McEwen (NYSE:MUX) Hits New 12-Month High - Should You Buy?

Shares of McEwen Inc. (NYSE:MUX - Get Free Report) TSE: MUX hit a new 52-week high during mid-day trading on Monday . The company traded as high as $11.51 and last traded at $11.46, with a volume of 260621 shares. The stock had previously closed at $10.95.

Wall Street Analyst Weigh In

A number of research analysts recently commented on MUX shares. Wall Street Zen downgraded McEwen from a "hold" rating to a "sell" rating in a research note on Thursday, May 22nd. National Bank Financial raised McEwen to a "strong-buy" rating in a report on Tuesday, April 29th. Roth Capital set a $15.00 price target on McEwen and gave the stock a "buy" rating in a research report on Tuesday, July 1st. HC Wainwright dropped their target price on McEwen from $18.00 to $15.50 and set a "buy" rating on the stock in a report on Friday, May 9th. Finally, National Bankshares reissued an "outperform" rating on shares of McEwen in a report on Wednesday, July 16th. One analyst has rated the stock with a sell rating, four have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $14.33.

McEwen Trading Up 3.2%

The stock has a market cap of $609.79 million, a price-to-earnings ratio of -19.82 and a beta of 0.98. The business's 50 day simple moving average is $9.27 and its 200 day simple moving average is $8.27. The company has a quick ratio of 1.89, a current ratio of 2.35 and a debt-to-equity ratio of 0.26.

McEwen (NYSE:MUX - Get Free Report) TSE: MUX last issued its quarterly earnings results on Wednesday, May 7th. The basic materials company reported ($0.12) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.14) by $0.02. McEwen had a negative net margin of 17.51% and a negative return on equity of 6.03%. The firm had revenue of $35.70 million for the quarter, compared to the consensus estimate of $39.06 million. On average, research analysts expect that McEwen Inc. will post -0.72 EPS for the current fiscal year.

Institutional Trading of McEwen

Several hedge funds have recently modified their holdings of the company. New Age Alpha Advisors LLC purchased a new stake in shares of McEwen during the fourth quarter worth approximately $38,000. Aquatic Capital Management LLC lifted its holdings in shares of McEwen by 357.9% in the 4th quarter. Aquatic Capital Management LLC now owns 7,327 shares of the basic materials company's stock valued at $57,000 after buying an additional 5,727 shares during the period. Total Wealth Planning & Management Inc. purchased a new position in McEwen during the fourth quarter worth $96,000. SBI Securities Co. Ltd. grew its position in shares of McEwen by 9,935.0% in the first quarter. SBI Securities Co. Ltd. now owns 14,350 shares of the basic materials company's stock valued at $108,000 after purchasing an additional 14,207 shares during the period. Finally, National Bank of Canada FI raised its holdings in shares of McEwen by 12,910.1% during the 4th quarter. National Bank of Canada FI now owns 14,181 shares of the basic materials company's stock valued at $110,000 after buying an additional 14,072 shares during the period. 17.03% of the stock is owned by hedge funds and other institutional investors.

About McEwen

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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