FY2024 EPS Estimates for McEwen Mining Decreased by Analyst

McEwen Mining Inc (NYSE:MUX) (TSE:MUX) – Equities research analysts at Roth Capital reduced their FY2024 earnings estimates for McEwen Mining in a research note issued on Thursday, January 30th. Roth Capital analyst J. Reagor now expects that the basic materials company will earn ($0.83) per share for the year, down from their previous estimate of ($0.75). The consensus estimate for McEwen Mining’s current full-year earnings is ($0.68) per share. Roth Capital also issued estimates for McEwen Mining’s Q4 2024 earnings at ($0.13) EPS, Q1 2025 earnings at ($0.12) EPS, Q2 2025 earnings at ($0.14) EPS, Q3 2025 earnings at $0.05 EPS, Q4 2025 earnings at $0.04 EPS and FY2025 earnings at ($0.17) EPS.

Several other analysts have also recently commented on the company. StockNews.com cut McEwen Mining from a “hold” rating to a “sell” rating in a report on Saturday, November 30th. Roth Mkm lowered their target price on shares of McEwen Mining from $12.75 to $12.25 and set a “buy” rating for the company in a report on Thursday, November 7th. Finally, HC Wainwright dropped their price target on shares of McEwen Mining from $19.00 to $18.00 and set a “buy” rating for the company in a research report on Thursday.

McEwen Mining Stock Performance

McEwen Mining stock opened at $8.23 on Monday. The stock has a fifty day moving average price of $8.27 and a 200 day moving average price of $8.91. McEwen Mining has a 52 week low of $5.92 and a 52 week high of $12.50. The firm has a market capitalization of $435.47 million, a P/E ratio of 3.76 and a beta of 1.42. The company has a current ratio of 1.17, a quick ratio of 0.74 and a debt-to-equity ratio of 0.06.

McEwen Mining (NYSE:MUX) (TSE:MUX) last issued its quarterly earnings results on Tuesday, November 5th. The basic materials company reported ($0.04) earnings per share 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 business had revenue of $52.25 million during the quarter, compared to analyst estimates of $48.60 million. During the same quarter last year, the firm posted ($0.39) earnings per share.

Institutional Investors Weigh In On McEwen Mining

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Connor Clark & Lunn Investment Management Ltd. grew its holdings in shares of McEwen Mining by 66.5% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 393,719 shares of the basic materials company’s stock worth $3,659,000 after purchasing an additional 157,300 shares during the period. Geode Capital Management LLC lifted its position in McEwen Mining by 5.8% during the third quarter. Geode Capital Management LLC now owns 471,119 shares of the basic materials company’s stock valued at $4,383,000 after buying an additional 25,844 shares in the last quarter. Private Advisor Group LLC purchased a new stake in McEwen Mining during the third quarter worth approximately $99,000. GSA Capital Partners LLP acquired a new stake in shares of McEwen Mining in the third quarter worth $457,000. Finally, Bank of Montreal Can raised its stake in shares of McEwen Mining by 100.1% in the 2nd quarter. Bank of Montreal Can now owns 82,905 shares of the basic materials company’s stock valued at $780,000 after acquiring an additional 41,480 shares during the period. 17.03% of the stock is currently owned by institutional investors and hedge funds.

McEwen Mining Company Profile

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.