Van ECK Associates Corp Sells 60,697 Shares of McEwen Inc. $MUX

Key Points

• Van ECK Associates Corp trimmed its stake in McEwen (MUX) by 3.5%, selling 60,697 shares in Q3 and left with 1,656,387 shares (≈3.04% ownership) valued at $28.3M.
• Significant institutional moves included JPMorgan Chase increasing its position by 231.6% (adding 460,308 shares to 659,079), while Vanguard, Dimensional and Quantbot also raised stakes; institutional investors own about 17.03% of MUX.
• Analysts are mixed but mildly positive with a consensus "Moderate Buy" and $25.50 target; the stock trades near $24.80, has a 52-week range of $6.38–$29.70 and a market cap of roughly $1.35B.

Van ECK Associates Corp lessened its stake in shares of McEwen Inc. (NYSE:MUX - Free Report) TSE: MUX by 3.5% during the 3rd quarter, according to its most recent 13F filing with the SEC. The firm owned 1,656,387 shares of the basic materials company's stock after selling 60,697 shares during the period. Van ECK Associates Corp owned approximately 3.04% of McEwen worth $28,324,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently bought and sold shares of MUX. Dimensional Fund Advisors LP lifted its holdings in shares of McEwen by 1.2% in the 3rd quarter. Dimensional Fund Advisors LP now owns 1,285,603 shares of the basic materials company's stock worth $21,982,000 after acquiring an additional 15,439 shares during the last quarter. Quantbot Technologies LP raised its holdings in shares of McEwen by 62.7% in the third quarter. Quantbot Technologies LP now owns 131,786 shares of the basic materials company's stock worth $2,254,000 after buying an additional 50,778 shares during the period. Semanteon Capital Management LP bought a new stake in shares of McEwen during the 3rd quarter worth approximately $565,000. Vanguard Group Inc. boosted its holdings in McEwen by 3.1% during the 3rd quarter. Vanguard Group Inc. now owns 884,347 shares of the basic materials company's stock valued at $15,122,000 after acquiring an additional 26,846 shares during the period. Finally, JPMorgan Chase & Co. grew its position in McEwen by 231.6% in the 3rd quarter. JPMorgan Chase & Co. now owns 659,079 shares of the basic materials company's stock valued at $11,270,000 after acquiring an additional 460,308 shares during the last quarter. 17.03% of the stock is owned by hedge funds and other institutional investors.

McEwen Price Performance

Shares of MUX opened at $24.80 on Thursday. The company has a debt-to-equity ratio of 0.26, a quick ratio of 1.58 and a current ratio of 2.10. The company has a 50 day moving average price of $24.60 and a 200-day moving average price of $19.76. McEwen Inc. has a fifty-two week low of $6.38 and a fifty-two week high of $29.70. The stock has a market capitalization of $1.35 billion, a PE ratio of -112.70 and a beta of 1.11.

Analyst Ratings Changes

A number of research analysts have recently commented on MUX shares. Weiss Ratings restated a "sell (d+)" rating on shares of McEwen in a report on Monday, December 29th. Roth Mkm reiterated a "buy" rating and issued a $30.00 price target (up from $23.00) on shares of McEwen in a report on Friday, January 30th. Four analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, McEwen has an average rating of "Moderate Buy" and a consensus target price of $25.50.

McEwen 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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