McEwen Mining (NYSE:MUX) Trading Up 12.6% - Should You Buy?

McEwen Mining Inc. (NYSE:MUX - Get Free Report) TSE: MUX shares were up 12.6% during trading on Tuesday . The company traded as high as $10.89 and last traded at $10.82. Approximately 488,020 shares traded hands during mid-day trading, a decline of 30% from the average daily volume of 692,285 shares. The stock had previously closed at $9.61.

Analyst Ratings Changes

MUX has been the topic of several analyst reports. HC Wainwright dropped their price objective on McEwen Mining from $18.00 to $15.50 and set a "buy" rating on the stock in a report on Friday, May 9th. National Bankshares restated an "outperform" rating on shares of McEwen Mining in a research note on Tuesday, June 24th. Roth Mkm cut their price target on shares of McEwen Mining from $13.00 to $12.50 and set a "buy" rating on the stock in a report on Friday, March 21st. Wall Street Zen lowered shares of McEwen Mining from a "hold" rating to a "sell" rating in a report on Thursday, May 22nd. Finally, National Bank Financial upgraded shares of McEwen Mining to a "strong-buy" rating in a research note on Tuesday, April 29th. One equities research analyst has rated the stock with a sell rating, three have assigned a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $14.00.

McEwen Mining Stock Performance

The company has a 50-day moving average of $8.33 and a 200-day moving average of $7.97. The firm has a market capitalization of $597.67 million, a price-to-earnings ratio of -19.42 and a beta of 0.95. The company has a current ratio of 2.35, a quick ratio of 1.89 and a debt-to-equity ratio of 0.26.

McEwen Mining (NYSE:MUX - Get Free Report) TSE: MUX last issued its earnings results on Wednesday, May 7th. The basic materials company reported ($0.12) earnings per share for the quarter, topping analysts' consensus estimates of ($0.14) by $0.02. McEwen Mining had a negative net margin of 17.51% and a negative return on equity of 6.03%. The company had revenue of $35.70 million for the quarter, compared to analysts' expectations of $39.06 million. On average, 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

A number of large investors have recently bought and sold shares of the business. New Age Alpha Advisors LLC bought a new stake in shares of McEwen Mining in the 4th quarter worth approximately $38,000. Aquatic Capital Management LLC increased its position in McEwen Mining by 357.9% in the fourth quarter. Aquatic Capital Management LLC now owns 7,327 shares of the basic materials company's stock worth $57,000 after buying an additional 5,727 shares during the period. Total Wealth Planning & Management Inc. bought a new stake in McEwen Mining in the fourth quarter valued at $96,000. Private Advisor Group LLC boosted its holdings 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 valued at $98,000 after acquiring an additional 2,000 shares during the period. Finally, SBI Securities Co. Ltd. grew its position in shares of McEwen Mining by 9,935.0% during the first quarter. SBI Securities Co. Ltd. now owns 14,350 shares of the basic materials company's stock worth $108,000 after acquiring an additional 14,207 shares during the last quarter. 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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