Insider Selling: McEwen (NYSE:MUX) CEO Sells 50,000 Shares of Stock

Key Points

• McEwen Inc. CEO Robert Ross McEwen sold 50,000 shares of the company's stock at an average price of $14.35, reducing his stake by 10% and leaving him with 450,000 shares valued at approximately $6.46 million.
• The company's recent earnings report showed a miss on EPS with $0.06 reported versus a consensus estimate of $0.09, while revenue was $46.70 million, below the expected $49.05 million.
• Analysts have set a consensus target price of $14.83 for McEwen Inc., with several firms assigning a "Buy" rating and one analyst rating it as a "Strong Buy."

McEwen Inc. (NYSE:MUX - Get Free Report) TSE: MUX CEO Robert Ross Mcewen sold 50,000 shares of the business's stock in a transaction dated Friday, September 19th. The stock was sold at an average price of $14.35, for a total transaction of $717,500.00. Following the transaction, the chief executive officer owned 450,000 shares in the company, valued at approximately $6,457,500. This trade represents a 10.00% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink.

McEwen Trading Down 1.2%

Shares of MUX traded down $0.18 on Tuesday, hitting $14.82. 1,755,919 shares of the stock traded hands, compared to its average volume of 1,594,068. The company has a quick ratio of 1.82, a current ratio of 2.35 and a debt-to-equity ratio of 0.26. The firm has a market capitalization of $801.64 million, a P/E ratio of -59.26 and a beta of 0.96. The stock's 50 day moving average is $11.79 and its two-hundred day moving average is $9.57. McEwen Inc. has a 1 year low of $6.38 and a 1 year high of $15.50.

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

Analysts Set New Price Targets

A number of research firms have recently issued reports on MUX. National Bankshares restated an "outperform" rating on shares of McEwen in a research report on Wednesday, July 16th. Roth Capital set a $15.00 price objective on shares of McEwen and gave the company a "buy" rating in a research report on Tuesday, July 1st. Finally, HC Wainwright lifted their price objective 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. One analyst has rated the stock with a Strong Buy rating and four have assigned a Buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Buy" and a consensus target price of $14.83.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in MUX. Nomura Holdings Inc. purchased a new position in shares of McEwen in the first quarter worth approximately $6,925,000. Royal Bank of Canada increased its position in shares of McEwen by 4,309.4% in the first quarter. Royal Bank of Canada now owns 638,871 shares of the basic materials company's stock worth $4,823,000 after acquiring an additional 624,382 shares in the last quarter. Monashee Investment Management LLC purchased a new position in shares of McEwen in the first quarter worth approximately $2,076,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in shares of McEwen by 19.7% in the second quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,418,023 shares of the basic materials company's stock worth $13,627,000 after acquiring an additional 233,266 shares in the last quarter. Finally, Alps Advisors Inc. increased its position in shares of McEwen by 41.9% in the first quarter. Alps Advisors Inc. now owns 729,515 shares of the basic materials company's stock worth $5,508,000 after acquiring an additional 215,396 shares in the last quarter. 17.03% of the stock is owned by hedge funds and other institutional investors.

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.

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