McEwen (NYSE:MUX) Sets New 52-Week High - Here's Why

Key Points

• McEwen Mining Inc. (NYSE:MUX) reached a new 52-week high at $17.52 during trading on Thursday, with a current trading price around $16.77 and a volume of over 2 million shares.
• Analysts have generally rated McEwen with a "Buy," with an average target price of $14.83, while the company reported a revenue of $46.70 million for the last quarter, missing estimates.
• Insider transactions revealed significant sales, including CEO Robert Ross McEwen selling 50,000 shares, decreasing his ownership by 10%, while institutional investors have been increasing their positions in McEwen stock.

McEwen Inc. (NYSE:MUX - Get Free Report) TSE: MUX's share price hit a new 52-week high during trading on Thursday . The stock traded as high as $17.52 and last traded at $16.77, with a volume of 2260539 shares. The stock had previously closed at $17.10.

Analyst Ratings Changes

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

McEwen Price Performance

The company has a 50 day simple moving average of $12.34 and a 200-day simple moving average of $9.91. The stock has a market cap of $907.53 million, a price-to-earnings ratio of -67.09 and a beta of 0.99. The company has a current ratio of 2.35, a quick ratio of 1.82 and a debt-to-equity ratio of 0.26.

McEwen (NYSE:MUX - Get Free Report) TSE: MUX last released its quarterly earnings results 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). 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 during the quarter, compared to analyst estimates of $49.05 million. Research analysts expect that McEwen Inc. will post -0.72 EPS for the current year.

Insider Transactions at McEwen

In related news, CEO Robert Ross Mcewen sold 50,000 shares of McEwen stock in a transaction dated Friday, September 19th. The stock was sold at an average price of $14.35, for a total value of $717,500.00. Following the sale, the chief executive officer owned 450,000 shares of the company's stock, valued at approximately $6,457,500. The trade was a 10.00% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Jeffrey Chan sold 13,333 shares of McEwen stock in a transaction dated Monday, September 22nd. The shares were sold at an average price of $14.89, for a total value of $198,528.37. Following the completion of the sale, the vice president directly owned 2,267 shares in the company, valued at approximately $33,755.63. This represents a 85.47% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 77,192 shares of company stock worth $1,110,702. Company insiders own 16.10% of the company's stock.

Institutional Trading of McEwen

A number of hedge funds and other institutional investors have recently modified their holdings of MUX. Bank of America Corp DE increased its position in shares of McEwen by 74.9% in the fourth quarter. Bank of America Corp DE now owns 115,080 shares of the basic materials company's stock valued at $895,000 after acquiring an additional 49,301 shares during the last quarter. U S Global Investors Inc. increased its position in shares of McEwen by 23.4% in the first quarter. U S Global Investors Inc. now owns 405,584 shares of the basic materials company's stock valued at $3,062,000 after acquiring an additional 76,972 shares during the last quarter. Alps Advisors Inc. increased its position in shares of McEwen by 41.9% in the first quarter. Alps Advisors Inc. now owns 729,515 shares of the basic materials company's stock valued at $5,508,000 after acquiring an additional 215,396 shares during the last quarter. SBI Securities Co. Ltd. increased its position in shares of McEwen by 9,935.0% in the first quarter. SBI Securities Co. Ltd. now owns 14,350 shares of the basic materials company's stock valued at $108,000 after acquiring an additional 14,207 shares during the last quarter. Finally, Private Advisor Group LLC increased its position in shares of McEwen by 16.6% in the first quarter. Private Advisor Group LLC now owns 14,743 shares of the basic materials company's stock valued at $111,000 after acquiring an additional 2,098 shares during 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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