McEwen Mining (MUX) Stock Price Up 5.3%

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McEwen Mining Inc (NYSE:MUX) (TSE:MUX) rose 5.3% during mid-day trading on Thursday . The stock traded as high as $2.20 and last traded at $2.18. Approximately 3,627,058 shares traded hands during mid-day trading, an increase of 62% from the average daily volume of 2,236,718 shares. The stock had previously closed at $2.07.

A number of equities research analysts recently weighed in on MUX shares. Zacks Investment Research lowered shares of McEwen Mining from a “hold” rating to a “strong sell” rating in a report on Saturday, August 4th. HC Wainwright set a $5.00 price objective on shares of McEwen Mining and gave the company a “buy” rating in a report on Friday, September 7th. Two analysts have rated the stock with a sell rating and three have assigned a buy rating to the company. The company currently has an average rating of “Hold” and a consensus price target of $4.00.

The stock has a market cap of $654.32 million, a P/E ratio of -72.00 and a beta of -1.20.

McEwen Mining (NYSE:MUX) (TSE:MUX) last posted its earnings results on Wednesday, August 1st. The basic materials company reported ($0.02) EPS for the quarter, missing analysts’ consensus estimates of ($0.01) by ($0.01). The business had revenue of $34.18 million for the quarter, compared to analysts’ expectations of $28.55 million. McEwen Mining had a negative net margin of 14.56% and a negative return on equity of 2.68%. Analysts expect that McEwen Mining Inc will post -0.04 EPS for the current year.

Hedge funds and other institutional investors have recently bought and sold shares of the business. Tower Research Capital LLC TRC increased its position in McEwen Mining by 119.7% during the 2nd quarter. Tower Research Capital LLC TRC now owns 50,664 shares of the basic materials company’s stock valued at $105,000 after purchasing an additional 27,600 shares during the period. Cubist Systematic Strategies LLC purchased a new position in shares of McEwen Mining in the 2nd quarter worth approximately $109,000. CIBC World Markets Inc. purchased a new position in shares of McEwen Mining in the 1st quarter worth approximately $164,000. Aperio Group LLC grew its position in shares of McEwen Mining by 24.5% in the 2nd quarter. Aperio Group LLC now owns 122,524 shares of the basic materials company’s stock worth $254,000 after buying an additional 24,119 shares during the last quarter. Finally, Jane Street Group LLC purchased a new position in shares of McEwen Mining in the 1st quarter worth approximately $646,000. 30.53% of the stock is currently owned by institutional investors and hedge funds.

McEwen Mining Company Profile (NYSE:MUX)

McEwen Mining Inc engages in the exploration, development, production, and sale of gold and silver. The company owns 100% interests in the El Gallo 1 mine and El Gallo 2 project in the state of Sinaloa, Mexico; and the Black Fox Complex, Buffalo Ankerite, Fuller, Davidson Tisdale, and Black Fox North properties in Canada.

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