stock valued at $15,122,000 after purchasing an additional 26,846 shares during the period. Tidal Investments LLC raised its position in McEwen by 4.0% during the second quarter. Tidal Investments LLC now owns 846,440 shares of the basic materials company's stock valued at $8,134,000 after purchasing an additional 32,218 shares during the period. Finally, BNP Paribas Financial Markets lifted its stake in shares of McEwen by 210.0% in the 3rd quarter. BNP Paribas Financial Markets now owns 640,739 shares of the basic materials company's stock valued at $10,957,000 after purchasing an additional 434,065 shares during the last quarter. 17.03% of the stock is currently owned by hedge funds and other institutional investors.

McEwen Stock Up 3.8%

Shares of NYSE MUX opened at $19.22 on Friday. McEwen Inc. has a 1 year low of $6.38 and a 1 year high of $29.70. The firm has a 50-day simple moving average of $24.54 and a two-hundred day simple moving average of $20.45. The company has a market cap of $1.14 billion, a P/E ratio of 32.57 and a beta of 1.11. The company has a debt-to-equity ratio of 0.23, a current ratio of 1.69 and a quick ratio of 1.27.

McEwen (NYSE:MUX - Get Free Report) TSE: MUX last released its earnings results on Thursday, March 12th. The basic materials company reported $0.66 EPS for the quarter, beating analysts' consensus estimates of $0.25 by $0.41. McEwen had a return on equity of 6.89% and a net margin of 17.43%.The firm had revenue of $64.60 million for the quarter, compared to analysts' expectations of $72.83 million. Research analysts anticipate that McEwen Inc. will post -0.72 earnings per share for the current year.

Analysts Set New Price Targets

A number of equities analysts have recently commented on the company. Wall Street Zen downgraded McEwen from a "buy" rating to a "hold" rating in a research report on Sunday. Weiss Ratings upgraded McEwen from a "sell (d+)" rating to a "hold (c-)" rating in a research report on Wednesday, March 11th. HC Wainwright lifted their price objective on shares of McEwen from $21.50 to $29.50 and gave the stock a "buy" rating in a research note on Wednesday, March 18th. Finally, Roth Mkm boosted their price objective on shares of McEwen from $30.00 to $35.00 and gave the company a "buy" rating in a research report on Wednesday, March 18th. Four investment analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat, McEwen has an average rating of "Moderate Buy" and a consensus price target of $29.83.

McEwen 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.

Want to see what other hedge funds are holding MUX? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for McEwen Inc. (NYSE:MUX - Free Report) TSE: MUX.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.