Tidal Investments LLC Has $1.42 Million Position in McEwen Mining Inc (NYSE:MUX)

Tidal Investments LLC increased its holdings in shares of McEwen Mining Inc (NYSE:MUX) (TSE:MUX) by 1.8% in the 3rd quarter, according to its most recent filing with the SEC. The fund owned 152,859 shares of the basic materials company’s stock after purchasing an additional 2,632 shares during the period. Tidal Investments LLC owned approximately 0.29% of McEwen Mining worth $1,422,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in MUX. Connor Clark & Lunn Investment Management Ltd. lifted its holdings in shares of McEwen Mining by 66.5% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 393,719 shares of the basic materials company’s stock worth $3,659,000 after buying an additional 157,300 shares during the last quarter. Van ECK Associates Corp raised its stake in McEwen Mining by 3.3% during the 2nd quarter. Van ECK Associates Corp now owns 2,118,520 shares of the basic materials company’s stock valued at $19,448,000 after purchasing an additional 67,885 shares during the last quarter. Renaissance Technologies LLC boosted its holdings in McEwen Mining by 41.3% in the 2nd quarter. Renaissance Technologies LLC now owns 196,910 shares of the basic materials company’s stock valued at $1,808,000 after purchasing an additional 57,600 shares during the period. GSA Capital Partners LLP bought a new stake in McEwen Mining in the 3rd quarter valued at $457,000. Finally, Bank of Montreal Can grew its position in McEwen Mining by 100.1% in the 2nd quarter. Bank of Montreal Can now owns 82,905 shares of the basic materials company’s stock worth $780,000 after purchasing an additional 41,480 shares during the last quarter. Institutional investors own 17.03% of the company’s stock.

McEwen Mining Stock Down 6.4 %

Shares of MUX opened at $7.87 on Thursday. The business’s 50 day simple moving average is $9.15 and its 200-day simple moving average is $9.35. McEwen Mining Inc has a one year low of $5.92 and a one year high of $12.50. The company has a market capitalization of $416.52 million, a P/E ratio of 3.59 and a beta of 1.43. The company has a debt-to-equity ratio of 0.06, a current ratio of 1.17 and a quick ratio of 0.74.

McEwen Mining (NYSE:MUX) (TSE:MUX) last announced its earnings results on Tuesday, November 5th. The basic materials company reported ($0.04) earnings per share for the quarter, missing analysts’ consensus estimates of $0.04 by ($0.08). The company had revenue of $52.25 million during the quarter, compared to the consensus estimate of $48.60 million. McEwen Mining had a return on equity of 20.77% and a net margin of 51.31%. During the same period in the prior year, the firm posted ($0.39) earnings per share. As a group, sell-side analysts predict that McEwen Mining Inc will post -0.68 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on MUX. HC Wainwright boosted their price objective on McEwen Mining from $15.00 to $19.00 and gave the company a “buy” rating in a research report on Thursday, November 7th. StockNews.com cut shares of McEwen Mining from a “hold” rating to a “sell” rating in a research note on Saturday, November 30th. Finally, Roth Mkm decreased their target price on shares of McEwen Mining from $12.75 to $12.25 and set a “buy” rating on the stock in a research report on Thursday, November 7th.

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.