Zacks Investment Research Upgrades McEwen Mining (NYSE:MUX) to Hold

McEwen Mining (NYSE:MUX) (TSE:MUX) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report issued on Wednesday, January 3rd.

According to Zacks, “U.S. GOLD CORP. is primarily engaged in the precious metal mining business in the continental United States, however, it may also evaluate properties outside the United States. “

Several other equities research analysts have also recently commented on MUX. HC Wainwright restated a “buy” rating and issued a $5.00 target price on shares of McEwen Mining in a research note on Thursday, November 9th. Cantor Fitzgerald assumed coverage on McEwen Mining in a research note on Thursday, October 26th. They issued a “buy” rating on the stock. Finally, Roth Capital began coverage on McEwen Mining in a research note on Monday, December 11th. They issued a “buy” rating and a $3.25 target price on the stock. Three equities research analysts have rated the stock with a sell rating and three have assigned a buy rating to the company. McEwen Mining has an average rating of “Hold” and a consensus target price of $4.00.

McEwen Mining (MUX) traded down $0.01 during trading hours on Wednesday, hitting $2.33. The stock had a trading volume of 3,190,000 shares, compared to its average volume of 3,570,000. McEwen Mining has a fifty-two week low of $1.82 and a fifty-two week high of $4.43. The company has a market cap of $775.84, a PE ratio of -38.83 and a beta of -1.43.

McEwen Mining (NYSE:MUX) (TSE:MUX) last released its quarterly earnings data on Thursday, November 2nd. The basic materials company reported ($0.03) earnings per share for the quarter. McEwen Mining had a negative net margin of 31.71% and a negative return on equity of 4.25%. sell-side analysts expect that McEwen Mining will post -0.03 EPS for the current year.

In other McEwen Mining news, insider Xavier Ochoa bought 12,600 shares of the firm’s stock in a transaction that occurred on Tuesday, December 26th. The shares were acquired at an average cost of $2.36 per share, with a total value of $29,736.00. Following the acquisition, the insider now owns 12,600 shares of the company’s stock, valued at $29,736. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders have purchased a total of 21,200 shares of company stock worth $47,550 over the last three months. 26.10% of the stock is owned by insiders.

Several hedge funds have recently bought and sold shares of MUX. Profund Advisors LLC increased its holdings in shares of McEwen Mining by 0.9% during the 2nd quarter. Profund Advisors LLC now owns 39,122 shares of the basic materials company’s stock worth $103,000 after acquiring an additional 366 shares during the last quarter. CIBC World Markets Inc. grew its holdings in McEwen Mining by 10.6% in the 2nd quarter. CIBC World Markets Inc. now owns 86,054 shares of the basic materials company’s stock valued at $226,000 after buying an additional 8,233 shares in the last quarter. IndexIQ Advisors LLC acquired a new position in McEwen Mining in the 2nd quarter valued at $242,000. Parametric Portfolio Associates LLC grew its holdings in McEwen Mining by 124.1% in the 2nd quarter. Parametric Portfolio Associates LLC now owns 94,941 shares of the basic materials company’s stock valued at $250,000 after buying an additional 52,573 shares in the last quarter. Finally, Advisor Group Inc. grew its holdings in McEwen Mining by 2.7% in the 2nd quarter. Advisor Group Inc. now owns 100,236 shares of the basic materials company’s stock valued at $264,000 after buying an additional 2,594 shares in the last quarter. 27.86% of the stock is currently owned by institutional investors and hedge funds.

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McEwen Mining Company Profile

McEwen Mining Inc is a mining and minerals production and exploration company. The Company is focused on precious and base metals in Argentina, Mexico and the United States. The Company’s segments include Mexico, Minera Santa Cruz SA (MSC), Nevada and Los Azules. The Mexico Operations segment includes properties, such as El Gallo 1 mine and the El Gallo 2 project.

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