McEwen (NYSE:MUX) Announces Earnings Results

Key Points

• McEwen reported quarterly EPS of $0.14, missing the $0.25 analyst consensus, while revenue of $59.23 million came in below expectations of $65.51 million.
• Despite the earnings miss, McEwen shares rose 5.7% to $19.73 in Wednesday trading. The stock remains rated “Moderate Buy,” with a consensus price target of $29.83.
• Institutional ownership stands at 17.03%, with several hedge funds increasing their positions, while a company director recently sold 3,275 shares at an average price of $18.13.

McEwen (NYSE:MUX - Get Free Report) TSE: MUX released its earnings results on Wednesday. The basic materials company reported $0.14 earnings per share for the quarter, missing analysts' consensus estimates of $0.25 by ($0.11), FiscalAI reports. The business had revenue of $59.23 million during the quarter, compared to analysts' expectations of $65.51 million. McEwen had a return on equity of 13.65% and a net margin of 31.40%.

McEwen Trading Up 5.7%

NYSE:MUX traded up $1.06 on Wednesday, hitting $19.73. The stock had a trading volume of 993,835 shares, compared to its average volume of 785,518. The company has a quick ratio of 0.81, a current ratio of 1.14 and a debt-to-equity ratio of 0.19. The stock has a market cap of $1.18 billion, a price-to-earnings ratio of 16.72 and a beta of 1.23. The company has a fifty day moving average price of $18.49 and a two-hundred day moving average price of $21.90. McEwen has a 1-year low of $9.82 and a 1-year high of $29.70.

Wall Street Analyst Weigh In

MUX has been the subject of several recent research reports. Wall Street Zen cut McEwen from a "buy" rating to a "hold" rating in a report on Sunday, May 17th. Zacks Research upgraded McEwen from a "strong sell" rating to a "hold" rating in a research report on Monday, May 11th. Finally, Weiss Ratings lowered McEwen from a "hold (c+)" rating to a "hold (c)" rating in a research note on Tuesday, June 2nd. Three research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company's stock. Based on data from MarketBeat, McEwen presently has an average rating of "Moderate Buy" and a consensus target price of $29.83.

Insider Buying and Selling at McEwen

In other news, Director Richard W. Brissenden sold 3,275 shares of the firm's stock in a transaction that occurred on Monday, June 29th. The shares were sold at an average price of $18.13, for a total transaction of $59,375.75. Following the completion of the sale, the director owned 18,022 shares in the company, valued at $326,738.86. This trade represents a 15.38% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 14.80% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in MUX. Empowered Funds LLC raised its position in McEwen by 4.1% in the fourth quarter. Empowered Funds LLC now owns 259,498 shares of the basic materials company's stock valued at $4,803,000 after purchasing an additional 10,101 shares during the period. Voloridge Investment Management LLC lifted its stake in shares of McEwen by 228.6% in the 4th quarter. Voloridge Investment Management LLC now owns 701,344 shares of the basic materials company's stock valued at $12,982,000 after purchasing an additional 487,924 shares during the last quarter. Occudo Quantitative Strategies LP grew its holdings in shares of McEwen by 307.5% during the 4th quarter. Occudo Quantitative Strategies LP now owns 67,558 shares of the basic materials company's stock worth $1,250,000 after purchasing an additional 50,981 shares during the period. Janus Henderson Group PLC purchased a new position in shares of McEwen during the 4th quarter worth $398,000. Finally, Bridgeway Capital Management LLC increased its position in shares of McEwen by 2.4% during the 4th quarter. Bridgeway Capital Management LLC now owns 429,498 shares of the basic materials company's stock worth $7,950,000 after purchasing an additional 10,101 shares during the last quarter. 17.03% of the stock is currently owned by hedge funds and other institutional investors.

About McEwen

McEwen Mining Inc NYSE: MUX is a Canada-based precious metals company focused on the exploration, development and production of gold, silver and copper. Headquartered in Toronto, the company pursues a diversified portfolio of assets across the Americas, with operations and projects spanning Argentina, Mexico, Canada and the United States. McEwen Mining employs an integrated approach that combines in-house technical expertise with strategic partnerships to advance its assets from resource definition through to commercial production.

The company's flagship producing asset is the San José mine in Argentina, a high-grade silver-gold operation.

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