HC Wainwright Analysts Give McEwen Mining (NYSE:MUX) a $2.80 Price Target

McEwen Mining (NYSE:MUX) (TSE:MUX) has been given a $2.80 price target by stock analysts at HC Wainwright in a research note issued to investors on Friday, TipRanks reports. The firm currently has a “buy” rating on the basic materials company’s stock. HC Wainwright’s price objective points to a potential upside of 75.00% from the stock’s previous close.

MUX has been the topic of a number of other research reports. B. Riley started coverage on shares of McEwen Mining in a report on Tuesday, September 10th. They issued a “buy” rating and a $4.20 price target on the stock. ValuEngine lowered shares of McEwen Mining from a “buy” rating to a “hold” rating in a report on Thursday, September 26th. Finally, Zacks Investment Research raised shares of McEwen Mining from a “sell” rating to a “hold” rating in a report on Tuesday, September 10th. Two analysts have rated the stock with a hold rating and three have issued a buy rating to the company. The stock has a consensus rating of “Buy” and an average price target of $3.50.

Shares of NYSE:MUX traded up $0.04 during trading on Friday, reaching $1.60. The company had a trading volume of 2,459,917 shares, compared to its average volume of 3,664,105. The company has a fifty day moving average of $1.73 and a two-hundred day moving average of $1.64. The stock has a market capitalization of $564.74 million, a P/E ratio of -12.31 and a beta of -0.60. McEwen Mining has a 12 month low of $1.23 and a 12 month high of $2.44. The company has a current ratio of 1.90, a quick ratio of 0.94 and a debt-to-equity ratio of 0.11.

McEwen Mining (NYSE:MUX) (TSE:MUX) last issued its quarterly earnings results on Tuesday, July 30th. The basic materials company reported ($0.04) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.01) by ($0.03). The company had revenue of $36.38 million during the quarter, compared to the consensus estimate of $34.92 million. McEwen Mining had a negative return on equity of 11.81% and a negative net margin of 55.09%. As a group, equities research analysts predict that McEwen Mining will post -0.08 earnings per share for the current year.

In related news, Director Richard W. Brissenden sold 25,000 shares of the stock in a transaction on Friday, August 9th. The shares were sold at an average price of $2.01, for a total transaction of $50,250.00. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. 22.70% of the stock is currently owned by company insiders.

Several hedge funds have recently added to or reduced their stakes in MUX. Morgan Stanley grew its holdings in shares of McEwen Mining by 27.8% during the 2nd quarter. Morgan Stanley now owns 5,623,865 shares of the basic materials company’s stock valued at $9,843,000 after purchasing an additional 1,221,713 shares during the last quarter. Sigma Planning Corp bought a new position in shares of McEwen Mining during the 2nd quarter valued at $1,037,000. BlackRock Inc. grew its holdings in shares of McEwen Mining by 4.7% during the 2nd quarter. BlackRock Inc. now owns 10,375,279 shares of the basic materials company’s stock valued at $18,157,000 after purchasing an additional 466,681 shares during the last quarter. River & Mercantile Asset Management LLP bought a new position in shares of McEwen Mining during the 2nd quarter valued at $725,000. Finally, Price T Rowe Associates Inc. MD grew its holdings in shares of McEwen Mining by 141.0% during the 2nd quarter. Price T Rowe Associates Inc. MD now owns 418,292 shares of the basic materials company’s stock valued at $732,000 after purchasing an additional 244,692 shares during the last quarter. 25.42% of the stock is currently owned by institutional investors.

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.

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