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McEwen (NYSE:MUX) Hits New 12-Month High - Here's Why

McEwen logo with Basic Materials background

Key Points

  • McEwen Inc. (NYSE:MUX) reached a new 52-week high of $19.12, closing at $18.80 with a trading volume of over 1.79 million shares.
  • Analysts maintain a mixed outlook with one Strong Buy rating, four Buy ratings, and one Sell rating, as the average rating stands at "Moderate Buy" with a consensus target price of $17.50.
  • Recent insider trading includes significant sell-offs by VP Jeffrey Chan and Director Richard W. Brissenden, reducing their stock ownership by 85.47% and 54.36% respectively.
  • Five stocks to consider instead of McEwen.

Shares of McEwen Inc. (NYSE:MUX - Get Free Report) TSE: MUX hit a new 52-week high on Thursday . The company traded as high as $19.12 and last traded at $18.80, with a volume of 1793062 shares changing hands. The stock had previously closed at $17.71.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on MUX. Weiss Ratings reaffirmed a "sell (d+)" rating on shares of McEwen in a research report on Wednesday. National Bankshares reissued an "outperform" rating on shares of McEwen in a research report on Wednesday, July 16th. Roth Capital set a $23.00 target price on shares of McEwen in a research report on Thursday. Finally, HC Wainwright boosted their target price on shares of McEwen from $15.50 to $17.00 and gave the stock a "buy" rating in a research report on Tuesday, July 29th. One investment analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $17.50.

Read Our Latest Research Report on MUX

McEwen Trading Up 6.9%

The company has a quick ratio of 1.82, a current ratio of 2.35 and a debt-to-equity ratio of 0.26. The business's 50 day moving average is $13.02 and its 200-day moving average is $10.25. The firm has a market cap of $1.09 billion, a P/E ratio of -80.28 and a beta of 0.99.

McEwen (NYSE:MUX - Get Free Report) TSE: MUX last released its earnings results on Wednesday, August 6th. The basic materials company reported $0.06 earnings per share for the quarter, missing the consensus estimate of $0.09 by ($0.03). McEwen had a negative net margin of 8.05% and a negative return on equity of 2.76%. The business had revenue of $46.70 million for the quarter, compared to the consensus estimate of $49.05 million. As a group, analysts forecast that McEwen Inc. will post -0.72 earnings per share for the current fiscal year.

Insider Buying and Selling at McEwen

In other news, VP Jeffrey Chan sold 13,333 shares of the business's stock in a transaction on Monday, September 22nd. The shares were sold at an average price of $14.89, for a total transaction of $198,528.37. Following the completion of the transaction, the vice president owned 2,267 shares of the company's stock, valued at approximately $33,755.63. The trade was a 85.47% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Richard W. Brissenden sold 11,203 shares of the business's stock in a transaction on Monday, September 22nd. The shares were sold at an average price of $14.89, for a total transaction of $166,812.67. Following the transaction, the director directly owned 9,405 shares of the company's stock, valued at approximately $140,040.45. This trade represents a 54.36% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 77,192 shares of company stock worth $1,110,702 in the last ninety days. 16.10% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On McEwen

Several institutional investors have recently bought and sold shares of MUX. Nomura Holdings Inc. acquired a new stake in McEwen in the first quarter worth about $6,925,000. Royal Bank of Canada lifted its holdings in McEwen by 4,309.4% in the 1st quarter. Royal Bank of Canada now owns 638,871 shares of the basic materials company's stock valued at $4,823,000 after acquiring an additional 624,382 shares during the last quarter. Monashee Investment Management LLC acquired a new stake in McEwen in the 1st quarter valued at about $2,076,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in McEwen by 19.7% in the 2nd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,418,023 shares of the basic materials company's stock valued at $13,627,000 after acquiring an additional 233,266 shares during the last quarter. Finally, Alps Advisors Inc. lifted its holdings in McEwen by 41.9% in the 1st quarter. Alps Advisors Inc. now owns 729,515 shares of the basic materials company's stock valued at $5,508,000 after acquiring an additional 215,396 shares during the last quarter. Institutional investors and hedge funds own 17.03% of the company's stock.

McEwen Company Profile

(Get Free Report)

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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