McEwen Mining (NYSE:MUX) Sees Unusually-High Trading Volume

McEwen Mining Inc (NYSE:MUX) (TSE:MUX) shares saw an uptick in trading volume on Friday . 5,007,340 shares changed hands during trading, an increase of 91% from the previous session’s volume of 2,617,967 shares.The stock last traded at $1.96 and had previously closed at $1.83.

Several research firms have recently weighed in on MUX. HC Wainwright upped their price objective on McEwen Mining from $2.50 to $3.50 and gave the stock a “buy” rating in a research report on Monday. ValuEngine raised McEwen Mining from a “hold” rating to a “buy” rating in a research report on Monday, June 17th. Finally, Zacks Investment Research cut McEwen Mining from a “hold” rating to a “sell” rating in a research report on Tuesday, July 23rd. One investment analyst has rated the stock with a sell rating and three have given a buy rating to the company. The stock has an average rating of “Buy” and an average target price of $3.50.

The company has a debt-to-equity ratio of 0.11, a current ratio of 1.90 and a quick ratio of 0.94. The company has a market capitalization of $711.06 million, a price-to-earnings ratio of -15.08 and a beta of -0.42. The firm has a 50-day moving average price of $1.82 and a two-hundred day moving average price of $1.64.

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 consensus estimate of ($0.01) by ($0.03). McEwen Mining had a negative net margin of 55.09% and a negative return on equity of 11.81%. The company had revenue of $36.38 million for the quarter, compared to analyst estimates of $34.92 million. On average, equities analysts predict that McEwen Mining Inc will post -0.08 EPS for the current year.

In related news, Director Richard W. Brissenden sold 25,000 shares of the stock in a transaction that occurred on Friday, August 9th. The stock was sold at an average price of $2.01, for a total transaction of $50,250.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 22.70% of the company’s stock.

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Tower Research Capital LLC TRC boosted its position in McEwen Mining by 150.9% during the second quarter. Tower Research Capital LLC TRC now owns 14,300 shares of the basic materials company’s stock valued at $25,000 after purchasing an additional 8,600 shares during the last quarter. First Republic Investment Management Inc. raised its stake in McEwen Mining by 39.1% in the first quarter. First Republic Investment Management Inc. now owns 35,050 shares of the basic materials company’s stock valued at $53,000 after buying an additional 9,850 shares during the period. Pictet Asset Management Ltd. raised its stake in McEwen Mining by 50.0% in the second quarter. Pictet Asset Management Ltd. now owns 37,098 shares of the basic materials company’s stock valued at $65,000 after buying an additional 12,366 shares during the period. Swiss National Bank raised its stake in McEwen Mining by 4.4% in the second quarter. Swiss National Bank now owns 513,531 shares of the basic materials company’s stock valued at $899,000 after buying an additional 21,800 shares during the period. Finally, Cambridge Investment Research Advisors Inc. raised its stake in McEwen Mining by 50.6% in the second quarter. Cambridge Investment Research Advisors Inc. now owns 65,943 shares of the basic materials company’s stock valued at $115,000 after buying an additional 22,167 shares during the period. 24.46% of the stock is owned by hedge funds and other institutional investors.

About McEwen Mining (NYSE:MUX)

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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