McEwen Inc. $MUX Stock Acquired by State Street Corp

Key Points

• State Street increased its McEwen stake by 26.5% in the second quarter, acquiring 891,024 shares and bringing its ownership to 4.25 million shares, or 6.93% of the company. Institutional investors collectively own 17.03% of MUX.
• Analyst sentiment is generally positive, with three Buy ratings and two Hold ratings producing a “Moderate Buy” consensus and an average price target of $28.00. However, HC Wainwright lowered its target to $28 from $29.50.
• McEwen reported quarterly EPS of $0.14, below the $0.28 consensus estimate, while revenue of $59.23 million also missed expectations of $65.51 million. The stock opened at $18.68, down 0.8%, and has traded between $14.42 and $29.70 over the past year.

State Street Corp boosted its stake in shares of McEwen Inc. (NYSE:MUX - Free Report) TSE: MUX by 26.5% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 4,254,551 shares of the basic materials company's stock after acquiring an additional 891,024 shares during the quarter. State Street Corp owned 6.93% of McEwen worth $77,135,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also recently made changes to their positions in MUX. The Manufacturers Life Insurance Company bought a new stake in McEwen during the 2nd quarter valued at $248,000. VIRGINIA RETIREMENT SYSTEMS ET Al bought a new position in shares of McEwen during the second quarter valued at about $703,000. Susquehanna Fundamental Investments LLC bought a new position in shares of McEwen during the second quarter valued at about $772,000. Hollencrest Capital Management boosted its holdings in shares of McEwen by 12.8% during the second quarter. Hollencrest Capital Management now owns 38,622 shares of the basic materials company's stock worth $700,000 after purchasing an additional 4,379 shares during the period. Finally, Hsbc Holdings PLC purchased a new stake in shares of McEwen during the second quarter worth about $225,000. Institutional investors own 17.03% of the company's stock.

Wall Street Analyst Weigh In

A number of research analysts have commented on the company. Weiss Ratings reaffirmed a "hold (c)" rating on shares of McEwen in a research report on Friday, August 28th. Zacks Research upgraded McEwen from a "strong sell" rating to a "hold" rating in a report on Friday, September 11th. HC Wainwright reaffirmed a "buy" rating and issued a $28.00 price target (down from $29.50) on shares of McEwen in a research note on Friday, August 7th. Wall Street Zen upgraded shares of McEwen from a "sell" rating to a "hold" rating in a report on Saturday, September 12th. Finally, Roth Capital set a $31.00 price objective on shares of McEwen and gave the stock a "buy" rating in a report on Monday, August 10th. Three equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat, McEwen currently has a consensus rating of "Moderate Buy" and a consensus target price of $28.00.

Insider Transactions at McEwen

In other McEwen news, Director Richard Brissenden sold 3,275 shares of the business's stock in a transaction 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 sale, the director directly owned 18,022 shares of the company's stock, valued at approximately $326,738.86. The trade was a 15.38% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 14.80% of the company's stock.

McEwen Stock Down 0.8%

NYSE:MUX opened at $18.68 on Friday. The firm's 50-day moving average price is $19.03 and its 200-day moving average price is $20.33. The company has a market capitalization of $1.15 billion, a PE ratio of 14.82 and a beta of 1.26. The company has a debt-to-equity ratio of 0.17, a current ratio of 2.04 and a quick ratio of 1.61. McEwen Inc. has a 1-year low of $14.42 and a 1-year high of $29.70.

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

McEwen Company Profile

McEwen Inc is a mining company focused on the exploration, development, and production of gold, silver, and copper. The company's portfolio includes operating mines, advanced development projects, and exploration properties in the United States, Canada, and Argentina.

Its principal gold assets include the Fox Complex in Ontario, Canada, and the Gold Bar mine in Nevada. McEwen also has an interest in the San José mine in Argentina, which has historically produced gold and silver, and is advancing the Los Azules copper project in San Juan Province, Argentina, through its McEwen Copper subsidiary.

McEwen was founded by mining entrepreneur Rob McEwen, who serves as chairman.

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