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

Key Points

• Zacks Research downgraded McEwen Mining to “strong sell” from “hold,” while the broader analyst consensus remains “hold” with an average price target of $29.83.
• McEwen’s latest quarterly results fell short of expectations: EPS was $0.14 versus a $0.28 consensus estimate, and revenue reached $59.23 million compared with forecasts of $65.51 million.
• MUX shares opened at $18.30, below their 200-day moving average of $21.86, while an insider recently reduced their holdings by 15.38% through a stock sale.

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

A number of other equities research analysts have also recently commented on MUX. Weiss Ratings cut McEwen from a "hold (c+)" rating to a "hold (c)" rating in a research note on Tuesday, June 2nd. Wall Street Zen lowered McEwen from a "buy" rating to a "hold" rating in a research note on Sunday, May 17th. Three research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average target price of $29.83.

McEwen Stock Performance

Shares of MUX stock opened at $18.30 on Wednesday. The business's fifty day simple moving average is $18.42 and its 200-day simple moving average is $21.86. The company has a market cap of $1.09 billion, a PE ratio of 14.53 and a beta of 1.23. The company has a current ratio of 1.14, a quick ratio of 0.81 and a debt-to-equity ratio of 0.19. McEwen has a 12-month low of $9.82 and a 12-month high of $29.70.

McEwen (NYSE:MUX - Get Free Report) TSE: MUX last issued its quarterly earnings data on Wednesday, August 5th. The basic materials company reported $0.14 EPS for the quarter, missing the consensus estimate of $0.28 by ($0.14). McEwen had a net margin of 32.46% and a return on equity of 14.34%. The business had revenue of $59.23 million for the quarter, compared to analysts' expectations of $65.51 million. Analysts expect that McEwen will post 1.01 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other McEwen news, Director Richard W. Brissenden sold 3,275 shares of the business's stock in a transaction dated Monday, June 29th. The stock was sold at an average price of $18.13, for a total transaction of $59,375.75. Following the sale, the director owned 18,022 shares in the company, valued at approximately $326,738.86. The trade was a 15.38% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 14.80% of the company's stock.

Institutional Investors Weigh In On McEwen

Institutional investors and hedge funds have recently modified their holdings of the company. State Street Corp increased its holdings in McEwen by 24.4% in the 4th quarter. State Street Corp now owns 2,190,605 shares of the basic materials company's stock worth $40,548,000 after buying an additional 429,761 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in McEwen by 38.2% during the 3rd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,959,913 shares of the basic materials company's stock valued at $33,515,000 after acquiring an additional 541,890 shares during the period. Dimensional Fund Advisors LP boosted its holdings in shares of McEwen by 1.2% in the 3rd quarter. Dimensional Fund Advisors LP now owns 1,285,603 shares of the basic materials company's stock valued at $21,982,000 after acquiring an additional 15,439 shares during the last quarter. BNP Paribas Financial Markets boosted its holdings in shares of McEwen by 56.3% in the 4th quarter. BNP Paribas Financial Markets now owns 1,001,596 shares of the basic materials company's stock valued at $18,540,000 after acquiring an additional 360,857 shares during the last quarter. Finally, Vanguard Group Inc. increased its stake in shares of McEwen by 3.1% in the third quarter. Vanguard Group Inc. now owns 884,347 shares of the basic materials company's stock worth $15,122,000 after acquiring an additional 26,846 shares during the period. 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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