Wells Fargo & Company MN Has $181,000 Holdings in McEwen Mining Inc (NYSE:MUX)

Wells Fargo & Company MN reduced its holdings in McEwen Mining Inc (NYSE:MUX - Free Report) TSE: MUX by 71.7% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund owned 23,310 shares of the basic materials company's stock after selling 59,086 shares during the quarter. Wells Fargo & Company MN's holdings in McEwen Mining were worth $181,000 as of its most recent filing with the SEC.

A number of other institutional investors have also made changes to their positions in the business. Empowered Funds LLC bought a new stake in shares of McEwen Mining in the 4th quarter valued at approximately $788,000. Private Advisor Group LLC grew its position in McEwen Mining by 18.8% in the fourth quarter. Private Advisor Group LLC now owns 12,645 shares of the basic materials company's stock valued at $98,000 after acquiring an additional 2,000 shares during the period. Sprott Inc. acquired a new position in McEwen Mining during the fourth quarter worth $100,000. U S Global Investors Inc. bought a new position in shares of McEwen Mining during the fourth quarter valued at $2,557,000. Finally, Connor Clark & Lunn Investment Management Ltd. boosted 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 in the last quarter. 17.03% of the stock is currently owned by institutional investors.

McEwen Mining Trading Down 3.8%

Shares of NYSE:MUX traded down $0.27 during mid-day trading on Wednesday, reaching $6.94. The stock had a trading volume of 248,867 shares, compared to its average volume of 693,512. The firm has a 50 day simple moving average of $7.60 and a two-hundred day simple moving average of $8.01. McEwen Mining Inc has a twelve month low of $6.38 and a twelve month high of $12.45. The firm has a market cap of $374.62 million, a PE ratio of 3.15 and a beta of 0.93. The company has a current ratio of 1.17, a quick ratio of 0.74 and a debt-to-equity ratio of 0.06.

McEwen Mining (NYSE:MUX - Get Free Report) TSE: MUX last released its quarterly earnings data on Wednesday, May 7th. The basic materials company reported ($0.12) EPS for the quarter, beating analysts' consensus estimates of ($0.14) by $0.02. The business had revenue of $35.70 million during the quarter, compared to analysts' expectations of $39.06 million. McEwen Mining had a net margin of 51.31% and a return on equity of 20.77%. On average, research analysts predict that McEwen Mining Inc will post -0.72 EPS for the current fiscal year.

Analysts Set New Price Targets

MUX has been the topic of a number of research analyst reports. National Bank Financial upgraded McEwen Mining to a "strong-buy" rating in a research report on Tuesday, April 29th. StockNews.com cut shares of McEwen Mining from a "hold" rating to a "sell" rating in a research report on Wednesday, February 19th. Roth Mkm lowered their target price on shares of McEwen Mining from $13.00 to $12.50 and set a "buy" rating for the company in a report on Friday, March 21st. Finally, HC Wainwright dropped their target price on shares of McEwen Mining from $18.00 to $15.50 and set a "buy" rating for the company in a research report on Friday, May 9th.

About McEwen Mining

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.