McEwen Mining (NYSE:MUX) Shares Pass Above Two Hundred Day Moving Average - What's Next?

McEwen Mining Inc (NYSE:MUX - Get Free Report) TSE: MUX's share price passed above its two hundred day moving average during trading on Monday . The stock has a two hundred day moving average of $8.29 and traded as high as $8.42. McEwen Mining shares last traded at $8.10, with a volume of 596,947 shares trading hands.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on the company. Roth Mkm reduced their target price on McEwen Mining from $13.00 to $12.50 and set a "buy" rating for the company in a report on Friday, March 21st. HC Wainwright reaffirmed a "buy" rating and set a $18.00 price objective on shares of McEwen Mining in a research note on Wednesday, March 19th. Finally, StockNews.com lowered McEwen Mining from a "hold" rating to a "sell" rating in a research report on Wednesday, February 19th.

McEwen Mining Price Performance

The stock's fifty day moving average price is $7.49 and its 200-day moving average price is $8.23. The company has a current ratio of 1.17, a quick ratio of 0.74 and a debt-to-equity ratio of 0.06. The firm has a market cap of $412.33 million, a price-to-earnings ratio of 3.49 and a beta of 1.21.

McEwen Mining (NYSE:MUX - Get Free Report) TSE: MUX last issued its quarterly earnings data on Friday, March 14th. The basic materials company reported ($0.15) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.13) by ($0.02). McEwen Mining had a net margin of 51.31% and a return on equity of 20.77%. The company had revenue of $33.52 million during the quarter, compared to analysts' expectations of $32.20 million. As a group, equities research analysts forecast that McEwen Mining Inc will post -0.72 earnings per share for the current fiscal year.

Hedge Funds Weigh In On McEwen Mining

Hedge funds and other institutional investors have recently bought and sold shares of the company. Tidal Investments LLC increased its stake in McEwen Mining by 556.7% during 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 during the period. Dimensional Fund Advisors LP grew its stake in McEwen Mining by 369.3% during the 4th quarter. Dimensional Fund Advisors LP now owns 556,718 shares of the basic materials company's stock worth $4,331,000 after purchasing an additional 438,088 shares in the last quarter. Geode Capital Management LLC raised its position in McEwen Mining by 2.9% in the 4th quarter. Geode Capital Management LLC now owns 484,792 shares of the basic materials company's stock valued at $3,774,000 after purchasing an additional 13,673 shares in the last quarter. U S Global Investors Inc. boosted its stake in shares of McEwen Mining by 23.4% in the 1st quarter. U S Global Investors Inc. now owns 405,584 shares of the basic materials company's stock valued at $3,062,000 after buying an additional 76,972 shares during the period. Finally, Connor Clark & Lunn Investment Management Ltd. grew its position in shares of McEwen Mining by 1.5% during the fourth quarter. Connor Clark & Lunn Investment Management Ltd. now owns 399,519 shares of the basic materials company's stock worth $3,103,000 after buying an additional 5,800 shares in the last quarter. 17.03% of the stock is currently owned by hedge funds and other institutional investors.

McEwen Mining Company Profile

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.