McEwen's (MUX) "Sell (D+)" Rating Reaffirmed at Weiss Ratings

Key Points

• Weiss Ratings has reaffirmed McEwen Mining's stock rating as a "Sell (D+)", despite some analysts assigning a buy rating with a target price of $19.00.
• McEwen's stock has recently increased by 6.2%, currently trading at $18.80, but has a significant disparity between its twelve month low of $6.38 and high of $19.12.
• Insider transactions have shown considerable selling activity, with VP Jeffrey Chan decreasing his position by 85.47% through the sale of shares valued at approximately $198,528.

McEwen (NYSE:MUX - Get Free Report) TSE: MUX's stock had its "sell (d+)" rating restated by equities research analysts at Weiss Ratings in a research report issued on Wednesday,Weiss Ratings reports.

MUX has been the subject of several other reports. Roth Capital set a $19.00 price target on McEwen and gave the stock a "buy" rating in a research note on Friday, October 3rd. National Bankshares restated an "outperform" rating on shares of McEwen in a research note on Wednesday, July 16th. Finally, HC Wainwright upped their price target on McEwen from $15.50 to $17.00 and gave the stock a "buy" rating in a research note on Tuesday, July 29th. One research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $16.17.

McEwen Stock Up 6.2%

MUX stock opened at $18.80 on Wednesday. McEwen has a twelve month low of $6.38 and a twelve month high of $19.12. The company has a quick ratio of 1.82, a current ratio of 2.35 and a debt-to-equity ratio of 0.26. The stock has a market cap of $1.02 billion, a P/E ratio of -75.20 and a beta of 0.99. The business's 50-day moving average price is $13.02 and its 200-day moving average price is $10.25.

McEwen (NYSE:MUX - Get Free Report) TSE: MUX last posted its quarterly earnings results 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). McEwen had a negative return on equity of 2.76% and a negative net margin of 8.05%.The business had revenue of $46.70 million during the quarter, compared to the consensus estimate of $49.05 million. On average, equities research analysts forecast that McEwen will post -0.72 EPS for the current year.

Insider Transactions at McEwen

In other news, VP Jeffrey Chan sold 13,333 shares of the business's stock in a transaction that occurred on Monday, September 22nd. The stock was sold at an average price of $14.89, for a total transaction of $198,528.37. Following the transaction, the vice president owned 2,267 shares of the company's stock, valued at approximately $33,755.63. The trade was a 85.47% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Ian J. Ball sold 2,656 shares of the business's stock in a transaction that occurred on Tuesday, August 12th. The shares were sold at an average price of $10.49, for a total value of $27,861.44. The disclosure for this sale can be found here. Insiders sold 77,192 shares of company stock valued at $1,110,702 over the last 90 days. Insiders own 16.10% of the company's stock.

Hedge Funds Weigh In On McEwen

Several hedge funds have recently bought and sold shares of the business. Everstar Asset Management LLC grew its position in McEwen by 4.3% in the 2nd quarter. Everstar Asset Management LLC now owns 28,988 shares of the basic materials company's stock valued at $279,000 after acquiring an additional 1,188 shares during the last quarter. Geode Capital Management LLC grew its position in shares of McEwen by 0.3% during the 2nd quarter. Geode Capital Management LLC now owns 509,426 shares of the basic materials company's stock worth $4,897,000 after buying an additional 1,585 shares in the last quarter. Private Advisor Group LLC grew its position in shares of McEwen by 16.6% during the 1st quarter. Private Advisor Group LLC now owns 14,743 shares of the basic materials company's stock worth $111,000 after buying an additional 2,098 shares in the last quarter. Inceptionr LLC grew its position in shares of McEwen by 21.7% during the 2nd quarter. Inceptionr LLC now owns 19,496 shares of the basic materials company's stock worth $187,000 after buying an additional 3,480 shares in the last quarter. Finally, American Century Companies Inc. boosted its position in McEwen by 7.6% during the second quarter. American Century Companies Inc. now owns 109,210 shares of the basic materials company's stock valued at $1,050,000 after purchasing an additional 7,702 shares in the last quarter. Institutional investors 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.