McEwen Mining (NYSE:MUX) Trading Down 5.4% - Time to Sell?

McEwen Mining Inc. (NYSE:MUX - Get Free Report) TSE: MUX's stock price fell 5.4% during trading on Tuesday . The company traded as low as $10.84 and last traded at $10.77. 196,163 shares traded hands during trading, a decline of 72% from the average session volume of 707,229 shares. The stock had previously closed at $11.38.

Wall Street Analyst Weigh In

MUX has been the subject of a number of recent analyst reports. National Bankshares reiterated an "outperform" rating on shares of McEwen Mining in a research report on Tuesday, June 24th. Roth Capital set a $15.00 target price on shares of McEwen Mining and gave the stock a "buy" rating in a research report on Tuesday, July 1st. National Bank Financial upgraded shares of McEwen Mining to a "strong-buy" rating in a research report on Tuesday, April 29th. HC Wainwright dropped their target price on shares of McEwen Mining from $18.00 to $15.50 and set a "buy" rating for the company in a research report on Friday, May 9th. Finally, Roth Mkm dropped their target price on shares of McEwen Mining from $13.00 to $12.50 and set a "buy" rating for the company in a research report on Friday, March 21st. One research analyst has rated the stock with a sell rating, four have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $14.33.

McEwen Mining Price Performance

The company's fifty day moving average is $8.87 and its 200 day moving average is $8.14. The firm has a market cap of $587.12 million, a price-to-earnings ratio of -19.10 and a beta of 0.98. The company has a quick ratio of 1.89, a current ratio of 2.35 and a debt-to-equity ratio of 0.26.

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

Hedge Funds Weigh In On McEwen Mining

Several institutional investors and hedge funds have recently modified their holdings of the business. Connor Clark & Lunn Investment Management Ltd. grew its stake in 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. Quantbot Technologies LP grew its stake in McEwen Mining by 53.5% during the fourth quarter. Quantbot Technologies LP now owns 37,980 shares of the basic materials company's stock worth $295,000 after buying an additional 13,230 shares in the last quarter. American Century Companies Inc. grew its stake in McEwen Mining by 8.8% during the fourth quarter. American Century Companies Inc. now owns 92,346 shares of the basic materials company's stock worth $718,000 after buying an additional 7,492 shares in the last quarter. Fox Run Management L.L.C. acquired a new stake in McEwen Mining during the fourth quarter worth about $248,000. Finally, JPMorgan Chase & Co. boosted its stake in shares of McEwen Mining by 282,420.0% in the 4th quarter. JPMorgan Chase & Co. now owns 42,378 shares of the basic materials company's stock valued at $330,000 after purchasing an additional 42,363 shares in the last quarter. 17.03% of the stock is currently 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.