McEwen (NYSE:MUX) Given New $17.00 Price Target at HC Wainwright

Key Points

• HC Wainwright has raised its price target for McEwen Mining (NYSE:MUX) from $15.50 to $17.00, representing a potential upside of 57.12% from the current stock price.
• The company reported a loss of $0.12 per share in its latest quarterly results, exceeding analyst expectations but falling short of revenue predictions.
• Institutional investors have shown increased interest in McEwen, with significant increases in holdings, especially from National Bank of Canada FI, which boosted its stake by 12,910.1% in the fourth quarter.

McEwen (NYSE:MUX - Get Free Report) TSE: MUX had its price objective boosted by equities researchers at HC Wainwright from $15.50 to $17.00 in a note issued to investors on Tuesday,Benzinga reports. The brokerage presently has a "buy" rating on the basic materials company's stock. HC Wainwright's target price suggests a potential upside of 69.15% from the stock's previous close. HC Wainwright also issued estimates for McEwen's FY2025 earnings at ($0.45) EPS.

A number of other equities analysts have also weighed in on MUX. Roth Capital set a $15.00 target price on McEwen and gave the stock a "buy" rating in a research note on Tuesday, July 1st. National Bankshares restated an "outperform" rating on shares of McEwen in a research note on Wednesday, July 16th. Wall Street Zen lowered McEwen from a "hold" rating to a "sell" rating in a research note on Thursday, May 22nd. Finally, National Bank Financial upgraded McEwen to a "strong-buy" rating in a research note on Tuesday, April 29th. One analyst has rated the stock with a sell rating, four have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $14.83.

McEwen Stock Performance

NYSE:MUX traded down $0.11 on Tuesday, hitting $10.05. The company's stock had a trading volume of 852,530 shares, compared to its average volume of 749,877. The company has a current ratio of 2.35, a quick ratio of 1.89 and a debt-to-equity ratio of 0.26. The stock has a fifty day moving average of $9.98 and a two-hundred day moving average of $8.45. The firm has a market capitalization of $542.58 million, a P/E ratio of -17.63 and a beta of 0.88. McEwen has a one year low of $6.38 and a one year high of $11.80.

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

Institutional Investors Weigh In On McEwen

Large investors have recently modified their holdings of the business. Bank of America Corp DE boosted its holdings in shares of McEwen by 74.9% in the 4th quarter. Bank of America Corp DE now owns 115,080 shares of the basic materials company's stock valued at $895,000 after purchasing an additional 49,301 shares in the last quarter. Susquehanna Fundamental Investments LLC acquired a new stake in shares of McEwen during the 4th quarter valued at $526,000. Northern Trust Corp boosted its holdings in shares of McEwen by 16.4% during the 4th quarter. Northern Trust Corp now owns 161,972 shares of the basic materials company's stock valued at $1,260,000 after acquiring an additional 22,854 shares in the last quarter. Norges Bank acquired a new stake in shares of McEwen during the 4th quarter valued at $421,000. Finally, Dimensional Fund Advisors LP boosted its holdings in shares of McEwen by 369.3% during the 4th 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 in the last quarter. 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.