Invesco Ltd. Sells 208,617 Shares of McEwen Inc. $MUX

Key Points

• Invesco Ltd. significantly reduced its stake in McEwen Inc. by 82% during the first quarter of the year, selling over 208,000 shares, which left them with just 45,814 shares valued at approximately $346,000.
• Several other institutional investors made significant moves, including Dimensional Fund Advisors LP, which increased its stake by 369.3% in the previous quarter, now owning 556,718 shares worth $4.3 million.
• McEwen recently reported a negative EPS for the quarter at $0.06, missing analyst expectations, with a revenue of $46.7 million against expectations of $49.05 million.

Invesco Ltd. lessened its position in McEwen Inc. (NYSE:MUX - Free Report) TSE: MUX by 82.0% during the 1st quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 45,814 shares of the basic materials company's stock after selling 208,617 shares during the period. Invesco Ltd. owned about 0.08% of McEwen worth $346,000 as of its most recent filing with the SEC.

A number of other hedge funds have also made changes to their positions in MUX. Bank of America Corp DE lifted its holdings in McEwen by 74.9% during the 4th quarter. Bank of America Corp DE now owns 115,080 shares of the basic materials company's stock valued at $895,000 after purchasing an additional 49,301 shares during the last quarter. Northern Trust Corp boosted its holdings in shares of McEwen by 16.4% in the 4th quarter. Northern Trust Corp now owns 161,972 shares of the basic materials company's stock worth $1,260,000 after acquiring an additional 22,854 shares in the last quarter. Private Advisor Group LLC grew its position in McEwen by 16.6% during the 1st quarter. Private Advisor Group LLC now owns 14,743 shares of the basic materials company's stock worth $111,000 after acquiring an additional 2,098 shares during the last quarter. Dimensional Fund Advisors LP grew its position in McEwen by 369.3% during the 4th quarter. Dimensional Fund Advisors LP now owns 556,718 shares of the basic materials company's stock worth $4,331,000 after acquiring an additional 438,088 shares during the last quarter. Finally, BNP Paribas Financial Markets acquired a new stake in McEwen during the 4th quarter valued at $776,000. Institutional investors and hedge funds own 17.03% of the company's stock.

McEwen Trading Up 0.7%

Shares of NYSE MUX traded up $0.10 during midday trading on Thursday, reaching $13.81. 1,403,241 shares of the stock were exchanged, compared to its average volume of 1,482,400. McEwen Inc. has a 12 month low of $6.38 and a 12 month high of $14.29. The company has a market capitalization of $747.26 million, a price-to-earnings ratio of -55.24 and a beta of 0.96. The company has a debt-to-equity ratio of 0.26, a current ratio of 2.35 and a quick ratio of 1.82. The business has a 50-day simple moving average of $11.29 and a two-hundred day simple moving average of $9.16.

McEwen (NYSE:MUX - Get Free Report) TSE: MUX last posted its earnings results on Wednesday, August 6th. The basic materials company reported $0.06 earnings per share for the quarter, missing the consensus estimate of $0.09 by ($0.03). McEwen had a negative return on equity of 2.76% and a negative net margin of 8.05%.The business had revenue of $46.70 million for the quarter, compared to the consensus estimate of $49.05 million. As a group, equities research analysts expect that McEwen Inc. will post -0.72 EPS for the current year.

Insider Activity

In other news, Director Ian J. Ball sold 2,656 shares of the business's stock in a transaction on Tuesday, August 12th. The shares were sold at an average price of $10.49, for a total value of $27,861.44. The sale was disclosed in a document filed with the SEC, which is accessible through this link. 16.10% of the stock is owned by company insiders.

Analysts Set New Price Targets

A number of equities analysts have commented on the company. HC Wainwright boosted their price objective on McEwen from $15.50 to $17.00 and gave the stock a "buy" rating in a research note on Tuesday, July 29th. Wall Street Zen downgraded shares of McEwen from a "hold" rating to a "sell" rating in a research report on Thursday, May 22nd. Roth Capital set a $15.00 price objective on shares of McEwen and gave the stock a "buy" rating in a report on Tuesday, July 1st. Finally, National Bankshares reaffirmed an "outperform" rating on shares of McEwen in a research note on Wednesday, July 16th. One analyst has rated the stock with a Strong Buy rating and four have given a Buy rating to the company's stock. According to data from MarketBeat, McEwen has an average rating of "Buy" and a consensus target price of $14.83.

McEwen Company 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.