McEwen (NYSE:MUX) Downgraded to "Strong Sell" Rating by Zacks Research

Key Points

• Zacks Research downgraded McEwen (NYSE:MUX) from a "hold" to a "strong sell" rating in a note issued Wednesday.
• Despite the Zacks downgrade, analysts remain mixed—four Buy, one Hold and one Sell—with a MarketBeat consensus of "Moderate Buy" and an average price target of $29.83.
• McEwen beat EPS expectations last quarter ($0.66 vs. $0.25) but missed revenue estimates ($64.6M vs. $72.83M), and analysts forecast -0.72 EPS for the current year.

McEwen (NYSE:MUX - Get Free Report) TSE: MUX was downgraded by Zacks Research from a "hold" rating to a "strong sell" rating in a research note issued on Wednesday,Zacks.com reports.

MUX has been the subject of several other research reports. Wall Street Zen cut shares of McEwen from a "buy" rating to a "hold" rating in a research note on Sunday, March 29th. Roth Mkm lifted their price objective on shares of McEwen from $30.00 to $35.00 and gave the stock a "buy" rating in a research note on Wednesday, March 18th. Weiss Ratings upgraded shares of McEwen from a "sell (d+)" rating to a "hold (c-)" rating in a research note on Wednesday, March 11th. Finally, HC Wainwright boosted their target price on shares of McEwen from $21.50 to $29.50 and gave the company a "buy" rating in a research report on Wednesday, March 18th. Four equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $29.83.

McEwen Price Performance

Shares of McEwen stock opened at $24.72 on Wednesday. McEwen has a twelve month low of $6.88 and a twelve month high of $29.70. The company has a quick ratio of 1.27, a current ratio of 1.69 and a debt-to-equity ratio of 0.23. The company has a 50-day simple moving average of $23.61 and a two-hundred day simple moving average of $21.18. The stock has a market capitalization of $1.47 billion, a price-to-earnings ratio of 41.89 and a beta of 1.28.

McEwen (NYSE:MUX - Get Free Report) TSE: MUX last issued its quarterly earnings data on Thursday, March 12th. The basic materials company reported $0.66 earnings per share for the quarter, topping the consensus estimate of $0.25 by $0.41. McEwen had a net margin of 17.43% and a return on equity of 6.89%. The business had revenue of $64.60 million during the quarter, compared to analysts' expectations of $72.83 million. Analysts forecast that McEwen will post -0.72 EPS for the current year.

Institutional Investors Weigh In On McEwen

A number of large investors have recently modified their holdings of the business. Geode Capital Management LLC boosted its holdings in shares of McEwen by 0.3% in the 4th quarter. Geode Capital Management LLC now owns 522,435 shares of the basic materials company's stock valued at $9,673,000 after purchasing an additional 1,461 shares in the last quarter. CoreCap Advisors LLC bought a new stake in shares of McEwen during the 3rd quarter valued at approximately $27,000. Parkside Financial Bank & Trust bought a new stake in shares of McEwen during the 4th quarter valued at approximately $37,000. Banque Cantonale Vaudoise bought a new stake in shares of McEwen during the 4th quarter valued at approximately $40,000. Finally, Sprott Inc. grew its holdings in shares of McEwen by 22.2% during the 4th quarter. Sprott Inc. now owns 12,309 shares of the basic materials company's stock valued at $228,000 after purchasing an additional 2,233 shares during the last quarter. Institutional investors and hedge funds own 17.03% of the company's stock.

McEwen Company Profile

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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