McEwen (NYSE:MUX) Trading Down 6% - Should You Sell?

Key Points

• Shares of McEwen Inc. (NYSE:MUX) fell by 6% on Monday, trading as low as $10.62, significantly lower than its previous close of $11.36.
• The company has received mixed ratings from analysts, with a consensus rating of "Moderate Buy" and an average target price of $14.33.
• McEwen reported earnings of ($0.12) EPS last quarter, beating estimates while also revealing a negative net margin of 17.51%.

McEwen Inc. (NYSE:MUX - Get Free Report) TSE: MUX fell 6% during mid-day trading on Monday . The company traded as low as $10.62 and last traded at $10.67. 277,144 shares changed hands during trading, a decline of 67% from the average session volume of 831,730 shares. The stock had previously closed at $11.36.

Analysts Set New Price Targets

A number of research firms have recently issued reports on MUX. National Bank Financial upgraded shares of McEwen to a "strong-buy" rating in a research note on Tuesday, April 29th. National Bankshares reaffirmed an "outperform" rating on shares of McEwen in a report on Wednesday, July 16th. Roth Capital set a $15.00 target price on shares of McEwen and gave the company a "buy" rating in a research report on Tuesday, July 1st. HC Wainwright upped their price objective on shares of McEwen from $15.50 to $17.00 and gave the stock a "buy" rating in a research report on Tuesday. Finally, Wall Street Zen downgraded shares of McEwen from a "hold" rating to a "sell" rating in a research report on Thursday, May 22nd. One equities research analyst has rated the stock with a sell rating, four have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $14.83.

McEwen Stock Performance

The company has a market cap of $542.60 million, a PE ratio of -17.63 and a beta of 0.98. The company has a debt-to-equity ratio of 0.26, a quick ratio of 1.89 and a current ratio of 2.35. The firm's 50 day moving average is $9.94 and its 200-day moving average is $8.44.

McEwen (NYSE:MUX - Get Free Report) TSE: MUX last announced its quarterly earnings data on Wednesday, May 7th. The basic materials company reported ($0.12) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.14) by $0.02. McEwen had a negative net margin of 17.51% and a negative return on equity of 6.03%. The company had revenue of $35.70 million during the quarter, compared to analysts' expectations of $39.06 million. On average, research analysts anticipate that McEwen Inc. will post -0.72 earnings per share for the current fiscal year.

Hedge Funds Weigh In On McEwen

Several institutional investors and hedge funds have recently bought and sold shares of the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in McEwen by 10.2% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,184,757 shares of the basic materials company's stock valued at $8,945,000 after purchasing an additional 109,770 shares during the last quarter. Tidal Investments LLC boosted its holdings in McEwen by 556.7% in the 4th quarter. Tidal Investments LLC now owns 1,003,830 shares of the basic materials company's stock valued at $7,810,000 after purchasing an additional 850,971 shares during the last quarter. Nomura Holdings Inc. acquired a new position in McEwen in the 1st quarter valued at about $6,925,000. Alps Advisors Inc. boosted its holdings in McEwen by 41.9% in 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 last quarter. Finally, Royal Bank of Canada boosted its holdings in 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 valued at $4,823,000 after purchasing an additional 624,382 shares during the last quarter. 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.