McEwen Mining (NYSE:MUX) Price Target Cut to $1.75 by Analysts at HC Wainwright

McEwen Mining (NYSE:MUX) (TSE:MUX) had its price target lowered by HC Wainwright from $2.00 to $1.75 in a research report sent to investors on Monday, BenzingaRatingsTable reports. The brokerage currently has a buy rating on the basic materials company’s stock.

Several other research firms have also issued reports on MUX. ValuEngine lowered shares of McEwen Mining from a buy rating to a hold rating in a report on Saturday, February 29th. B. Riley increased their price objective on shares of McEwen Mining from $4.00 to $4.40 and gave the company a buy rating in a report on Tuesday, February 25th. Finally, Zacks Investment Research lowered shares of McEwen Mining from a buy rating to a hold rating in a report on Friday, March 20th. Two investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. The company currently has a consensus rating of Buy and a consensus target price of $2.73.

McEwen Mining stock traded down $0.03 during midday trading on Monday, hitting $0.74. The stock had a trading volume of 3,718,055 shares, compared to its average volume of 4,010,965. The firm’s fifty day moving average is $0.96 and its two-hundred day moving average is $1.29. The company has a market capitalization of $316.28 million, a PE ratio of -4.35 and a beta of -0.19. McEwen Mining has a 52-week low of $0.53 and a 52-week high of $2.14. The company has a current ratio of 1.88, a quick ratio of 1.10 and a debt-to-equity ratio of 0.09.

McEwen Mining (NYSE:MUX) (TSE:MUX) last released its earnings results on Tuesday, March 17th. The basic materials company reported ($0.07) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.02) by ($0.05). The firm had revenue of $32.36 million during the quarter, compared to analysts’ expectations of $38.26 million. McEwen Mining had a negative return on equity of 12.17% and a negative net margin of 51.03%. As a group, equities research analysts predict that McEwen Mining will post 0.01 earnings per share for the current fiscal year.

A number of institutional investors and hedge funds have recently made changes to their positions in MUX. Islay Capital Management LLC purchased a new stake in McEwen Mining during the 4th quarter valued at approximately $25,000. Great West Life Assurance Co. Can grew its holdings in shares of McEwen Mining by 200.5% in the fourth quarter. Great West Life Assurance Co. Can now owns 19,839 shares of the basic materials company’s stock valued at $25,000 after purchasing an additional 13,236 shares in the last quarter. Squarepoint Ops LLC purchased a new position in shares of McEwen Mining in the third quarter valued at $34,000. Virtu Financial LLC grew its holdings in shares of McEwen Mining by 115.5% in the third quarter. Virtu Financial LLC now owns 27,337 shares of the basic materials company’s stock valued at $43,000 after purchasing an additional 14,653 shares in the last quarter. Finally, Guild Investment Management Inc. grew its holdings in shares of McEwen Mining by 75.0% in the fourth quarter. Guild Investment Management Inc. now owns 35,000 shares of the basic materials company’s stock valued at $44,000 after purchasing an additional 15,000 shares in the last quarter. 26.18% of the stock is owned by institutional investors and hedge funds.

About McEwen Mining

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.

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