McEwen (NYSE:MUX) Sets New 12-Month High - Here's What Happened

Key Points

• McEwen Inc.'s stock reached a new 52-week high of $13.20 after trading as high as $13.07, significantly up from its previous closing price of $11.55.
• Wall Street analysts have varied opinions, with most giving McEwen a "buy" rating and target prices ranging from $15.00 to $17.00, while Wall Street Zen downgraded it to a "sell" rating.
• Despite the stock's rise, McEwen reported earnings per share of $0.06 for the last quarter, missing estimates, and analysts predict an EPS of -0.72 for the current fiscal year.

McEwen Inc. (NYSE:MUX - Get Free Report) TSE: MUX's share price reached a new 52-week high on Tuesday . The stock traded as high as $13.07 and last traded at $13.20, with a volume of 353777 shares changing hands. The stock had previously closed at $11.55.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on MUX. National Bankshares reiterated an "outperform" rating on shares of McEwen in a report on Wednesday, July 16th. HC Wainwright upped their price target on shares of McEwen from $15.50 to $17.00 and gave the company a "buy" rating in a report on Tuesday, July 29th. Roth Capital set a $15.00 price target on shares of McEwen and gave the company a "buy" rating in a report on Tuesday, July 1st. Finally, Wall Street Zen cut shares of McEwen from a "hold" rating to a "sell" rating in a report on Thursday, May 22nd. One analyst has rated the stock with a Strong Buy rating and four have assigned a Buy rating to the company. According to MarketBeat, the company currently has an average rating of "Buy" and a consensus target price of $14.83.

McEwen Price Performance

The company's fifty day moving average is $11.05 and its 200 day moving average is $9.00. The firm has a market cap of $733.68 million, a price-to-earnings ratio of -54.24 and a beta of 0.96. The company has a quick ratio of 1.82, a current ratio of 2.35 and a debt-to-equity ratio of 0.26.

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

Insider Buying and Selling

In other McEwen news, Director Ian J. Ball sold 2,656 shares of the stock in a transaction on Tuesday, August 12th. The shares were sold at an average price of $10.49, for a total value of $27,861.44. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. 16.10% of the stock is currently owned by corporate insiders.

Institutional Trading of McEwen

A number of large investors have recently added to or reduced their stakes in MUX. Nomura Holdings Inc. acquired a new stake in McEwen in the first quarter valued at $6,925,000. Tidal Investments LLC lifted its stake in McEwen by 556.7% in the fourth quarter. Tidal Investments LLC now owns 1,003,830 shares of the basic materials company's stock valued at $7,810,000 after acquiring an additional 850,971 shares during the last quarter. Royal Bank of Canada lifted its stake in McEwen by 4,309.4% in the first 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. Dimensional Fund Advisors LP lifted its stake in McEwen by 369.3% in the fourth quarter. Dimensional Fund Advisors LP now owns 556,718 shares of the basic materials company's stock valued at $4,331,000 after acquiring an additional 438,088 shares during the last quarter. Finally, Monashee Investment Management LLC acquired a new stake in McEwen in the first quarter valued at $2,076,000. Institutional investors and hedge funds own 17.03% of the company's stock.

McEwen Company Profile

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.