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

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 stock 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 traded. The stock had previously closed at $11.55.

Wall Street Analyst Weigh In

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

McEwen Price Performance

The firm has a 50 day simple moving average of $10.70 and a 200-day simple moving average of $8.84. 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 company has a market cap of $730.21 million, a PE ratio of -53.82 and a beta of 0.96.

McEwen (NYSE:MUX - Get Free Report) TSE: MUX last posted its earnings results on Wednesday, August 6th. The basic materials company reported $0.06 earnings per share (EPS) 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 company had revenue of $46.70 million during the quarter, compared to analysts' expectations of $49.05 million. As a group, research analysts predict that McEwen Inc. will post -0.72 earnings per share for the current fiscal year.

Insider Transactions at McEwen

In other McEwen news, Director Ian J. Ball sold 2,656 shares of McEwen stock in a transaction dated Tuesday, August 12th. The stock was sold at an average price of $10.49, for a total value of $27,861.44. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 16.10% of the stock is owned by company insiders.

Hedge Funds Weigh In On McEwen

Several institutional investors and hedge funds have recently added to or reduced their stakes in MUX. Aquatic Capital Management LLC grew its stake in shares of McEwen by 357.9% during the fourth quarter. Aquatic Capital Management LLC now owns 7,327 shares of the basic materials company's stock worth $57,000 after acquiring an additional 5,727 shares during the last quarter. Total Wealth Planning & Management Inc. purchased a new stake in shares of McEwen during the fourth quarter worth about $96,000. Tower Research Capital LLC TRC grew its stake in shares of McEwen by 17,204.9% during the second quarter. Tower Research Capital LLC TRC now owns 10,556 shares of the basic materials company's stock worth $101,000 after acquiring an additional 10,495 shares during the last quarter. SBI Securities Co. Ltd. grew its stake in shares of McEwen by 9,935.0% during the first quarter. SBI Securities Co. Ltd. now owns 14,350 shares of the basic materials company's stock worth $108,000 after acquiring an additional 14,207 shares during the last quarter. Finally, Private Advisor Group LLC grew its stake in shares of McEwen by 16.6% during the first quarter. Private Advisor Group LLC now owns 14,743 shares of the basic materials company's stock worth $111,000 after acquiring an additional 2,098 shares during the last quarter. Hedge funds and other institutional investors 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.

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