McEwen (NYSE:MUX) Shares Gap Down After Earnings Miss

by · The Cerbat Gem

Shares of McEwen Inc. (NYSE:MUX – Get Free Report) (TSE:MUX) gapped down before the market opened on Tuesday after the company announced weaker than expected quarterly earnings. The stock had previously closed at $16.23, but opened at $14.91. McEwen shares last traded at $13.5550, with a volume of 395,473 shares changing hands.

The basic materials company reported ($0.60) earnings per share for the quarter, missing the consensus estimate of $0.10 by ($0.70). McEwen had a return on equity of 13.48% and a net margin of 32.46%. The business had revenue of $43.64 million during the quarter, compared to analyst estimates of $56.40 million.

Analyst Ratings Changes

MUX has been the topic of several recent research reports. Weiss Ratings reaffirmed a “hold (c)” rating on shares of McEwen in a report on Friday, August 28th. Wall Street Zen cut McEwen from a “hold” rating to a “sell” rating in a research note on Saturday, October 3rd. Zacks Research raised McEwen from a “strong sell” rating to a “hold” rating in a research report on Friday, September 11th. HC Wainwright reissued a “buy” rating and set a $28.00 price target (down from $29.50) on shares of McEwen in a research report on Friday, August 7th. Finally, Roth Capital set a $31.00 price objective on McEwen and gave the stock a “buy” rating in a research note on Monday, August 10th. Two analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $29.50.

Check Out Our Latest Research Report on MUX

Hedge Funds Weigh In On McEwen

A number of institutional investors have recently modified their holdings of MUX. State Street Corp lifted its position in shares of McEwen by 26.5% during the 2nd quarter. State Street Corp now owns 4,254,551 shares of the basic materials company’s stock worth $77,135,000 after buying an additional 891,024 shares during the last quarter. Bank of America Corp DE boosted its stake in McEwen by 1,347.7% in the first quarter. Bank of America Corp DE now owns 534,824 shares of the basic materials company’s stock valued at $10,921,000 after buying an additional 497,882 shares in the last quarter. U S Global Investors Inc. boosted its stake in McEwen by 220.9% in the third quarter. U S Global Investors Inc. now owns 320,914 shares of the basic materials company’s stock valued at $5,728,000 after buying an additional 220,914 shares in the last quarter. Synergy Asset Management LLC grew its position in McEwen by 31.6% in the second quarter. Synergy Asset Management LLC now owns 803,122 shares of the basic materials company’s stock valued at $14,561,000 after acquiring an additional 193,005 shares during the last quarter. Finally, Dimensional Fund Advisors LP grew its position in McEwen by 15.7% in the first quarter. Dimensional Fund Advisors LP now owns 1,269,760 shares of the basic materials company’s stock valued at $25,920,000 after acquiring an additional 172,687 shares during the last quarter. Institutional investors and hedge funds own 17.03% of the company’s stock.

McEwen Stock Performance

The company has a quick ratio of 1.61, a current ratio of 2.04 and a debt-to-equity ratio of 0.17. The stock has a market cap of $839.02 million, a price-to-earnings ratio of 10.84 and a beta of 1.31. The company has a 50 day simple moving average of $17.39 and a 200 day simple moving average of $20.57.

About McEwen

(Get Free Report)

McEwen Inc, formerly known as McEwen Mining, is a metals exploration and mining company focused on gold, silver and copper. Its activities include operating mines, advancing development projects and exploring for additional mineral resources.

The company’s assets and projects span the United States, Canada, Mexico and Argentina. Its portfolio includes gold and silver properties as well as the Los Azules copper project in Argentina, which is being advanced through its McEwen Copper subsidiary.

McEwen was founded by Rob McEwen, who serves as the company’s chairman and chief executive officer.

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