McEwen Mining (NYSE:MUX) Downgraded to “Sell” at StockNews.com

StockNews.com cut shares of McEwen Mining (NYSE:MUX) (TSE:MUX) from a hold rating to a sell rating in a research note published on Thursday morning.

MUX has been the subject of several other research reports. HC Wainwright increased their price objective on shares of McEwen Mining from $13.00 to $15.00 and gave the company a buy rating in a research report on Monday, May 13th. Roth Mkm reaffirmed a buy rating and set a $12.00 price objective (up from $11.00) on shares of McEwen Mining in a research note on Friday, May 10th.

McEwen Mining Price Performance

NYSE:MUX opened at $10.30 on Thursday. The business’s 50-day moving average is $10.60 and its 200 day moving average is $9.09. McEwen Mining has a 12 month low of $5.92 and a 12 month high of $12.50. The company has a market capitalization of $524.99 million, a P/E ratio of 6.28 and a beta of 1.40. The company has a current ratio of 1.37, a quick ratio of 0.85 and a debt-to-equity ratio of 0.08.

McEwen Mining (NYSE:MUX) (TSE:MUX) last released its quarterly earnings data on Wednesday, May 8th. The basic materials company reported ($0.41) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.03) by ($0.38). The firm had revenue of $41.23 million during the quarter, compared to the consensus estimate of $39.80 million. McEwen Mining had a return on equity of 16.46% and a net margin of 44.83%. On average, equities research analysts forecast that McEwen Mining will post -0.7 earnings per share for the current fiscal year.

Insider Buying and Selling at McEwen Mining

In other news, General Counsel Carmen L. Diges sold 17,066 shares of the stock in a transaction that occurred on Friday, June 21st. The stock was sold at an average price of $9.44, for a total value of $161,103.04. Following the sale, the general counsel now directly owns 10,982 shares in the company, valued at $103,670.08. The sale was disclosed in a document filed with the SEC, which is available at this link. In related news, General Counsel Carmen L. Diges sold 17,066 shares of the business’s stock in a transaction on Friday, June 21st. The stock was sold at an average price of $9.44, for a total transaction of $161,103.04. Following the completion of the transaction, the general counsel now owns 10,982 shares in the company, valued at approximately $103,670.08. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Perry Ing sold 23,332 shares of the company’s stock in a transaction on Tuesday, June 18th. The shares were sold at an average price of $9.76, for a total value of $227,720.32. Following the completion of the transaction, the chief financial officer now directly owns 15,551 shares in the company, valued at approximately $151,777.76. The disclosure for this sale can be found here. Insiders sold 42,901 shares of company stock worth $413,353 over the last 90 days. Company insiders own 17.11% of the company’s stock.

Institutional Investors Weigh In On McEwen Mining

Several large investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. raised its stake in shares of McEwen Mining by 1.0% during the first quarter. Vanguard Group Inc. now owns 616,066 shares of the basic materials company’s stock valued at $6,074,000 after acquiring an additional 6,082 shares in the last quarter. Paloma Partners Management Co bought a new stake in McEwen Mining during the 1st quarter valued at $117,000. Fifth Third Bancorp purchased a new stake in shares of McEwen Mining in the 4th quarter worth $98,000. Stonehage Fleming Financial Services Holdings Ltd bought a new position in shares of McEwen Mining during the 4th quarter worth $107,000. Finally, Van ECK Associates Corp grew its position in shares of McEwen Mining by 1.0% during the 1st quarter. Van ECK Associates Corp now owns 2,050,635 shares of the basic materials company’s stock worth $20,219,000 after buying an additional 20,587 shares in the last quarter. 17.03% of the stock is 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.