HC Wainwright Reiterates “$5.00” Price Target for McEwen Mining (MUX)

HC Wainwright set a $5.00 price target on McEwen Mining (NYSE:MUX) (TSE:MUX) in a research report sent to investors on Wednesday morning. The firm currently has a buy rating on the basic materials company’s stock.

Separately, Zacks Investment Research lowered McEwen Mining from a hold rating to a strong sell rating in a report on Saturday, August 4th. One investment analyst has rated the stock with a sell rating, one has given a hold rating and two have given a buy rating to the stock. McEwen Mining currently has an average rating of Hold and a consensus target price of $4.00.

Shares of MUX traded down $0.02 during mid-day trading on Wednesday, reaching $1.96. The company’s stock had a trading volume of 2,064,317 shares, compared to its average volume of 2,171,096. McEwen Mining has a 1 year low of $1.82 and a 1 year high of $2.55. The company has a debt-to-equity ratio of 0.11, a quick ratio of 0.79 and a current ratio of 1.95.

McEwen Mining (NYSE:MUX) (TSE:MUX) last released its earnings results on Wednesday, October 31st. The basic materials company reported ($0.04) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.03) by ($0.01). The business had revenue of $26.90 million during the quarter, compared to analysts’ expectations of $26.18 million. McEwen Mining had a negative net margin of 17.63% and a negative return on equity of 3.84%. On average, sell-side analysts anticipate that McEwen Mining will post -0.1 EPS for the current fiscal year.

Several institutional investors and hedge funds have recently added to or reduced their stakes in MUX. Schwab Charles Investment Management Inc. raised its holdings in shares of McEwen Mining by 39.9% during the first quarter. Schwab Charles Investment Management Inc. now owns 843,671 shares of the basic materials company’s stock worth $1,755,000 after acquiring an additional 240,730 shares in the last quarter. BlackRock Inc. raised its holdings in shares of McEwen Mining by 1.2% during the first quarter. BlackRock Inc. now owns 9,560,287 shares of the basic materials company’s stock worth $19,885,000 after acquiring an additional 111,022 shares in the last quarter. CIBC World Markets Inc. purchased a new stake in shares of McEwen Mining during the first quarter worth $164,000. Aperio Group LLC raised its holdings in shares of McEwen Mining by 24.5% during the second quarter. Aperio Group LLC now owns 122,524 shares of the basic materials company’s stock worth $254,000 after acquiring an additional 24,119 shares in the last quarter. Finally, FMR LLC raised its holdings in shares of McEwen Mining by 10.9% during the second quarter. FMR LLC now owns 1,216,410 shares of the basic materials company’s stock worth $2,518,000 after acquiring an additional 120,000 shares in the last quarter. Institutional investors own 29.84% of the company’s stock.

McEwen Mining Company Profile

McEwen Mining Inc engages in the exploration, development, production, and sale of gold and silver. The company owns 100% interests in the El Gallo 1 mine and El Gallo 2 project in the state of Sinaloa, Mexico; and the Black Fox Complex, Buffalo Ankerite, Fuller, Davidson Tisdale, and Black Fox North properties in Canada.

Further Reading: Intrinsic Value and Stock Selection

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