HC Wainwright Forecasts Higher Earnings for McEwen Mining

McEwen Mining Inc (NYSE:MUX) (TSE:MUX) – HC Wainwright raised their FY2024 earnings estimates for McEwen Mining in a report released on Thursday, November 7th. HC Wainwright analyst H. Ihle now expects that the basic materials company will earn ($0.60) per share for the year, up from their previous estimate of ($0.88). HC Wainwright currently has a “Buy” rating and a $19.00 target price on the stock. The consensus estimate for McEwen Mining’s current full-year earnings is ($0.68) per share. HC Wainwright also issued estimates for McEwen Mining’s FY2025 earnings at ($0.15) EPS.

McEwen Mining (NYSE:MUX) (TSE:MUX) last issued its quarterly earnings data on Tuesday, November 5th. The basic materials company reported ($0.04) EPS for the quarter, missing the consensus estimate of $0.04 by ($0.08). The firm had revenue of $52.25 million for the quarter, compared to the consensus estimate of $48.60 million. McEwen Mining had a net margin of 51.31% and a return on equity of 20.77%. During the same period last year, the company posted ($0.39) earnings per share.

Other equities analysts have also recently issued research reports about the stock. Roth Mkm reduced their price target on shares of McEwen Mining from $12.75 to $12.25 and set a “buy” rating on the stock in a research report on Thursday, November 7th. StockNews.com upgraded shares of McEwen Mining from a “sell” rating to a “hold” rating in a report on Wednesday, November 6th.

McEwen Mining Stock Performance

Shares of NYSE:MUX opened at $8.16 on Monday. The company has a market cap of $431.83 million, a price-to-earnings ratio of 3.73 and a beta of 1.43. The company has a 50-day moving average price of $9.54 and a 200-day moving average price of $9.87. The company has a current ratio of 1.17, a quick ratio of 1.21 and a debt-to-equity ratio of 0.06. McEwen Mining has a 12 month low of $5.92 and a 12 month high of $12.50.

Institutional Investors Weigh In On McEwen Mining

A number of institutional investors have recently made changes to their positions in MUX. Fifth Third Bancorp bought a new position in McEwen Mining during the second quarter valued at approximately $32,000. Vanguard Group Inc. raised its position in McEwen Mining by 1.0% in the first quarter. Vanguard Group Inc. now owns 616,066 shares of the basic materials company’s stock worth $6,074,000 after acquiring an additional 6,082 shares during the period. Banque Cantonale Vaudoise bought a new position in McEwen Mining in the second quarter worth approximately $78,000. Private Advisor Group LLC bought a new position in McEwen Mining in the third quarter worth approximately $99,000. Finally, Rathbones Group PLC bought a new position in McEwen Mining in the second quarter worth approximately $101,000. Hedge funds and other institutional investors own 17.03% of the company’s stock.

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.