McEwen (NYSE:MUX) Shares Pass Above 200 Day Moving Average - Here's What Happened

Key Points

• McEwen Inc. shares recently surpassed their 200-day moving average, with a trading high of $15.13, while the last recorded price was $14.97 on a volume of 1,739,849 shares.
• Analysts have a consensus average rating of "Buy" for McEwen, with price targets ranging from $15.00 to $17.00 after recent upgrades, indicating positive market sentiment.
• The company reported a revenue of $46.70 million for the last quarter, falling short of analyst expectations, and it is projected to post an EPS of -0.72 for the current fiscal year.

McEwen Inc. (NYSE:MUX - Get Free Report) TSE: MUX's share price passed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $9.54 and traded as high as $15.13. McEwen shares last traded at $14.97, with a volume of 1,739,849 shares changing hands.

Analysts Set New Price Targets

A number of research analysts recently issued reports on MUX shares. National Bankshares reaffirmed an "outperform" rating on shares of McEwen in a report on Wednesday, July 16th. HC Wainwright lifted 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. 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 research analyst has rated the stock with a Strong Buy rating and four have assigned a Buy rating to the company's stock. Based on data from MarketBeat.com, McEwen has an average rating of "Buy" and a consensus target price of $14.83.

McEwen Price Performance

The company has a market capitalization of $809.76 million, a price-to-earnings ratio of -59.86 and a beta of 0.96. The company has a 50-day moving average price of $11.71 and a 200-day moving average price of $9.54. The company has a debt-to-equity ratio of 0.26, a quick ratio of 1.82 and a current ratio of 2.35.

McEwen (NYSE:MUX - Get Free Report) TSE: MUX last posted its 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 return on equity of 2.76% and a negative net margin of 8.05%.The company had revenue of $46.70 million for the quarter, compared to analyst estimates of $49.05 million. On average, equities research analysts expect that McEwen Inc. will post -0.72 EPS for the current fiscal year.

Insider Activity

In related news, Director Ian J. Ball sold 2,656 shares of the business's stock in a transaction that occurred on Tuesday, August 12th. The stock was sold at an average price of $10.49, for a total value of $27,861.44. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 16.10% of the company's stock.

Hedge Funds Weigh In On McEwen

Institutional investors and hedge funds have recently modified their holdings of the business. Bank of America Corp DE grew its position in shares of 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 period. Northern Trust Corp grew its position in shares of 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 purchasing an additional 22,854 shares during the period. Private Advisor Group LLC grew its position in shares of 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 purchasing an additional 2,098 shares during the period. Bridgeway Capital Management LLC grew its position in shares of 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 purchasing an additional 106,800 shares during the period. Finally, GSA Capital Partners LLP grew its position in shares of 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 purchasing an additional 74,401 shares during the period. 17.03% of the stock is currently 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.

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