McEwen Mining (NYSE:MUX) Shares Gap Down to $11.22

McEwen Mining Inc (NYSE:MUX) (TSE:MUX)’s share price gapped down before the market opened on Monday . The stock had previously closed at $11.22, but opened at $10.67. McEwen Mining shares last traded at $10.85, with a volume of 224,894 shares traded.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on MUX. TheStreet upgraded McEwen Mining from a “d” rating to a “c” rating in a report on Friday, March 1st. HC Wainwright lowered their price objective on shares of McEwen Mining from $18.50 to $13.00 and set a “buy” rating for the company in a research note on Monday, March 4th.

McEwen Mining Stock Down 5.2 %

The firm’s fifty day moving average price is $8.69 and its 200-day moving average price is $7.68. The company has a debt-to-equity ratio of 0.08, a current ratio of 1.76 and a quick ratio of 1.09. The firm has a market capitalization of $526.04 million, a P/E ratio of 9.84 and a beta of 1.53.

McEwen Mining (NYSE:MUX) (TSE:MUX) last issued its earnings results on Thursday, February 29th. The basic materials company reported $2.90 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.32) by $3.22. The firm had revenue of $58.68 million during the quarter, compared to analysts’ expectations of $53.00 million. McEwen Mining had a net margin of 32.92% and a return on equity of 19.20%. As a group, equities research analysts forecast that McEwen Mining Inc will post -0.3 earnings per share for the current year.

Institutional Investors Weigh In On McEwen Mining

Several hedge funds have recently made changes to their positions in the company. Van ECK Associates Corp lifted its position in shares of McEwen Mining by 2.9% in the 4th quarter. Van ECK Associates Corp now owns 2,030,048 shares of the basic materials company’s stock valued at $14,637,000 after acquiring an additional 56,698 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its position in shares of McEwen Mining by 2.1% in the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,063,345 shares of the basic materials company’s stock valued at $7,667,000 after acquiring an additional 22,231 shares in the last quarter. Trexquant Investment LP lifted its position in McEwen Mining by 83.2% in the 3rd quarter. Trexquant Investment LP now owns 90,262 shares of the basic materials company’s stock worth $587,000 after buying an additional 41,000 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. lifted its position in McEwen Mining by 175.8% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 75,611 shares of the basic materials company’s stock worth $486,000 after buying an additional 48,192 shares in the last quarter. Finally, Jump Financial LLC lifted its position in McEwen Mining by 154.0% in the 4th quarter. Jump Financial LLC now owns 74,263 shares of the basic materials company’s stock worth $535,000 after buying an additional 45,020 shares in the last quarter. Hedge funds and other institutional investors own 17.03% of the company’s stock.

McEwen Mining 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.