MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. Boosts Position in McEwen Inc. $MUX

Key Points

• MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in McEwen Inc. by 10.2%, now owning approximately 2.19% of the company, valued at $8.94 million.
• Recent transactions include Nomura Holdings Inc. purchasing a new position worth about $6.93 million and several other investors significantly boosting their stakes in McEwen.
• McEwen reported a quarterly earnings miss, with an EPS of $0.06 against estimates of $0.09, and analysts predict a negative EPS for the current fiscal year.

MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in McEwen Inc. (NYSE:MUX - Free Report) TSE: MUX by 10.2% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,184,757 shares of the basic materials company's stock after purchasing an additional 109,770 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. owned about 2.19% of McEwen worth $8,945,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Bank of America Corp DE increased its stake in shares of McEwen by 74.9% in the fourth quarter. Bank of America Corp DE now owns 115,080 shares of the basic materials company's stock worth $895,000 after purchasing an additional 49,301 shares in the last quarter. Northern Trust Corp increased its stake in shares of McEwen by 16.4% in the fourth quarter. Northern Trust Corp now owns 161,972 shares of the basic materials company's stock worth $1,260,000 after purchasing an additional 22,854 shares in the last quarter. Private Advisor Group LLC boosted its position in shares of McEwen by 16.6% during the first 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. Bridgeway Capital Management LLC boosted its position in shares of McEwen by 39.4% during the first quarter. Bridgeway Capital Management LLC now owns 378,100 shares of the basic materials company's stock worth $2,855,000 after acquiring an additional 106,800 shares during the last quarter. Finally, Dimensional Fund Advisors LP boosted its position in shares of McEwen by 369.3% during the fourth 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. 17.03% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

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

Insider Activity

In other news, Director Ian J. Ball sold 2,656 shares of the firm's stock in a transaction dated Tuesday, August 12th. The shares were sold at an average price of $10.49, for a total value of $27,861.44. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 16.10% of the company's stock.

McEwen Trading Up 0.3%

Shares of McEwen stock traded up $0.04 during trading on Monday, hitting $13.86. The stock had a trading volume of 451,507 shares, compared to its average volume of 925,911. The firm's fifty day simple moving average is $11.34 and its 200-day simple moving average is $9.24. The stock has a market cap of $749.64 million, a PE ratio of -55.42 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. McEwen Inc. has a 12 month low of $6.38 and a 12 month high of $14.29.

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

McEwen 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.