McEwen (NYSE:MUX) Shares Gap Up - Here's Why

Key Points

• McEwen Inc.'s shares opened at $17.06, marking a gap up from a previous close of $16.42, and last traded at $17.52 with a trading volume of 458,201 shares.
• Recent analyst ratings include an "outperform" rating from National Bankshares and a target price increase from HC Wainwright to $17.00, while Weiss Ratings assigned a "sell" rating.
• The company reported a $0.06 earnings per share for the last quarter, missing estimates, and analysts predict a full-year EPS of -0.72.

McEwen Inc. (NYSE:MUX - Get Free Report) TSE: MUX's share price gapped up prior to trading on Friday . The stock had previously closed at $16.42, but opened at $17.06. McEwen shares last traded at $17.52, with a volume of 458,201 shares changing hands.

Analyst Ratings Changes

Several research firms have weighed in on MUX. National Bankshares reissued an "outperform" rating on shares of McEwen in a report on Wednesday, July 16th. Roth Capital set a $19.00 target price on McEwen and gave the company a "buy" rating in a report on Friday. Weiss Ratings reissued a "sell (d+)" rating on shares of McEwen in a report on Saturday, September 27th. Finally, HC Wainwright upped their target price on McEwen from $15.50 to $17.00 and gave the company a "buy" rating in a report on Tuesday, July 29th. One investment analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $16.17.

McEwen Price Performance

The company has a 50-day moving average of $12.44 and a two-hundred day moving average of $9.97. The stock has a market capitalization of $940.25 million, a PE ratio of -69.51 and a beta of 0.99. 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 released its quarterly earnings data on Wednesday, August 6th. The basic materials company reported $0.06 earnings per share 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 analyst estimates of $49.05 million. McEwen had a negative net margin of 8.05% and a negative return on equity of 2.76%. Sell-side analysts predict that McEwen Inc. will post -0.72 EPS for the current fiscal year.

Insider Transactions at McEwen

In other news, Director Ian J. Ball sold 2,656 shares of McEwen stock in a transaction dated Tuesday, August 12th. The stock was sold at an average price of $10.49, for a total value of $27,861.44. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, CEO Robert Ross Mcewen sold 50,000 shares of the firm's stock in a transaction dated Friday, September 19th. The shares were 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 in the company, valued at approximately $6,457,500. The trade was a 10.00% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 77,192 shares of company stock valued at $1,110,702. 16.10% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On McEwen

Several hedge funds have recently modified their holdings of MUX. Nomura Holdings Inc. purchased a new stake in shares of McEwen during the 1st quarter valued at about $6,925,000. Royal Bank of Canada grew its position in shares of McEwen by 4,309.4% in the 1st quarter. Royal Bank of Canada now owns 638,871 shares of the basic materials company's stock worth $4,823,000 after acquiring an additional 624,382 shares in the last quarter. Monashee Investment Management LLC acquired a new position in shares of McEwen in the 1st quarter worth approximately $2,076,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in McEwen by 19.7% during the 2nd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,418,023 shares of the basic materials company's stock valued at $13,627,000 after purchasing an additional 233,266 shares during the period. Finally, Alps Advisors Inc. boosted 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. 17.03% of the stock is currently owned by hedge funds and other institutional investors.

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.

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