McEwen (NYSE:MUX) Price Target Raised to $21.50 at HC Wainwright

Key Points

• HC Wainwright raised its price target for McEwen Mining (NYSE:MUX) from $17.00 to $21.50, maintaining a "buy" rating, indicating a potential upside of about 9.95%.
• The company's recent earnings report revealed an EPS of $0.06, missing consensus estimates, and revenue of $46.70 million, below expectations of $49.05 million.
• Insider trading activity has been noted, with CEO Robert McEwen selling 50,000 shares and a total of 77,192 shares sold by insiders over the last three months.

McEwen (NYSE:MUX - Get Free Report) TSE: MUX had its price target lifted by investment analysts at HC Wainwright from $17.00 to $21.50 in a report issued on Friday,Benzinga reports. The firm presently has a "buy" rating on the basic materials company's stock. HC Wainwright's target price suggests a potential upside of 9.95% from the company's previous close.

A number of other research firms have also weighed in on MUX. National Bankshares reiterated an "outperform" rating on shares of McEwen in a research note on Wednesday, July 16th. Weiss Ratings restated a "sell (d+)" rating on shares of McEwen in a report on Wednesday. Finally, Roth Capital set a $23.00 price objective on McEwen in a report on Thursday. One research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat, McEwen has a consensus rating of "Moderate Buy" and an average price target of $19.00.

McEwen Trading Up 2.6%

Shares of MUX traded up $0.50 during mid-day trading on Friday, reaching $19.56. 1,066,848 shares of the company's stock traded hands, compared to its average volume of 1,017,835. The stock has a market cap of $1.06 billion, a P/E ratio of -78.78 and a beta of 0.99. The stock's 50-day moving average is $13.20 and its two-hundred day moving average is $10.33. McEwen has a 12 month low of $6.38 and a 12 month high of $20.50. The company has a debt-to-equity ratio of 0.26, a current ratio of 2.35 and a quick ratio of 1.82.

McEwen (NYSE:MUX - Get Free Report) TSE: MUX last announced its quarterly earnings data 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). The firm had revenue of $46.70 million during the quarter, compared to the consensus estimate of $49.05 million. McEwen had a negative return on equity of 2.76% and a negative net margin of 8.05%. Research analysts forecast that McEwen will post -0.72 earnings per share for the current fiscal year.

Insider Activity

In other McEwen news, CEO Robert Ross Mcewen sold 50,000 shares of McEwen stock in a transaction on Friday, September 19th. The shares were sold at an average price of $14.35, for a total value of $717,500.00. Following the transaction, the chief executive officer owned 450,000 shares in the company, valued at $6,457,500. This trade represents a 10.00% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, VP Jeffrey Chan sold 13,333 shares of McEwen stock in a transaction on Monday, September 22nd. The shares were sold at an average price of $14.89, for a total transaction of $198,528.37. Following the completion of the transaction, the vice president owned 2,267 shares in the company, valued at approximately $33,755.63. This trade represents a 85.47% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 77,192 shares of company stock worth $1,110,702 in the last three months. 16.10% of the stock is owned by insiders.

Hedge Funds Weigh In On McEwen

Hedge funds and other institutional investors have recently made changes to their positions in the business. Everstar Asset Management LLC increased its stake in McEwen by 4.3% during the 2nd quarter. Everstar Asset Management LLC now owns 28,988 shares of the basic materials company's stock worth $279,000 after buying an additional 1,188 shares during the period. Geode Capital Management LLC boosted its stake in McEwen by 0.3% during the 2nd quarter. Geode Capital Management LLC now owns 509,426 shares of the basic materials company's stock valued at $4,897,000 after purchasing an additional 1,585 shares during the period. Private Advisor Group LLC boosted its stake in McEwen by 16.6% during the 1st quarter. Private Advisor Group LLC now owns 14,743 shares of the basic materials company's stock valued at $111,000 after purchasing an additional 2,098 shares during the period. Inceptionr LLC lifted its stake in shares of McEwen by 21.7% in the 2nd quarter. Inceptionr LLC now owns 19,496 shares of the basic materials company's stock worth $187,000 after acquiring an additional 3,480 shares during the period. Finally, American Century Companies Inc. raised its holdings in shares of McEwen by 7.6% in the 2nd quarter. American Century Companies Inc. now owns 109,210 shares of the basic materials company's stock worth $1,050,000 after purchasing an additional 7,702 shares in the last quarter. Institutional investors and hedge funds own 17.03% of the company's stock.

About McEwen

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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