McEwen (NYSE:MUX) Stock Price Up 7.5% - Should You Buy?

Key Points

• McEwen Inc. (NYSE:MUX) saw its stock price increase by 7.5%, reaching a last traded price of $16.72, with over 1 million shares traded, surpassing the average daily volume.
• Multiple analysts have issued ratings, with HC Wainwright raising their price target to $17.00 and a consensus rating of "Buy", although the company reported a miss on earnings with $0.06 EPS compared to the expected $0.09.
• Institutional investors have significantly increased their stakes in McEwen, with Tower Research Capital boosting holdings by an astonishing 17,204.9% in the second quarter.

McEwen Inc. (NYSE:MUX - Get Free Report) TSE: MUX's stock price rose 7.5% during mid-day trading on Monday . The stock traded as high as $16.67 and last traded at $16.72. Approximately 1,014,750 shares changed hands during trading, an increase of 6% from the average daily volume of 960,477 shares. The stock had previously closed at $15.55.

Analyst Upgrades and Downgrades

MUX has been the subject of several analyst reports. HC Wainwright upped their price objective on McEwen from $15.50 to $17.00 and gave the stock a "buy" rating in a research report on Tuesday, July 29th. Roth Capital set a $15.00 target price on McEwen and gave the company a "buy" rating in a report on Tuesday, July 1st. Finally, National Bankshares reissued an "outperform" rating on shares of McEwen in a report on Wednesday, July 16th. One research analyst has rated the stock with a Strong Buy rating and four have issued a Buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Buy" and a consensus price target of $14.83.

McEwen Trading Up 6.6%

The stock has a market capitalization of $896.60 million, a PE ratio of -66.38 and a beta of 0.96. The company has a 50 day simple moving average of $12.02 and a 200 day simple moving average of $9.75. The company has a current ratio of 2.35, a quick ratio of 1.82 and a debt-to-equity ratio of 0.26.

McEwen (NYSE:MUX - Get Free Report) TSE: MUX last issued its earnings results on Wednesday, August 6th. The basic materials company reported $0.06 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.09 by ($0.03). The business had revenue of $46.70 million for the quarter, compared to analysts' expectations of $49.05 million. McEwen had a negative return on equity of 2.76% and a negative net margin of 8.05%. Analysts predict that McEwen Inc. will post -0.72 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, Director Ian J. Ball sold 2,656 shares of the stock in a transaction that occurred on Tuesday, August 12th. The stock was sold at an average price of $10.49, for a total transaction of $27,861.44. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Richard W. Brissenden sold 11,203 shares of the stock in a transaction that occurred on Monday, September 22nd. The stock was sold at an average price of $14.89, for a total value of $166,812.67. Following the transaction, the director directly owned 9,405 shares of the company's stock, valued at approximately $140,040.45. This trade represents a 54.36% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 77,192 shares of company stock valued at $1,110,702. Corporate insiders own 16.10% of the company's stock.

Institutional Investors Weigh In On McEwen

Institutional investors and hedge funds have recently modified their holdings of the company. Tower Research Capital LLC TRC grew its holdings in shares of McEwen by 17,204.9% in the 2nd quarter. Tower Research Capital LLC TRC now owns 10,556 shares of the basic materials company's stock worth $101,000 after acquiring an additional 10,495 shares during the period. Pale Fire Capital SE acquired a new stake in shares of McEwen during the second quarter worth $119,000. SBI Securities Co. Ltd. boosted its holdings in shares of McEwen by 9,935.0% during the first quarter. SBI Securities Co. Ltd. now owns 14,350 shares of the basic materials company's stock worth $108,000 after purchasing an additional 14,207 shares during the last quarter. XTX Topco Ltd acquired a new stake in shares of McEwen during the second quarter worth $141,000. Finally, Private Advisor Group LLC boosted its holdings in shares of McEwen by 16.6% during the first quarter. Private Advisor Group LLC now owns 14,743 shares of the basic materials company's stock worth $111,000 after purchasing an additional 2,098 shares during the last quarter. Institutional investors and hedge funds own 17.03% of the company's stock.

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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