McEwen Inc. $MUX Stake Increased by U S Global Investors Inc.

Key Points

• U.S. Global Investors increased its McEwen stake by 220.9% in the third quarter to 320,914 shares, representing 0.52% of the company. Other institutional investors, including State Street and Bank of America, also expanded their positions; institutions collectively own 17.03% of the stock.
• McEwen shares fell 6.0% to $14.88, near their 12-month low of $14.76. The company’s latest quarterly results missed expectations, with earnings per share of $0.14 versus a $0.28 consensus and revenue of $59.23 million versus $65.51 million expected.
• Analyst sentiment remains mixed but leans positive, with a “Moderate Buy” consensus and an average price target of $29.50. Ratings range from Buy and Hold to Sell, while targets include $28 from HC Wainwright and $31 from Roth Capital.

U S Global Investors Inc. raised its position in McEwen Inc. (NYSE:MUX - Free Report) TSE: MUX by 220.9% during the third quarter, according to its most recent filing with the SEC. The firm owned 320,914 shares of the basic materials company's stock after purchasing an additional 220,914 shares during the period. U S Global Investors Inc. owned 0.52% of McEwen worth $5,728,000 as of its most recent filing with the SEC.

Other institutional investors also recently modified their holdings of the company. State Street Corp boosted its position in McEwen by 26.5% during the second quarter. State Street Corp now owns 4,254,551 shares of the basic materials company's stock valued at $77,135,000 after acquiring an additional 891,024 shares during the last quarter. Dimensional Fund Advisors LP grew its holdings in McEwen by 15.7% during the 1st quarter. Dimensional Fund Advisors LP now owns 1,269,760 shares of the basic materials company's stock worth $25,920,000 after acquiring an additional 172,687 shares during the period. Synergy Asset Management LLC raised its position in shares of McEwen by 31.6% in the 2nd quarter. Synergy Asset Management LLC now owns 803,122 shares of the basic materials company's stock worth $14,561,000 after acquiring an additional 193,005 shares in the last quarter. Bank of America Corp DE raised its position in shares of McEwen by 1,347.7% in the 1st quarter. Bank of America Corp DE now owns 534,824 shares of the basic materials company's stock worth $10,921,000 after acquiring an additional 497,882 shares in the last quarter. Finally, Empowered Funds LLC raised its position in shares of McEwen by 6.1% in the 1st quarter. Empowered Funds LLC now owns 275,384 shares of the basic materials company's stock worth $5,623,000 after acquiring an additional 15,886 shares in the last quarter. 17.03% of the stock is owned by institutional investors.

McEwen Trading Down 6.0%

NYSE MUX opened at $14.88 on Friday. The firm has a market capitalization of $913.34 million, a P/E ratio of 11.81 and a beta of 1.26. The business has a fifty day simple moving average of $18.68 and a 200 day simple moving average of $19.74. McEwen Inc. has a 12 month low of $14.76 and a 12 month high of $29.70. The company has a current ratio of 2.04, a quick ratio of 1.61 and a debt-to-equity ratio of 0.17.

McEwen (NYSE:MUX - Get Free Report) TSE: MUX last issued its quarterly earnings data on Wednesday, August 5th. The basic materials company reported $0.14 earnings per share for the quarter, missing the consensus estimate of $0.28 by ($0.14). The company had revenue of $59.23 million for the quarter, compared to the consensus estimate of $65.51 million. McEwen had a net margin of 32.46% and a return on equity of 13.48%. On average, analysts predict that McEwen Inc. will post 0.83 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on the company. HC Wainwright reaffirmed a "buy" rating and set a $28.00 target price (down from $29.50) on shares of McEwen in a research note on Friday, August 7th. Wall Street Zen lowered McEwen from a "hold" rating to a "sell" rating in a research note on Saturday, October 3rd. Roth Capital set a $31.00 price target on McEwen and gave the stock a "buy" rating in a report on Monday, August 10th. Zacks Research upgraded McEwen from a "strong sell" rating to a "hold" rating in a report on Friday, September 11th. Finally, Weiss Ratings reaffirmed a "hold (c)" rating on shares of McEwen in a research report on Friday, August 28th. Two equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat.com, McEwen has an average rating of "Moderate Buy" and an average target price of $29.50.

McEwen Company Profile

McEwen Inc NYSE: MUX, formerly known as McEwen Mining Inc, is a precious- and base-metals mining and exploration company. The company develops and operates mineral properties with a focus on gold, silver and copper, and also conducts exploration to expand its resource base.

McEwen's principal gold assets include the Fox Complex in Ontario, Canada, and the Gold Bar mine in Nevada. The Fox Complex includes underground mining and processing infrastructure in the Timmins mining district, while Gold Bar is an open-pit operation in central Nevada.

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