McEwen Inc. $MUX Shares Sold by Amundi

Key Points

• Amundi reduced its McEwen stake by 12.2% in the first quarter, selling 94,184 shares and retaining 675,104 shares worth approximately $13.8 million. Institutional investors collectively own 17.03% of the company, although several major funds increased their positions.
• McEwen shares opened at $18.70, up 4.9%, while the company reported quarterly EPS of $0.47 and revenue of $74.05 million—both above analyst expectations.
• Analyst sentiment remains moderately positive, with three Buy ratings and two Holds and a consensus price target of $29.83. However, recent rating changes included downgrades from Wall Street Zen and Weiss Ratings, and an insider sold shares worth about $59,376.

Amundi cut its holdings in shares of McEwen Inc. (NYSE:MUX - Free Report) TSE: MUX by 12.2% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 675,104 shares of the basic materials company's stock after selling 94,184 shares during the quarter. Amundi owned about 1.13% of McEwen worth $13,786,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently modified their holdings of MUX. State Street Corp raised its stake in shares of McEwen by 24.4% in the 4th quarter. State Street Corp now owns 2,190,605 shares of the basic materials company's stock valued at $40,548,000 after acquiring an additional 429,761 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in shares of 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 valued at $33,515,000 after buying an additional 541,890 shares in the last quarter. Dimensional Fund Advisors LP raised its holdings in shares of McEwen by 1.2% in the 3rd quarter. Dimensional Fund Advisors LP now owns 1,285,603 shares of the basic materials company's stock valued at $21,982,000 after buying an additional 15,439 shares during the period. BNP Paribas Financial Markets lifted its stake in McEwen by 56.3% during the 4th quarter. BNP Paribas Financial Markets now owns 1,001,596 shares of the basic materials company's stock worth $18,540,000 after acquiring an additional 360,857 shares in the last quarter. Finally, Vanguard Group Inc. boosted its holdings in McEwen by 3.1% during the 3rd quarter. Vanguard Group Inc. now owns 884,347 shares of the basic materials company's stock valued at $15,122,000 after acquiring an additional 26,846 shares during the period. 17.03% of the stock is owned by institutional investors and hedge funds.

McEwen Stock Up 4.9%

Shares of McEwen stock opened at $18.70 on Wednesday. The company has a quick ratio of 0.81, a current ratio of 1.14 and a debt-to-equity ratio of 0.19. McEwen Inc. has a 52-week low of $9.82 and a 52-week high of $29.70. The company has a market capitalization of $1.12 billion, a P/E ratio of 15.84 and a beta of 1.23. The company has a 50 day moving average of $18.52 and a 200 day moving average of $21.91.

McEwen (NYSE:MUX - Get Free Report) TSE: MUX last announced its quarterly earnings data on Wednesday, May 6th. The basic materials company reported $0.47 EPS for the quarter, beating analysts' consensus estimates of $0.32 by $0.15. The company had revenue of $74.05 million for the quarter, compared to the consensus estimate of $67.32 million. McEwen had a net margin of 31.40% and a return on equity of 13.65%. As a group, research analysts forecast that McEwen Inc. will post 1.01 EPS for the current fiscal year.

Analyst Ratings Changes

MUX has been the topic of a number of recent research reports. Wall Street Zen lowered shares of McEwen from a "buy" rating to a "hold" rating in a research note on Sunday, May 17th. Zacks Research raised shares of McEwen from a "strong sell" rating to a "hold" rating in a research note on Monday, May 11th. Finally, Weiss Ratings cut shares of McEwen from a "hold (c+)" rating to a "hold (c)" rating in a research report on Tuesday, June 2nd. Three equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $29.83.

Insider Activity

In other news, Director Richard W. Brissenden sold 3,275 shares of the company's stock in a transaction dated Monday, June 29th. The stock was sold at an average price of $18.13, for a total transaction of $59,375.75. Following the completion of the transaction, the director directly owned 18,022 shares of the company's stock, valued at approximately $326,738.86. This represents a 15.38% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Corporate insiders own 14.80% of the company's stock.

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.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source