PDT Partners LLC Invests $1.24 Million 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 stake in McEwen Inc. (NYSE:MUX - Free Report) TSE: MUX in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor 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 reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in MUX. Bank of America Corp DE grew its stake in McEwen by 74.9% in 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 during the period. Northern Trust Corp grew its position in 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 purchasing an additional 22,854 shares during the last quarter. Private Advisor Group LLC lifted its position 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 worth $111,000 after purchasing an additional 2,098 shares during the period. Dimensional Fund Advisors LP boosted its holdings in 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 buying an additional 438,088 shares in the last quarter. Finally, BNP Paribas Financial Markets bought a new stake in McEwen during the fourth quarter worth approximately $776,000. Institutional investors and hedge funds own 17.03% of the company's stock.

Analyst Upgrades and Downgrades

MUX has been the topic of several recent analyst reports. National Bankshares reissued an "outperform" rating on shares of McEwen in a research note on Wednesday, July 16th. Wall Street Zen cut shares of McEwen from a "hold" rating to a "sell" rating in a research note on Thursday, May 22nd. HC Wainwright boosted their price target on shares of McEwen from $15.50 to $17.00 and gave the company a "buy" rating in a research report on Tuesday, July 29th. Finally, 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. One equities research analyst has rated the stock with a Strong Buy rating and four have given a Buy rating to the company's stock. Based on data from MarketBeat, McEwen currently has a consensus rating of "Buy" and an average target price of $14.83.

Insider Activity

In related news, Director Ian J. Ball sold 2,656 shares of McEwen stock in a transaction that occurred on Tuesday, August 12th. The shares were sold at an average price of $10.49, for a total transaction of $27,861.44. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Company insiders own 16.10% of the company's stock.

McEwen Stock Performance

NYSE:MUX traded down $0.25 during mid-day trading on Tuesday, reaching $13.52. 626,534 shares of the company's stock were exchanged, compared to its average volume of 922,332. The company has a debt-to-equity ratio of 0.26, a quick ratio of 1.82 and a current ratio of 2.35. McEwen Inc. has a one year low of $6.38 and a one year high of $14.29. The firm has a market capitalization of $731.51 million, a PE ratio of -54.07 and a beta of 0.96. The business's fifty day simple moving average is $11.13 and its two-hundred day simple moving average is $9.05.

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 firm had revenue of $46.70 million during the quarter, compared to the consensus estimate of $49.05 million. Analysts anticipate that McEwen Inc. will post -0.72 earnings per share for the current fiscal year.

About McEwen

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.