McEwen Mining (NYSE:MUX) Stock Price Expected to Rise, HC Wainwright Analyst Says

McEwen Mining (NYSE:MUX) (TSE:MUX) had its price target upped by analysts at HC Wainwright from $15.00 to $19.00 in a research note issued to investors on Thursday, Benzinga reports. The brokerage presently has a “buy” rating on the basic materials company’s stock. HC Wainwright’s target price would indicate a potential upside of 109.02% from the company’s previous close.

Separately, StockNews.com raised McEwen Mining from a “sell” rating to a “hold” rating in a research report on Wednesday.

McEwen Mining Stock Performance

Shares of McEwen Mining stock opened at $9.09 on Thursday. The stock’s fifty day moving average is $9.57 and its two-hundred day moving average is $9.96. The company has a market capitalization of $464.23 million, a PE ratio of 4.94 and a beta of 1.43. The company has a quick ratio of 1.21, a current ratio of 1.68 and a debt-to-equity ratio of 0.07. McEwen Mining has a 52 week low of $5.92 and a 52 week high of $12.50.

McEwen Mining (NYSE:MUX) (TSE:MUX) last announced its quarterly earnings data on Wednesday, August 7th. The basic materials company reported ($0.26) EPS for the quarter, missing the consensus estimate of ($0.22) by ($0.04). The business had revenue of $47.48 million during the quarter, compared to the consensus estimate of $43.90 million. McEwen Mining had a net margin of 46.32% and a return on equity of 18.08%. During the same period last year, the company earned ($0.46) EPS. As a group, analysts expect that McEwen Mining will post -0.73 earnings per share for the current year.

Hedge Funds Weigh In On McEwen Mining

Several institutional investors have recently made changes to their positions in the company. GSA Capital Partners LLP purchased a new position in shares of McEwen Mining during the third quarter valued at $457,000. Van ECK Associates Corp increased its stake in shares of McEwen Mining by 2.1% during the third quarter. Van ECK Associates Corp now owns 2,163,930 shares of the basic materials company’s stock valued at $20,125,000 after buying an additional 45,410 shares during the period. Private Advisor Group LLC purchased a new position in shares of McEwen Mining during the third quarter valued at $99,000. Cubist Systematic Strategies LLC increased its stake in shares of McEwen Mining by 28.5% during the second quarter. Cubist Systematic Strategies LLC now owns 96,730 shares of the basic materials company’s stock valued at $888,000 after buying an additional 21,479 shares during the period. Finally, Marshall Wace LLP purchased a new position in shares of McEwen Mining during the second quarter valued at $214,000. 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.