McEwen Mining (NYSE:MUX) Shares Gap Down to $12.18

McEwen Mining Inc (NYSE:MUX) (TSE:MUX) gapped down prior to trading on Thursday . The stock had previously closed at $12.18, but opened at $11.28. McEwen Mining shares last traded at $10.46, with a volume of 635,695 shares trading hands.

Wall Street Analyst Weigh In

Several research analysts have commented on the company. HC Wainwright reduced their price objective on McEwen Mining from $18.50 to $13.00 and set a “buy” rating on the stock in a report on Monday, March 4th. TheStreet raised shares of McEwen Mining from a “d” rating to a “c” rating in a research report on Friday, March 1st.

McEwen Mining Price Performance

The company has a debt-to-equity ratio of 0.08, a quick ratio of 1.09 and a current ratio of 1.76. The firm has a market capitalization of $490.44 million, a PE ratio of 8.76 and a beta of 1.48. The stock has a fifty day moving average price of $10.11 and a 200-day moving average price of $8.08.

McEwen Mining (NYSE:MUX) (TSE:MUX) last posted its earnings results on Thursday, February 29th. The basic materials company reported $2.90 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.32) by $3.22. The company had revenue of $58.68 million for the quarter, compared to analyst estimates of $53.00 million. McEwen Mining had a return on equity of 19.20% and a net margin of 32.92%. Sell-side analysts forecast that McEwen Mining Inc will post -0.3 EPS for the current fiscal year.

Institutional Trading of McEwen Mining

A number of institutional investors have recently made changes to their positions in the business. Quadrature Capital Ltd purchased a new stake in McEwen Mining in the third quarter valued at about $72,000. Rathbones Group PLC acquired a new stake in McEwen Mining in the 3rd quarter worth approximately $74,000. Private Advisor Group LLC purchased a new stake in McEwen Mining during the 3rd quarter worth approximately $75,000. Fifth Third Bancorp purchased a new stake in McEwen Mining during the 4th quarter worth approximately $98,000. Finally, Stonehage Fleming Financial Services Holdings Ltd acquired a new position in McEwen Mining during the 4th quarter valued at approximately $107,000. Institutional investors and hedge funds 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.