U S Global Investors Inc. Buys Shares of 100,000 McEwen Inc. $MUX

Key Points

• U S Global Investors opened a new position in McEwen (MUX) in Q4, buying 100,000 shares valued at about $1.857 million and owning roughly 0.18% of the company at period end.
• Several institutions also increased stakes—most notably Royal Bank of Canada (up 4,309.4% to 638,871 shares), JPMorgan (+92.5%) and Goldman Sachs (+44.2%)—leaving institutional investors with about 17.03% ownership.
• Snapshot: MUX trades near $23.94 with a $1.42B market cap; the company reported a Q with an EPS beat ($0.66 vs. $0.25), and analysts have a mixed view but an average target of $29.83.

U S Global Investors Inc. purchased a new position in shares of McEwen Inc. (NYSE:MUX - Free Report) TSE: MUX during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 100,000 shares of the basic materials company's stock, valued at approximately $1,857,000. U S Global Investors Inc. owned 0.18% of McEwen at the end of the most recent reporting period.

Several other hedge funds have also made changes to their positions in the business. Royal Bank of Canada increased its stake in McEwen by 4,309.4% during the 1st quarter. Royal Bank of Canada now owns 638,871 shares of the basic materials company's stock worth $4,823,000 after buying an additional 624,382 shares during the period. Goldman Sachs Group Inc. boosted its position in McEwen by 44.2% in the 1st quarter. Goldman Sachs Group Inc. now owns 63,768 shares of the basic materials company's stock valued at $481,000 after buying an additional 19,548 shares during the period. Empowered Funds LLC grew its stake in shares of McEwen by 105.4% in the first quarter. Empowered Funds LLC now owns 208,100 shares of the basic materials company's stock worth $1,571,000 after acquiring an additional 106,800 shares in the last quarter. Geode Capital Management LLC grew its stake in shares of McEwen by 0.3% in the second quarter. Geode Capital Management LLC now owns 509,426 shares of the basic materials company's stock worth $4,897,000 after acquiring an additional 1,585 shares in the last quarter. Finally, JPMorgan Chase & Co. increased its position in shares of McEwen by 92.5% during the second quarter. JPMorgan Chase & Co. now owns 198,771 shares of the basic materials company's stock worth $1,910,000 after acquiring an additional 95,488 shares during the period. Institutional investors and hedge funds own 17.03% of the company's stock.

McEwen Trading Down 3.1%

MUX opened at $23.94 on Friday. The company has a market cap of $1.42 billion, a P/E ratio of 40.58 and a beta of 1.28. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.27 and a current ratio of 1.69. McEwen Inc. has a one year low of $6.88 and a one year high of $29.70. The business's 50-day simple moving average is $23.48 and its 200-day simple moving average is $21.46.

McEwen (NYSE:MUX - Get Free Report) TSE: MUX last issued its quarterly earnings results on Thursday, March 12th. The basic materials company reported $0.66 earnings per share for the quarter, topping the consensus estimate of $0.25 by $0.41. The firm had revenue of $64.60 million during the quarter, compared to the consensus estimate of $72.83 million. McEwen had a return on equity of 6.89% and a net margin of 17.43%. As a group, equities research analysts expect that McEwen Inc. will post 0.86 EPS for the current fiscal year.

Analysts Set New Price Targets

MUX has been the topic of several analyst reports. Weiss Ratings upgraded McEwen from a "sell (d+)" rating to a "hold (c-)" rating in a research note on Wednesday, March 11th. Wall Street Zen cut McEwen from a "buy" rating to a "hold" rating in a research note on Sunday, March 29th. Roth Mkm upped their price target on McEwen from $30.00 to $35.00 and gave the stock a "buy" rating in a report on Wednesday, March 18th. HC Wainwright increased their price target on McEwen from $21.50 to $29.50 and gave the company a "buy" rating in a research report on Wednesday, March 18th. Finally, Zacks Research cut McEwen from a "hold" rating to a "strong sell" rating in a research note on Wednesday, April 15th. Four equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $29.83.

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.

Want to see what other hedge funds are holding MUX? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for McEwen Inc. (NYSE:MUX - Free Report) TSE: MUX.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.