Wall Street Zen Downgrades McEwen (NYSE:MUX) to Hold

Key Points

• Wall Street Zen downgraded McEwen (MUX) from a "buy" to a "hold," signaling more cautious near‑term sentiment among that research house.
• Q1 results beat on EPS ($0.66 vs. $0.25 expected) but missed on revenue, and analysts still forecast a -0.72 EPS for the current year.
• Despite the downgrade, consensus remains a "Moderate Buy" with a $29.83 average price target as several firms raised targets (HC Wainwright to $29.50, Roth MKM to $35); MUX trades near $19.22 with a $1.14 billion market cap.

McEwen (NYSE:MUX - Get Free Report) TSE: MUX was downgraded by equities researchers at Wall Street Zen from a "buy" rating to a "hold" rating in a research report issued to clients and investors on Sunday.

A number of other analysts also recently weighed in on MUX. HC Wainwright increased their price target on shares of McEwen from $21.50 to $29.50 and gave the company a "buy" rating in a research report on Wednesday, March 18th. Weiss Ratings raised shares of McEwen from a "sell (d+)" rating to a "hold (c-)" rating in a research note on Wednesday, March 11th. Finally, Roth Mkm increased their target price on shares of McEwen from $30.00 to $35.00 and gave the stock a "buy" rating in a report on Wednesday, March 18th. Four analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $29.83.

McEwen Trading Up 3.8%

NYSE MUX opened at $19.22 on Friday. The stock has a 50-day simple moving average of $24.54 and a 200 day simple moving average of $20.45. The company has a market capitalization of $1.14 billion, a PE ratio of 32.57 and a beta of 1.11. The company has a current ratio of 1.69, a quick ratio of 1.27 and a debt-to-equity ratio of 0.23. McEwen has a 12 month low of $6.38 and a 12 month high of $29.70.

McEwen (NYSE:MUX - Get Free Report) TSE: MUX last issued its earnings results on Thursday, March 12th. The basic materials company reported $0.66 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.25 by $0.41. The firm had revenue of $64.60 million for the quarter, compared to analysts' expectations of $72.83 million. McEwen had a return on equity of 6.89% and a net margin of 17.43%. Research analysts forecast that McEwen will post -0.72 EPS for the current year.

Institutional Investors Weigh In On McEwen

A number of hedge funds have recently modified their holdings of the business. Empowered Funds LLC grew its position in shares of McEwen by 4.1% in the 4th quarter. Empowered Funds LLC now owns 259,498 shares of the basic materials company's stock valued at $4,803,000 after purchasing an additional 10,101 shares during the period. Voloridge Investment Management LLC increased its stake in McEwen by 228.6% during the 4th quarter. Voloridge Investment Management LLC now owns 701,344 shares of the basic materials company's stock worth $12,982,000 after purchasing an additional 487,924 shares in the last quarter. Occudo Quantitative Strategies LP raised its holdings in McEwen by 307.5% during the 4th quarter. Occudo Quantitative Strategies LP now owns 67,558 shares of the basic materials company's stock worth $1,250,000 after buying an additional 50,981 shares during the period. Janus Henderson Group PLC acquired a new stake in McEwen during the 4th quarter worth approximately $398,000. Finally, Bridgeway Capital Management LLC lifted its stake in McEwen by 2.4% in the fourth quarter. Bridgeway Capital Management LLC now owns 429,498 shares of the basic materials company's stock valued at $7,950,000 after buying an additional 10,101 shares in the last quarter. Institutional investors and hedge funds own 17.03% of the company's stock.

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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