Pictet Asset Management Ltd. boosted its position in McEwen Mining Inc (NYSE:MUX) (TSE:MUX) by 134.8% in the 1st quarter, according to its most recent filing with the SEC. The firm owned 24,732 shares of the basic materials company’s stock after acquiring an additional 14,200 shares during the period. Pictet Asset Management Ltd.’s holdings in McEwen Mining were worth $37,000 at the end of the most recent reporting period.
Other hedge funds have also recently added to or reduced their stakes in the company. PEAK6 Investments LLC purchased a new stake in McEwen Mining in the 4th quarter worth approximately $30,000. Morgan Stanley grew its stake in McEwen Mining by 42.2% in the 3rd quarter. Morgan Stanley now owns 3,408,912 shares of the basic materials company’s stock worth $6,614,000 after acquiring an additional 1,011,428 shares during the period. Mercer Global Advisors Inc. ADV purchased a new stake in McEwen Mining in the 1st quarter worth approximately $54,000. Wedbush Securities Inc. grew its stake in McEwen Mining by 1,178.4% in the 1st quarter. Wedbush Securities Inc. now owns 130,401 shares of the basic materials company’s stock worth $196,000 after acquiring an additional 120,201 shares during the period. Finally, Toronto Dominion Bank grew its stake in McEwen Mining by 147.1% in the 4th quarter. Toronto Dominion Bank now owns 64,000 shares of the basic materials company’s stock worth $117,000 after acquiring an additional 38,102 shares during the period. 25.67% of the stock is owned by hedge funds and other institutional investors.
In other news, Director Richard W. Brissenden sold 26,000 shares of the business’s stock in a transaction on Tuesday, May 7th. The shares were sold at an average price of $1.93, for a total transaction of $50,180.00. Following the completion of the sale, the director now directly owns 4,000 shares of the company’s stock, valued at approximately $7,720. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 22.70% of the stock is owned by insiders.
Several research firms have commented on MUX. HC Wainwright set a $3.00 target price on shares of McEwen Mining and gave the stock a “buy” rating in a research note on Friday, May 24th. Cantor Fitzgerald raised shares of McEwen Mining from a “hold” rating to a “buy” rating in a research note on Tuesday, April 2nd. Zacks Investment Research cut shares of McEwen Mining from a “hold” rating to a “sell” rating in a research note on Wednesday, February 27th. Finally, ValuEngine cut shares of McEwen Mining from a “buy” rating to a “hold” rating in a research note on Friday, May 17th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and two have assigned a buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average target price of $3.00.
MUX stock opened at $1.56 on Friday. The company has a current ratio of 1.99, a quick ratio of 1.06 and a debt-to-equity ratio of 0.11. McEwen Mining Inc has a one year low of $1.23 and a one year high of $2.52.
McEwen Mining (NYSE:MUX) (TSE:MUX) last released its earnings results on Tuesday, April 30th. The basic materials company reported ($0.03) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.02) by ($0.01). McEwen Mining had a negative return on equity of 10.14% and a negative net margin of 48.87%. The firm had revenue of $15.64 million during the quarter, compared to analysts’ expectations of $25.03 million. Equities analysts predict that McEwen Mining Inc will post -0.06 EPS for the current fiscal year.
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McEwen Mining 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.
Further Reading: What is a Buy-Side Analyst?
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