McEwen Inc. $MUX Position Boosted by JPMorgan Chase & Co.

Key Points

• JPMorgan Chase & Co. boosted its stake in McEwen by 231.6% in Q3, acquiring 460,308 shares to hold 659,079 shares (about 1.22%) valued at roughly $11.27 million.
• Analyst sentiment is mixed but leans positive: four analysts rate MUX a Buy and one a Sell, giving a consensus of “Moderate Buy” with an average price target of $25.50 (Roth MKM raised its target to $30 while Weiss Ratings stayed on Sell).
• Shares opened at $24.16 and were down about 6.5%; McEwen has a 52‑week range of $6.38–$29.70, a market cap of ~$1.32 billion and a negative trailing P/E of -109.82.

JPMorgan Chase & Co. raised its holdings in shares of McEwen Inc. (NYSE:MUX - Free Report) TSE: MUX by 231.6% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 659,079 shares of the basic materials company's stock after acquiring an additional 460,308 shares during the quarter. JPMorgan Chase & Co. owned approximately 1.22% of McEwen worth $11,270,000 at the end of the most recent quarter.

A number of other hedge funds have also made changes to their positions in MUX. Everstar Asset Management LLC grew its position in McEwen by 4.3% during the second quarter. Everstar Asset Management LLC now owns 28,988 shares of the basic materials company's stock valued at $279,000 after purchasing an additional 1,188 shares in the last quarter. Geode Capital Management LLC boosted its stake in shares of McEwen by 0.3% during the 2nd quarter. Geode Capital Management LLC now owns 509,426 shares of the basic materials company's stock valued at $4,897,000 after buying an additional 1,585 shares during the period. CoreCap Advisors LLC purchased a new position in shares of McEwen during the 3rd quarter valued at $27,000. Inceptionr LLC raised its holdings in shares of McEwen by 21.7% during the second quarter. Inceptionr LLC now owns 19,496 shares of the basic materials company's stock worth $187,000 after acquiring an additional 3,480 shares in the last quarter. Finally, Y Intercept Hong Kong Ltd raised its holdings in shares of McEwen by 6.8% during the third quarter. Y Intercept Hong Kong Ltd now owns 105,341 shares of the basic materials company's stock worth $1,801,000 after acquiring an additional 6,746 shares in the last quarter. 17.03% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on MUX. Weiss Ratings restated a "sell (d+)" rating on shares of McEwen in a research note on Monday, December 29th. Roth Mkm reiterated a "buy" rating and set a $30.00 price target (up from $23.00) on shares of McEwen in a report on Friday, January 30th. Four equities research analysts have rated the stock with a Buy rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $25.50.

McEwen Trading Down 6.5%

McEwen stock opened at $24.16 on Friday. McEwen Inc. has a one year low of $6.38 and a one year high of $29.70. The company's fifty day moving average price is $24.14 and its two-hundred day moving average price is $19.30. The company has a debt-to-equity ratio of 0.26, a current ratio of 2.10 and a quick ratio of 1.58. The company has a market capitalization of $1.32 billion, a price-to-earnings ratio of -109.82 and a beta of 1.11.

About McEwen

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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