McEwen (NYSE:MUX) Reaches New 1-Year High - Time to Buy?

Key Points

• McEwen Inc. (NYSE:MUX) experienced a significant rise in stock price, reaching a new 52-week high of $15.56 during trading, before closing at $15.22.
• Analysts have raised their price targets for McEwen, with HC Wainwright setting a new target of $17.00 while maintaining a "buy" rating.
• Insider sales have occurred, including CEO Robert McEwen selling 50,000 shares, indicating a potential shift in confidence among company leaders.

McEwen Inc. (NYSE:MUX - Get Free Report) TSE: MUX's stock price hit a new 52-week high during mid-day trading on Friday . The company traded as high as $15.56 and last traded at $15.22, with a volume of 320144 shares changing hands. The stock had previously closed at $14.70.

Analysts Set New Price Targets

A number of research analysts have issued reports on MUX shares. HC Wainwright boosted their price target on McEwen from $15.50 to $17.00 and gave the company a "buy" rating in a report on Tuesday, July 29th. National Bankshares reissued an "outperform" rating on shares of McEwen in a report on Wednesday, July 16th. Finally, Roth Capital set a $15.00 price target on McEwen and gave the company a "buy" rating in a report on Tuesday, July 1st. One analyst has rated the stock with a Strong Buy rating and four have assigned a Buy rating to the company. According to data from MarketBeat, McEwen presently has an average rating of "Buy" and an average target price of $14.83.

McEwen Trading Up 4.2%

The company has a debt-to-equity ratio of 0.26, a quick ratio of 1.82 and a current ratio of 2.35. The firm has a market capitalization of $829.13 million, a price-to-earnings ratio of -61.29 and a beta of 0.96. The company has a 50 day moving average price of $11.93 and a two-hundred day moving average price of $9.66.

McEwen (NYSE:MUX - Get Free Report) TSE: MUX last announced its earnings results on Wednesday, August 6th. The basic materials company reported $0.06 EPS for the quarter, missing analysts' consensus estimates 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 firm had revenue of $46.70 million for the quarter, compared to analyst estimates of $49.05 million. On average, research analysts forecast that McEwen Inc. will post -0.72 EPS for the current year.

Insider Transactions at McEwen

In related news, Director Richard W. Brissenden sold 11,203 shares of the stock in a transaction on Monday, September 22nd. The stock was sold at an average price of $14.89, for a total value of $166,812.67. Following the completion of the transaction, the director directly owned 9,405 shares of the company's stock, valued at approximately $140,040.45. This represents a 54.36% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Robert Ross Mcewen sold 50,000 shares of the 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 completion of the transaction, the chief executive officer directly owned 450,000 shares of the company's stock, valued at approximately $6,457,500. This represents a 10.00% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 77,192 shares of company stock valued at $1,110,702 in the last 90 days. 16.10% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the company. Bank of America Corp DE raised its stake in 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 during the last quarter. Northern Trust Corp grew its holdings in McEwen by 16.4% in the 4th quarter. Northern Trust Corp now owns 161,972 shares of the basic materials company's stock valued at $1,260,000 after buying an additional 22,854 shares in the last quarter. Private Advisor Group LLC grew its holdings in McEwen by 16.6% in the 1st quarter. Private Advisor Group LLC now owns 14,743 shares of the basic materials company's stock valued at $111,000 after buying an additional 2,098 shares in the last quarter. Bridgeway Capital Management LLC grew its holdings in McEwen by 39.4% in the 1st quarter. Bridgeway Capital Management LLC now owns 378,100 shares of the basic materials company's stock valued at $2,855,000 after buying an additional 106,800 shares in the last quarter. Finally, GSA Capital Partners LLP grew its holdings in McEwen by 53.3% in the 1st quarter. GSA Capital Partners LLP now owns 213,909 shares of the basic materials company's stock valued at $1,615,000 after buying an additional 74,401 shares in the last quarter. 17.03% of the stock is owned by institutional investors and hedge funds.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.