Norges Bank Takes Position in McEwen Mining Inc (NYSE:MUX)

Norges Bank purchased a new position in McEwen Mining Inc (NYSE:MUX - Free Report) TSE: MUX during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 54,100 shares of the basic materials company's stock, valued at approximately $421,000. Norges Bank owned 0.10% of McEwen Mining as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also bought and sold shares of MUX. Private Advisor Group LLC raised its position in shares of McEwen Mining by 18.8% in the 4th quarter. Private Advisor Group LLC now owns 12,645 shares of the basic materials company's stock valued at $98,000 after buying an additional 2,000 shares in the last quarter. Tidal Investments LLC raised its position in McEwen Mining by 1.8% during the third quarter. Tidal Investments LLC now owns 152,859 shares of the basic materials company's stock valued at $1,422,000 after purchasing an additional 2,632 shares in the last quarter. Virtu Financial LLC lifted its stake in McEwen Mining by 32.3% during the third quarter. Virtu Financial LLC now owns 16,555 shares of the basic materials company's stock worth $154,000 after purchasing an additional 4,046 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. increased its stake in shares of McEwen Mining by 1.5% in the 4th quarter. Connor Clark & Lunn Investment Management Ltd. now owns 399,519 shares of the basic materials company's stock valued at $3,103,000 after purchasing an additional 5,800 shares during the last quarter. Finally, American Century Companies Inc. raised its holdings in shares of McEwen Mining by 8.8% during the 4th quarter. American Century Companies Inc. now owns 92,346 shares of the basic materials company's stock worth $718,000 after buying an additional 7,492 shares in the last quarter. Institutional investors and hedge funds own 17.03% of the company's stock.

McEwen Mining Trading Down 3.0 %

Shares of McEwen Mining stock traded down $0.25 on Thursday, hitting $8.08. The stock had a trading volume of 238,729 shares, compared to its average volume of 717,662. The stock has a 50 day moving average of $7.44 and a 200 day moving average of $8.33. The firm has a market capitalization of $435.58 million, a P/E ratio of 3.67 and a beta of 1.21. McEwen Mining Inc has a twelve month low of $6.38 and a twelve month high of $12.50. The company has a debt-to-equity ratio of 0.06, a quick ratio of 0.74 and a current ratio of 1.17.

McEwen Mining (NYSE:MUX - Get Free Report) TSE: MUX last issued its quarterly earnings results on Friday, March 14th. The basic materials company reported ($0.15) EPS for the quarter, missing analysts' consensus estimates of ($0.13) by ($0.02). The business had revenue of $33.52 million for the quarter, compared to analyst estimates of $32.20 million. McEwen Mining had a return on equity of 20.77% and a net margin of 51.31%. Sell-side analysts expect that McEwen Mining Inc will post -0.72 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of research firms have issued reports on MUX. HC Wainwright reiterated a "buy" rating and issued a $18.00 target price on shares of McEwen Mining in a research report on Wednesday, March 19th. StockNews.com cut shares of McEwen Mining from a "hold" rating to a "sell" rating in a research report on Wednesday, February 19th. Finally, Roth Mkm decreased their target price on shares of McEwen Mining from $13.00 to $12.50 and set a "buy" rating on the stock in a research note on Friday, March 21st.

McEwen Mining 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.