McEwen Mining Target of Unusually High Options Trading (NYSE:MUX)


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McEwen Mining Inc (NYSE:MUX) (TSE:MUX) was the recipient of some unusual options trading on Tuesday. Stock traders bought 8,936 call options on the stock. This represents an increase of 360% compared to the average daily volume of 1,942 call options.

Several equities research analysts have recently weighed in on MUX shares. ValuEngine downgraded McEwen Mining from a “buy” rating to a “hold” rating in a research report on Monday. Roth Capital upped their price objective on McEwen Mining from $1.90 to $2.00 and gave the company a “buy” rating in a research note on Friday, January 8th. Finally, Zacks Investment Research upgraded McEwen Mining from a “sell” rating to a “hold” rating in a research report on Tuesday, January 5th. Two research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and an average price target of $2.31.

Shares of MUX traded up $0.01 during mid-day trading on Thursday, reaching $0.99. The company’s stock had a trading volume of 8,976 shares, compared to its average volume of 4,501,996. The company has a quick ratio of 0.65, a current ratio of 1.60 and a debt-to-equity ratio of 0.13. McEwen Mining has a 1 year low of $0.53 and a 1 year high of $1.53. The business has a fifty day moving average of $1.00 and a 200 day moving average of $1.11. The company has a market cap of $405.94 million, a price-to-earnings ratio of -2.52 and a beta of 0.93.

McEwen Mining (NYSE:MUX) (TSE:MUX) last issued its quarterly earnings results on Thursday, November 5th. The basic materials company reported ($0.02) earnings per share (EPS) for the quarter, meeting the Thomson Reuters’ consensus estimate of ($0.02). McEwen Mining had a negative return on equity of 16.86% and a negative net margin of 140.63%. The company had revenue of $27.40 million for the quarter, compared to the consensus estimate of $27.60 million. On average, analysts predict that McEwen Mining will post -0.13 earnings per share for the current year.

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. JPMorgan Chase & Co. grew its position in shares of McEwen Mining by 28,251.1% in the 3rd quarter. JPMorgan Chase & Co. now owns 26,083 shares of the basic materials company’s stock worth $28,000 after buying an additional 25,991 shares during the period. LPL Financial LLC purchased a new stake in shares of McEwen Mining during the 3rd quarter valued at about $37,000. Kestra Advisory Services LLC purchased a new stake in shares of McEwen Mining during the 3rd quarter valued at about $41,000. Formidable Asset Management LLC purchased a new stake in shares of McEwen Mining during the 3rd quarter valued at about $51,000. Finally, Kathmere Capital Management LLC bought a new position in shares of McEwen Mining in the 3rd quarter worth approximately $51,000. 16.14% of the stock is currently owned by institutional investors.

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.

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