Short Interest in McEwen Mining Inc (NYSE:MUX) Decreases By 21.1%

McEwen Mining Inc (NYSE:MUX) (TSE:MUX) saw a significant decline in short interest in the month of December. As of December 15th, there was short interest totalling 1,050,000 shares, a decline of 21.1% from the November 30th total of 1,330,000 shares. Currently, 2.4% of the shares of the company are sold short. Based on an average daily volume of 610,000 shares, the short-interest ratio is presently 1.7 days.

McEwen Mining Stock Down 3.9 %

MUX traded down $0.31 during trading on Monday, reaching $7.61. The stock had a trading volume of 619,911 shares, compared to its average volume of 653,055. McEwen Mining has a one year low of $5.92 and a one year high of $12.50. The company has a market capitalization of $402.76 million, a price-to-earnings ratio of 3.47 and a beta of 1.43. The stock’s 50 day moving average is $8.84 and its two-hundred day moving average is $9.19. The company has a current ratio of 1.17, a quick ratio of 0.74 and a debt-to-equity ratio of 0.06.

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

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of MUX. Banque Cantonale Vaudoise bought a new position in shares of McEwen Mining in the second quarter worth about $78,000. 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 worth $19,448,000 after acquiring an additional 67,885 shares during the period. Custom Index Systems LLC purchased a new position in McEwen Mining during the second quarter valued at approximately $275,000. American Century Companies Inc. boosted its position in shares of McEwen Mining by 21.8% in the second quarter. American Century Companies Inc. now owns 65,234 shares of the basic materials company’s stock worth $599,000 after purchasing an additional 11,667 shares during the period. Finally, Rathbones Group PLC purchased a new stake in shares of McEwen Mining in the second quarter worth $101,000. 17.03% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

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