HC Wainwright Forecasts Strong Price Appreciation for McEwen (NYSE:MUX) Stock

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 target hoisted by equities research analysts at HC Wainwright from $15.50 to $17.00 in a research note issued to investors on Tuesday,Benzinga reports. The firm presently has a "buy" rating on the basic materials company's stock. HC Wainwright's price objective would indicate a potential upside of 67.32% from the stock's current price.

Several other research firms have also commented on MUX. National Bank Financial upgraded shares of McEwen to a "strong-buy" rating in a research report on Tuesday, April 29th. Wall Street Zen lowered shares of McEwen from a "hold" rating to a "sell" rating in a research report on Thursday, May 22nd. National Bankshares reiterated an "outperform" rating on shares of McEwen in a research report on Wednesday, July 16th. Finally, Roth Capital set a $15.00 price objective on shares of McEwen and gave the company a "buy" rating in a research report on Tuesday, July 1st. One research analyst has rated the stock with a sell rating, four have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $14.83.

McEwen Price Performance

Shares of NYSE:MUX traded down $0.53 during midday trading on Tuesday, reaching $10.16. 1,214,630 shares of the company were exchanged, compared to its average volume of 751,596. 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 business's fifty day moving average is $9.89 and its two-hundred day moving average is $8.43. McEwen has a one year low of $6.38 and a one year high of $11.80. The stock has a market cap of $548.54 million, a PE ratio of -17.82 and a beta of 0.98.

McEwen (NYSE:MUX - Get Free Report) TSE: MUX last issued 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. 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 during the quarter, compared to analyst estimates of $39.06 million. As a group, analysts predict that McEwen will post -0.72 earnings per share for the current year.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in McEwen by 10.2% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,184,757 shares of the basic materials company's stock valued at $8,945,000 after purchasing an additional 109,770 shares during the period. Tidal Investments LLC increased its position in McEwen by 556.7% during the 4th quarter. Tidal Investments LLC now owns 1,003,830 shares of the basic materials company's stock valued at $7,810,000 after purchasing an additional 850,971 shares during the period. Nomura Holdings Inc. purchased a new position in McEwen during the 1st quarter valued at about $6,925,000. Alps Advisors Inc. increased its position in McEwen by 41.9% during the 1st quarter. Alps Advisors Inc. now owns 729,515 shares of the basic materials company's stock valued at $5,508,000 after purchasing an additional 215,396 shares during the period. Finally, Royal Bank of Canada increased its position in McEwen by 4,309.4% during the 1st quarter. Royal Bank of Canada now owns 638,871 shares of the basic materials company's stock valued at $4,823,000 after purchasing an additional 624,382 shares during the period. 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.