McEwen Mining (NYSE:MUX) Sets New 1-Year High - Here's What Happened

McEwen Mining Inc. (NYSE:MUX - Get Free Report) TSE: MUX's share price reached a new 52-week high during trading on Thursday . The stock traded as high as $11.46 and last traded at $11.32, with a volume of 519171 shares. The stock had previously closed at $10.99.

Wall Street Analyst Weigh In

Several equities research analysts have commented on MUX shares. National Bank Financial upgraded McEwen Mining to a "strong-buy" rating in a research report on Tuesday, April 29th. Roth Mkm decreased their price target on shares of McEwen Mining from $13.00 to $12.50 and set a "buy" rating on the stock in a research note on Friday, March 21st. HC Wainwright cut their price objective on McEwen Mining from $18.00 to $15.50 and set a "buy" rating for the company in a research note on Friday, May 9th. Wall Street Zen lowered McEwen Mining from a "hold" rating to a "sell" rating in a research note on Thursday, May 22nd. Finally, Roth Capital set a $15.00 price objective on McEwen Mining and gave the company a "buy" rating in a report on Tuesday. One research analyst has rated the stock with a sell rating, four have given a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $14.33.

McEwen Mining Stock Up 3.5%

The company has a debt-to-equity ratio of 0.26, a current ratio of 2.35 and a quick ratio of 1.89. The stock has a market capitalization of $613.87 million, a price-to-earnings ratio of -19.95 and a beta of 0.98. The business has a fifty day moving average of $8.47 and a 200 day moving average of $8.01.

McEwen Mining (NYSE:MUX - Get Free Report) TSE: MUX last posted its earnings results on Wednesday, May 7th. The basic materials company reported ($0.12) EPS for the quarter, beating analysts' consensus estimates of ($0.14) by $0.02. The company had revenue of $35.70 million for the quarter, compared to analysts' expectations of $39.06 million. McEwen Mining had a negative net margin of 17.51% and a negative return on equity of 6.03%. As a group, equities analysts predict that McEwen Mining Inc. will post -0.72 earnings per share for the current year.

Hedge Funds Weigh In On McEwen Mining

Several institutional investors have recently bought and sold shares of the company. Private Advisor Group LLC lifted its position in shares of McEwen Mining by 18.8% during the fourth quarter. Private Advisor Group LLC now owns 12,645 shares of the basic materials company's stock worth $98,000 after purchasing an additional 2,000 shares in the last quarter. New Age Alpha Advisors LLC acquired a new position in shares of McEwen Mining in the fourth quarter worth $38,000. Aquatic Capital Management LLC increased its position in shares of McEwen Mining by 357.9% during the fourth quarter. Aquatic Capital Management LLC now owns 7,327 shares of the basic materials company's stock worth $57,000 after acquiring an additional 5,727 shares during the period. Connor Clark & Lunn Investment Management Ltd. increased its holdings in McEwen Mining by 1.5% during the 4th quarter. Connor Clark & Lunn Investment Management Ltd. now owns 399,519 shares of the basic materials company's stock worth $3,103,000 after purchasing an additional 5,800 shares during the period. Finally, American Century Companies Inc. raised its position in McEwen Mining by 8.8% in the 4th quarter. American Century Companies Inc. now owns 92,346 shares of the basic materials company's stock valued at $718,000 after purchasing an additional 7,492 shares in the last quarter. 17.03% of the stock is owned by institutional investors and hedge funds.

About McEwen Mining

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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