McEwen (NYSE:MUX) Lowered to Sell Rating by Wall Street Zen

Key Points

• Wall Street Zen downgraded McEwen to “Sell” from “Hold,” while Zacks Research also cut its rating to “Strong Sell.” However, HC Wainwright maintained a “Buy” rating with a reduced $28 price target, leaving the consensus rating at “Hold” and the consensus target at $29.33.
• McEwen’s latest quarterly results fell short of expectations: earnings were $0.14 per share versus a $0.28 estimate, and revenue was $59.23 million compared with the $65.51 million forecast.
• Shares opened at $19.21, with a 52-week range of $9.82 to $29.70. Institutional investors own 17.03% of the company, while insiders hold 14.80%; a director recently sold 3,275 shares.

McEwen (NYSE:MUX - Get Free Report) TSE: MUX was downgraded by analysts at Wall Street Zen from a "hold" rating to a "sell" rating in a research report issued to clients and investors on Saturday.

Several other equities analysts have also commented on the company. Zacks Research lowered McEwen from a "hold" rating to a "strong sell" rating in a research report on Wednesday. HC Wainwright reaffirmed a "buy" rating and issued a $28.00 target price (down from $29.50) on shares of McEwen in a research report on Friday. Finally, Weiss Ratings lowered shares of McEwen from a "hold (c+)" rating to a "hold (c)" rating in a research note on Tuesday, June 2nd. Three equities 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 stock. According to MarketBeat.com, McEwen presently has a consensus rating of "Hold" and a consensus price target of $29.33.

McEwen Stock Performance

McEwen stock opened at $19.21 on Friday. McEwen has a fifty-two week low of $9.82 and a fifty-two week high of $29.70. The stock's 50 day simple moving average is $18.37 and its two-hundred day simple moving average is $21.85. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.81 and a current ratio of 1.14. The stock has a market cap of $1.15 billion, a price-to-earnings ratio of 15.25 and a beta of 1.23.

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

Insider Transactions at McEwen

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

Hedge Funds Weigh In On McEwen

Several large investors have recently modified their holdings of MUX. Amundi bought a new stake in McEwen during the 4th quarter valued at about $14,240,000. Royal Bank of Canada lifted its stake in shares of 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 worth $4,823,000 after buying an additional 624,382 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in shares of McEwen by 38.2% in the third quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,959,913 shares of the basic materials company's stock worth $33,515,000 after buying an additional 541,890 shares in the last quarter. Bank of America Corp DE grew its holdings in shares of McEwen by 1,347.7% during the first quarter. Bank of America Corp DE now owns 534,824 shares of the basic materials company's stock valued at $10,921,000 after buying an additional 497,882 shares during the last quarter. Finally, Voloridge Investment Management LLC grew its holdings in shares of McEwen by 228.6% during the fourth quarter. Voloridge Investment Management LLC now owns 701,344 shares of the basic materials company's stock valued at $12,982,000 after buying an additional 487,924 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 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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