McEwen Mining (NYSE:MUX) Price Target Lowered to $18.00 at HC Wainwright

McEwen Mining (NYSE:MUX) (TSE:MUX) had its price objective decreased by equities researchers at HC Wainwright from $19.00 to $18.00 in a research note issued on Thursday,Benzinga reports. The brokerage currently has a “buy” rating on the basic materials company’s stock. HC Wainwright’s price objective would indicate a potential upside of 110.58% from the company’s current price.

Other research analysts also recently issued reports about the company. Roth Mkm reduced their target price on McEwen Mining from $12.75 to $12.25 and set a “buy” rating for the company in a research note on Thursday, November 7th. StockNews.com cut shares of McEwen Mining from a “hold” rating to a “sell” rating in a research report on Saturday, November 30th.

McEwen Mining Stock Up 3.7 %

Shares of NYSE:MUX traded up $0.31 during mid-day trading on Thursday, reaching $8.55. 628,636 shares of the stock were exchanged, compared to its average volume of 462,417. McEwen Mining has a one year low of $5.92 and a one year high of $12.50. The stock’s 50 day simple moving average is $8.27 and its 200-day simple moving average is $8.94. The company has a market cap of $452.36 million, a P/E ratio of 3.90 and a beta of 1.42. The company has a quick ratio of 0.74, a current ratio of 1.17 and a debt-to-equity ratio of 0.06.

McEwen Mining (NYSE:MUX) (TSE:MUX) last released its quarterly earnings data on Tuesday, November 5th. The basic materials company reported ($0.04) earnings per share for the quarter, missing the consensus estimate of $0.04 by ($0.08). McEwen Mining had a return on equity of 20.77% and a net margin of 51.31%. The firm had revenue of $52.25 million for the quarter, compared to analyst estimates of $48.60 million. During the same quarter in the prior year, the firm earned ($0.39) earnings per share. As a group, equities research analysts predict that McEwen Mining will post -0.68 EPS for the current year.

Hedge Funds Weigh In On McEwen Mining

Several institutional investors and hedge funds have recently modified their holdings of MUX. Van ECK Associates Corp increased its position in shares of McEwen Mining by 2.1% in the third quarter. Van ECK Associates Corp now owns 2,163,930 shares of the basic materials company’s stock worth $20,125,000 after purchasing an additional 45,410 shares during the period. Geode Capital Management LLC grew its stake in shares of McEwen Mining by 5.8% during the third quarter. Geode Capital Management LLC now owns 471,119 shares of the basic materials company’s stock worth $4,383,000 after buying an additional 25,844 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. increased its holdings in shares of McEwen Mining by 66.5% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 393,719 shares of the basic materials company’s stock worth $3,659,000 after buying an additional 157,300 shares in the last quarter. Renaissance Technologies LLC boosted its holdings in shares of McEwen Mining by 41.3% during the 2nd quarter. Renaissance Technologies LLC now owns 196,910 shares of the basic materials company’s stock valued at $1,808,000 after acquiring an additional 57,600 shares in the last quarter. Finally, Tidal Investments LLC increased its holdings in McEwen Mining by 1.8% in the 3rd quarter. Tidal Investments LLC now owns 152,859 shares of the basic materials company’s stock worth $1,422,000 after purchasing an additional 2,632 shares in the last quarter. 17.03% of the stock is currently owned by institutional investors and hedge funds.

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.