McEwen Mining (NYSE:MUX) Shares Pass Above 200-Day Moving Average - Time to Sell?

Shares of McEwen Mining Inc (NYSE:MUX - Get Free Report) TSE: MUX passed above its 200-day moving average during trading on Friday . The stock has a 200-day moving average of $7.89 and traded as high as $9.45. McEwen Mining shares last traded at $9.35, with a volume of 739,264 shares changing hands.

Analyst Ratings Changes

Several brokerages have issued reports on MUX. Roth Mkm dropped their target price on McEwen Mining from $13.00 to $12.50 and set a "buy" rating on the stock in a research report on Friday, March 21st. HC Wainwright dropped their price objective on shares of McEwen Mining from $18.00 to $15.50 and set a "buy" rating on the stock in a report on Friday, May 9th. National Bank Financial upgraded shares of McEwen Mining to a "strong-buy" rating in a research report on Tuesday, April 29th. Finally, Wall Street Zen cut shares of McEwen Mining from a "hold" rating to a "sell" rating in a report on Thursday, May 22nd.

McEwen Mining Stock Up 1.0%

The company has a 50-day moving average of $7.74 and a two-hundred day moving average of $7.89. The company has a debt-to-equity ratio of 0.06, a current ratio of 1.17 and a quick ratio of 0.74. The company has a market capitalization of $504.95 million, a PE ratio of 4.27 and a beta of 0.95.

McEwen Mining (NYSE:MUX - Get Free Report) TSE: MUX last posted its quarterly earnings data on Wednesday, May 7th. The basic materials company reported ($0.12) earnings per share for the quarter, beating analysts' consensus estimates of ($0.14) by $0.02. The firm had revenue of $35.70 million for the quarter, compared to analysts' expectations of $39.06 million. McEwen Mining had a return on equity of 20.77% and a net margin of 51.31%. Sell-side analysts anticipate that McEwen Mining Inc will post -0.72 earnings per share for the current fiscal year.

Hedge Funds Weigh In On McEwen Mining

Several large investors have recently added to or reduced their stakes in the company. Nomura Holdings Inc. bought a new stake in shares of McEwen Mining during the 1st quarter valued at $6,925,000. Tidal Investments LLC increased its stake in McEwen Mining by 556.7% in the 4th quarter. Tidal Investments LLC now owns 1,003,830 shares of the basic materials company's stock worth $7,810,000 after buying an additional 850,971 shares in the last quarter. Royal Bank of Canada increased its stake in McEwen Mining by 4,309.4% in 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 in the last quarter. Dimensional Fund Advisors LP raised its holdings in McEwen Mining by 369.3% during the fourth quarter. Dimensional Fund Advisors LP now owns 556,718 shares of the basic materials company's stock valued at $4,331,000 after acquiring an additional 438,088 shares during the period. Finally, U S Global Investors Inc. purchased a new position in shares of McEwen Mining in the fourth quarter valued at about $2,557,000. Hedge funds and other institutional investors own 17.03% of the company's stock.

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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