McEwen Inc. $MUX Shares Purchased by Bank of America Corp DE

Key Points

• Bank of America increased its McEwen stake by 1,347.7% in the first quarter, acquiring 497,882 additional shares and bringing its total to 534,824 shares, worth approximately $10.9 million. Institutional investors collectively own 17.03% of the company.
• McEwen reported quarterly earnings of $0.14 per share and revenue of $59.23 million, missing analyst expectations of $0.28 per share and $65.51 million, respectively.
• Analyst sentiment is mixed: three analysts rate the stock a Buy, one rates it Hold and one rates it Sell. The consensus rating is Hold, with an average price target of $28 versus the reported share price of $20.92.

Bank of America Corp DE increased its position in McEwen Inc. (NYSE:MUX - Free Report) TSE: MUX by 1,347.7% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 534,824 shares of the basic materials company's stock after acquiring an additional 497,882 shares during the period. Bank of America Corp DE owned approximately 0.90% of McEwen worth $10,921,000 as of its most recent SEC filing.

Several other large investors also recently bought and sold shares of MUX. KBC Group NV acquired a new stake in shares of McEwen during the 1st quarter worth about $27,000. Leonteq Securities AG purchased a new position in shares of McEwen during the 1st quarter worth about $31,000. Parkside Financial Bank & Trust acquired a new stake in shares of McEwen in the fourth quarter worth approximately $37,000. Banque Cantonale Vaudoise purchased a new stake in McEwen in the fourth quarter valued at approximately $40,000. Finally, National Bank of Canada FI grew its stake in shares of McEwen by 3,328.3% during the 3rd quarter. National Bank of Canada FI now owns 3,634 shares of the basic materials company's stock valued at $62,000 after buying an additional 3,528 shares during the period. Institutional investors and hedge funds own 17.03% of the company's stock.

McEwen Price Performance

MUX opened at $20.92 on Monday. McEwen Inc. has a 12-month low of $10.70 and a 12-month high of $29.70. The firm has a market capitalization of $1.28 billion, a P/E ratio of 16.60 and a beta of 1.23. The company has a quick ratio of 1.61, a current ratio of 2.04 and a debt-to-equity ratio of 0.17. The stock has a fifty day moving average of $18.34 and a 200-day moving average of $21.37.

McEwen (NYSE:MUX - Get Free Report) TSE: MUX last issued its earnings results on Wednesday, August 5th. The basic materials company reported $0.14 earnings per share for the quarter, missing analysts' consensus estimates of $0.28 by ($0.14). The business had revenue of $59.23 million during the quarter, compared to analyst estimates of $65.51 million. McEwen had a net margin of 32.46% and a return on equity of 13.48%. Equities analysts forecast that McEwen Inc. will post 0.8 EPS for the current fiscal year.

Insider Buying and Selling at McEwen

In related news, Director Richard W. Brissenden sold 3,275 shares of the business's stock in a transaction that occurred on Monday, June 29th. The stock was sold at an average price of $18.13, for a total value of $59,375.75. Following the completion of the sale, the director owned 18,022 shares of the company's stock, valued at approximately $326,738.86. The trade was a 15.38% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. 14.80% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on MUX shares. Weiss Ratings downgraded shares of McEwen from a "hold (c+)" rating to a "hold (c)" rating in a research note on Tuesday, June 2nd. Wall Street Zen downgraded McEwen from a "hold" rating to a "sell" rating in a report on Saturday, August 8th. HC Wainwright reissued a "buy" rating and issued a $28.00 target price (down from $29.50) on shares of McEwen in a report on Friday, August 7th. Zacks Research cut shares of McEwen from a "hold" rating to a "strong sell" rating in a report on Wednesday, August 5th. Finally, Roth Capital set a $31.00 price target on McEwen and gave the stock a "buy" rating in a research note on Monday, August 10th. Three equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat, McEwen presently has an average rating of "Hold" and a consensus price target of $28.00.

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.

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