McEwen Mining (NYSE:MUX) Upgraded to “Hold” at StockNews.com

StockNews.com upgraded shares of McEwen Mining (NYSE:MUX) (TSE:MUX) from a sell rating to a hold rating in a research report released on Wednesday morning.

McEwen Mining Stock Down 3.9 %

MUX stock opened at $8.91 on Wednesday. The firm has a market cap of $471.52 million, a PE ratio of 4.07 and a beta of 1.43. The company has a debt-to-equity ratio of 0.06, a quick ratio of 1.21 and a current ratio of 1.17. The firm’s fifty day moving average is $9.56 and its 200 day moving average is $9.94. McEwen Mining has a one year low of $5.92 and a one year high of $12.50.

McEwen Mining (NYSE:MUX) (TSE:MUX) last announced its earnings results on Tuesday, November 5th. The basic materials company reported ($0.04) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.04 by ($0.08). McEwen Mining had a net margin of 51.31% and a return on equity of 20.77%. The company had revenue of $52.25 million during the quarter, compared to analyst estimates of $48.60 million. During the same quarter last year, the business earned ($0.39) EPS. On average, research analysts forecast that McEwen Mining will post -0.73 EPS for the current year.

Institutional Investors Weigh In On McEwen Mining

A number of large investors have recently made changes to their positions in MUX. Connor Clark & Lunn Investment Management Ltd. grew its holdings in McEwen Mining by 66.5% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 393,719 shares of the basic materials company’s stock valued at $3,659,000 after buying an additional 157,300 shares in the last quarter. Quest Partners LLC purchased a new stake in McEwen Mining in the 3rd quarter valued at $166,000. GSA Capital Partners LLP purchased a new stake in McEwen Mining in the 3rd quarter valued at $457,000. Van ECK Associates Corp grew its holdings in McEwen Mining by 2.1% in the 3rd quarter. Van ECK Associates Corp now owns 2,163,930 shares of the basic materials company’s stock valued at $20,125,000 after buying an additional 45,410 shares in the last quarter. Finally, Private Advisor Group LLC purchased a new position in shares of McEwen Mining during the 3rd quarter worth $99,000. 17.03% of the stock is currently owned by hedge funds and other institutional investors.

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.