McEwen (NYSE:MUX) Share Price Passes Above 200-Day Moving Average - Here's What Happened

McEwen Inc. (NYSE:MUX - Get Free Report) TSE: MUX's share price passed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $11.24 and traded as high as $20.66. McEwen shares last traded at $20.22, with a volume of 1,557,265 shares trading hands.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on the company. Weiss Ratings restated a "sell (d+)" rating on shares of McEwen in a research note on Wednesday, October 8th. Canaccord Genuity Group set a $25.00 price objective on McEwen and gave the stock a "buy" rating in a research note on Wednesday, October 15th. HC Wainwright raised their price objective on McEwen from $17.00 to $21.50 and gave the stock a "buy" rating in a research note on Friday, October 10th. Roth Capital set a $23.00 price objective on McEwen in a research note on Thursday, October 9th. Finally, National Bankshares restated an "outperform" rating on shares of McEwen in a research note on Wednesday, July 16th. One investment analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, McEwen presently has a consensus rating of "Moderate Buy" and an average price target of $20.50.

McEwen Stock Performance

The stock has a market capitalization of $1.09 billion, a price-to-earnings ratio of -80.87 and a beta of 0.99. The firm has a fifty day moving average of $15.25 and a 200 day moving average of $11.24. 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 posted its earnings results on Wednesday, August 6th. The basic materials company reported $0.06 EPS for the quarter, missing the consensus estimate of $0.09 by ($0.03). The company had revenue of $46.70 million for the quarter, compared to analyst estimates of $49.05 million. McEwen had a negative return on equity of 2.76% and a negative net margin of 8.05%. On average, sell-side analysts anticipate that McEwen Inc. will post -0.72 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Director Ian J. Ball sold 2,656 shares of the firm's stock in a transaction dated Tuesday, August 12th. The stock was sold at an average price of $10.49, for a total transaction of $27,861.44. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, VP Jeffrey Chan sold 13,333 shares of the firm's stock in a transaction dated Monday, September 22nd. The stock was sold at an average price of $14.89, for a total value of $198,528.37. Following the sale, the vice president directly owned 2,267 shares in the company, valued at approximately $33,755.63. This trade represents a 85.47% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 77,192 shares of company stock valued at $1,110,702 in the last three months. 16.10% of the stock is currently owned by insiders.

Institutional Trading of McEwen

Several institutional investors have recently bought and sold shares of the business. Everstar Asset Management LLC grew its holdings in McEwen by 4.3% in the second quarter. Everstar Asset Management LLC now owns 28,988 shares of the basic materials company's stock valued at $279,000 after purchasing an additional 1,188 shares during the period. Geode Capital Management LLC grew its holdings in McEwen by 0.3% in the second 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. CoreCap Advisors LLC acquired a new stake in McEwen in the third quarter valued at approximately $27,000. Private Advisor Group LLC grew its holdings in 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 purchasing an additional 2,098 shares during the period. Finally, Inceptionr LLC grew its holdings in McEwen by 21.7% in the second quarter. Inceptionr LLC now owns 19,496 shares of the basic materials company's stock valued at $187,000 after purchasing an additional 3,480 shares during the period. 17.03% of the stock is owned by institutional investors and hedge funds.

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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