PDT Partners LLC Acquires New Position in McEwen Inc. $MUX

Key Points

• PDT Partners LLC acquired a new position in McEwen Inc., purchasing 163,950 shares valued at approximately $1.24 million, giving them about 0.30% ownership in the company.
• Several institutional investors, including Bank of America and Dimensional Fund Advisors, significantly increased their stakes in McEwen Inc. during the fourth quarter.
• McEwen's recent earnings report showed an EPS of $0.06, missing estimates, and the stock currently has a market capitalization of $751.32 million with a price target average of $14.83 from analysts.

PDT Partners LLC acquired a new position in shares of McEwen Inc. (NYSE:MUX - Free Report) TSE: MUX during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 163,950 shares of the basic materials company's stock, valued at approximately $1,238,000. PDT Partners LLC owned approximately 0.30% of McEwen at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Bank of America Corp DE boosted its stake in shares of 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 worth $895,000 after acquiring an additional 49,301 shares in the last quarter. Northern Trust Corp boosted its position in McEwen by 16.4% during 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 grew its holdings in McEwen by 16.6% in the first quarter. Private Advisor Group LLC now owns 14,743 shares of the basic materials company's stock valued at $111,000 after purchasing an additional 2,098 shares during the last quarter. Dimensional Fund Advisors LP grew its holdings in McEwen by 369.3% in the fourth quarter. Dimensional Fund Advisors LP now owns 556,718 shares of the basic materials company's stock valued at $4,331,000 after purchasing an additional 438,088 shares during the last quarter. Finally, BNP Paribas Financial Markets purchased a new position in shares of McEwen in the fourth quarter valued at $776,000. 17.03% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at McEwen

In related news, Director Ian J. Ball sold 2,656 shares of the firm's stock in a transaction that occurred on 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 legal filing with the SEC, which is available through this link. 16.10% of the stock is currently owned by insiders.

McEwen Price Performance

MUX stock opened at $13.89 on Thursday. The stock has a market capitalization of $751.32 million, a price-to-earnings ratio of -55.54 and a beta of 0.96. The company has a quick ratio of 1.82, a current ratio of 2.35 and a debt-to-equity ratio of 0.26. McEwen Inc. has a 52-week low of $6.38 and a 52-week high of $14.29. The stock's fifty day simple moving average is $10.89 and its 200-day simple moving average is $8.90.

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

Analyst Ratings Changes

A number of brokerages recently commented on MUX. Wall Street Zen cut shares of McEwen from a "hold" rating to a "sell" rating in a research note 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 research note on Tuesday, July 1st. National Bankshares reaffirmed an "outperform" rating on shares of McEwen in a research note on Wednesday, July 16th. Finally, HC Wainwright increased their target price on McEwen from $15.50 to $17.00 and gave the company a "buy" rating in a 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 data from MarketBeat.com, the stock currently has an average rating of "Buy" and an average price target 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.

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