McEwen (NYSE:MUX) Stock Price Down 8.7% - What's Next?

Key Points

• Shares of McEwen tumbled about 8.7% intraday to roughly $21.78 (low $21.82) on Tuesday, with volume of 424,848 shares—about 64% below the average session volume.
• Analyst views are mixed: several firms raised targets (Roth MKM to $35, HC Wainwright to $29.50) while Zacks cut to a "strong sell"; MarketBeat's consensus remains a Moderate Buy with an average price target of $29.83.
• Operationally, McEwen beat EPS expectations ($0.66 vs. $0.25) but missed revenue estimates ($64.6M), and institutional investors have been increasing exposure significantly (notably RBC up ~4,309%).

Shares of McEwen Inc. (NYSE:MUX - Get Free Report) TSE: MUX fell 8.7% during mid-day trading on Tuesday . The stock traded as low as $21.82 and last traded at $21.7790. 424,848 shares changed hands during trading, a decline of 64% from the average session volume of 1,193,710 shares. The stock had previously closed at $23.86.

Analyst Ratings Changes

Several brokerages recently issued reports on MUX. Roth Mkm lifted their price objective on McEwen from $30.00 to $35.00 and gave the stock a "buy" rating in a report on Wednesday, March 18th. Zacks Research cut McEwen from a "hold" rating to a "strong sell" rating in a report on Wednesday, April 15th. Wall Street Zen cut McEwen from a "buy" rating to a "hold" rating in a report on Sunday, March 29th. HC Wainwright upped their target price on McEwen from $21.50 to $29.50 and gave the company a "buy" rating in a research note on Wednesday, March 18th. Finally, Weiss Ratings raised McEwen from a "sell (d+)" rating to a "hold (c-)" rating in a research note on Wednesday, March 11th. Four equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $29.83.

McEwen Trading Down 9.0%

The company has a current ratio of 1.69, a quick ratio of 1.27 and a debt-to-equity ratio of 0.23. The business has a 50 day moving average of $23.42 and a 200-day moving average of $21.58. The stock has a market cap of $1.29 billion, a PE ratio of 36.80 and a beta of 1.28.

McEwen (NYSE:MUX - Get Free Report) TSE: MUX last issued its quarterly earnings results on Thursday, March 12th. The basic materials company reported $0.66 earnings per share for the quarter, topping analysts' consensus estimates of $0.25 by $0.41. The company had revenue of $64.60 million for the quarter, compared to analyst estimates of $72.83 million. McEwen had a return on equity of 6.89% and a net margin of 17.43%. On average, analysts anticipate that McEwen Inc. will post 0.86 EPS for the current year.

Institutional Trading of McEwen

Institutional investors and hedge funds have recently made changes to their positions in the company. Royal Bank of Canada boosted its position in McEwen by 4,309.4% during the 1st quarter. Royal Bank of Canada now owns 638,871 shares of the basic materials company's stock worth $4,823,000 after purchasing an additional 624,382 shares during the period. Goldman Sachs Group Inc. raised its position in McEwen by 44.2% in the first quarter. Goldman Sachs Group Inc. now owns 63,768 shares of the basic materials company's stock valued at $481,000 after purchasing an additional 19,548 shares during the period. Empowered Funds LLC raised its position in McEwen by 105.4% in the first quarter. Empowered Funds LLC now owns 208,100 shares of the basic materials company's stock valued at $1,571,000 after purchasing an additional 106,800 shares during the period. Geode Capital Management LLC raised its position 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. Finally, JPMorgan Chase & Co. raised its position in McEwen by 92.5% in the second quarter. JPMorgan Chase & Co. now owns 198,771 shares of the basic materials company's stock valued at $1,910,000 after purchasing an additional 95,488 shares during the period. 17.03% of the stock is currently owned by institutional investors and hedge funds.

McEwen Company Profile

McEwen Mining Inc NYSE: MUX is a Canada-based precious metals company focused on the exploration, development and production of gold, silver and copper. Headquartered in Toronto, the company pursues a diversified portfolio of assets across the Americas, with operations and projects spanning Argentina, Mexico, Canada and the United States. McEwen Mining employs an integrated approach that combines in-house technical expertise with strategic partnerships to advance its assets from resource definition through to commercial production.

The company's flagship producing asset is the San José mine in Argentina, a high-grade silver-gold operation.

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