McEwen Mining (NYSE:MUX) Rating Increased to Hold at StockNews.com

StockNews.com upgraded shares of McEwen Mining (NYSE:MUX) (TSE:MUX) from a sell rating to a hold rating in a report released on Wednesday morning.

McEwen Mining Trading Down 0.9 %

MUX stock opened at $9.09 on Wednesday. The stock has a market capitalization of $464.23 million, a price-to-earnings ratio of 4.94 and a beta of 1.43. McEwen Mining has a twelve month low of $5.92 and a twelve month high of $12.50. The company has a quick ratio of 1.21, a current ratio of 1.68 and a debt-to-equity ratio of 0.07. The firm’s fifty day simple moving average is $9.57 and its two-hundred day simple moving average is $9.96.

McEwen Mining (NYSE:MUX) (TSE:MUX) last issued its earnings results on Wednesday, August 7th. The basic materials company reported ($0.26) EPS for the quarter, missing analysts’ consensus estimates of ($0.22) by ($0.04). The company had revenue of $47.48 million for the quarter, compared to analysts’ expectations of $43.90 million. McEwen Mining had a return on equity of 18.08% and a net margin of 46.32%. During the same period last year, the business posted ($0.46) earnings per share. As a group, analysts anticipate that McEwen Mining will post -0.73 earnings per share for the current year.

Hedge Funds Weigh In On McEwen Mining

A number of institutional investors have recently modified their holdings of the stock. GSA Capital Partners LLP purchased a new position in shares of McEwen Mining during the third quarter worth approximately $457,000. Van ECK Associates Corp increased its position in shares of McEwen Mining by 2.1% during 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 acquiring an additional 45,410 shares during the period. Private Advisor Group LLC purchased a new position in shares of McEwen Mining during the third quarter worth approximately $99,000. Cubist Systematic Strategies LLC increased its position in shares of McEwen Mining by 28.5% during the second quarter. Cubist Systematic Strategies LLC now owns 96,730 shares of the basic materials company’s stock worth $888,000 after acquiring an additional 21,479 shares during the period. Finally, Marshall Wace LLP purchased a new position in shares of McEwen Mining during the second quarter worth approximately $214,000. 17.03% of the stock is owned by hedge funds and other institutional investors.

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.