Synergy Asset Management LLC Boosts Holdings in McEwen Inc. $MUX

Key Points

• Synergy Asset Management increased its McEwen stake by 31.6% in the second quarter, adding 193,005 shares to own 803,122 shares worth approximately $14.6 million. Institutional investors collectively own 17.03% of the company.
• McEwen reported quarterly EPS of $0.14, missing the $0.28 consensus estimate, while revenue of $59.23 million fell short of expectations of $65.51 million.
• Analyst sentiment is mixed, with an overall “Hold” rating and a consensus price target of $28.00; recent actions included downgrades from Zacks Research and Wall Street Zen, alongside Buy ratings from Roth Capital and HC Wainwright.

Synergy Asset Management LLC lifted its position in shares of McEwen Inc. (NYSE:MUX - Free Report) TSE: MUX by 31.6% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 803,122 shares of the basic materials company's stock after purchasing an additional 193,005 shares during the period. McEwen comprises 1.4% of Synergy Asset Management LLC's portfolio, making the stock its 23rd largest position. Synergy Asset Management LLC owned 1.34% of McEwen worth $14,561,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in the company. Counterpoint Mutual Funds LLC acquired a new stake in McEwen during the 2nd quarter valued at $218,000. Bank of America Corp DE lifted its holdings in 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 buying an additional 497,882 shares in the last quarter. California State Teachers Retirement System boosted its position in McEwen by 45.7% in the 1st quarter. California State Teachers Retirement System now owns 60,857 shares of the basic materials company's stock valued at $1,243,000 after buying an additional 19,077 shares during the last quarter. Empowered Funds LLC boosted its position in McEwen by 6.1% in the 1st quarter. Empowered Funds LLC now owns 275,384 shares of the basic materials company's stock valued at $5,623,000 after buying an additional 15,886 shares during the last quarter. Finally, Entropy Technologies LP acquired a new stake in shares of McEwen during the first quarter valued at about $206,000. 17.03% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at McEwen

In other McEwen news, Director Richard W. Brissenden sold 3,275 shares of the company's stock in a transaction that occurred on Monday, June 29th. The stock was sold at an average price of $18.13, for a total transaction of $59,375.75. Following the sale, the director owned 18,022 shares in the company, valued at $326,738.86. This represents a 15.38% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. 14.80% of the stock is owned by insiders.

McEwen Price Performance

Shares of MUX stock opened at $18.60 on Friday. The firm has a fifty day moving average of $18.17 and a two-hundred day moving average of $21.66. The firm has a market cap of $1.14 billion, a P/E ratio of 14.76 and a beta of 1.23. McEwen Inc. has a 1-year low of $9.86 and a 1-year high of $29.70. 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 (NYSE:MUX - Get Free Report) TSE: MUX last issued its 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 company had revenue of $59.23 million during the quarter, compared to analyst estimates of $65.51 million. As a group, research analysts anticipate that McEwen Inc. will post 0.8 earnings per share for the current fiscal year.

Analyst Ratings Changes

MUX has been the topic of a number of analyst reports. Zacks Research lowered McEwen from a "hold" rating to a "strong sell" rating in a research report on Wednesday, August 5th. Wall Street Zen downgraded McEwen from a "hold" rating to a "sell" rating in a report on Saturday, August 8th. Weiss Ratings lowered McEwen from a "hold (c+)" rating to a "hold (c)" rating in a research note on Tuesday, June 2nd. Roth Capital set a $31.00 price objective on McEwen and gave the stock a "buy" rating in a report on Monday. Finally, HC Wainwright reaffirmed a "buy" rating and issued a $28.00 target price (down from $29.50) on shares of McEwen in a research report on Friday, August 7th. Three investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, McEwen presently has an average rating of "Hold" and a consensus price target of $28.00.

McEwen Company Profile

McEwen Mining Inc NYSE: MUX is a Canada-based precious metals company focused on the exploration, development and production of gold, silver and copper. Headquartered in Toronto, the company pursues a diversified portfolio of assets across the Americas, with operations and projects spanning Argentina, Mexico, Canada and the United States. McEwen Mining employs an integrated approach that combines in-house technical expertise with strategic partnerships to advance its assets from resource definition through to commercial production.

The company's flagship producing asset is the San José mine in Argentina, a high-grade silver-gold operation.

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