McEwen Mining (NYSE:MUX) Shares Gap Up to $9.95

McEwen Mining Inc (NYSE:MUX) (TSE:MUX) gapped up prior to trading on Tuesday . The stock had previously closed at $9.95, but opened at $10.21. McEwen Mining shares last traded at $10.06, with a volume of 331,500 shares trading hands.

Wall Street Analyst Weigh In

Several research firms recently issued reports on MUX. Roth Mkm reissued a “buy” rating and issued a $12.00 price target (up previously from $11.00) on shares of McEwen Mining in a research report on Friday, May 10th. StockNews.com downgraded shares of McEwen Mining from a “hold” rating to a “sell” rating in a research report on Thursday, July 11th. Finally, HC Wainwright lifted their price target 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.

McEwen Mining Stock Down 1.7 %

The company has a current ratio of 1.68, a quick ratio of 1.21 and a debt-to-equity ratio of 0.07. The stock has a market capitalization of $498.52 million, a PE ratio of 6.07 and a beta of 1.40. The stock’s fifty day simple moving average is $9.40 and its 200-day simple moving average is $9.55.

McEwen Mining (NYSE:MUX) (TSE:MUX) last posted its quarterly earnings data on Wednesday, August 7th. The basic materials company reported ($0.26) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.22) by ($0.04). The firm had revenue of $47.48 million for the quarter, compared to analysts’ expectations of $43.90 million. McEwen Mining had a return on equity of 18.08% and a net margin of 46.32%. During the same period in the prior year, the firm earned ($0.46) earnings per share. As a group, sell-side analysts forecast that McEwen Mining Inc will post -0.81 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CFO Perry Ing sold 23,332 shares of the business’s stock in a transaction dated Tuesday, June 18th. The shares were sold at an average price of $9.76, for a total value of $227,720.32. Following the transaction, the chief financial officer now directly owns 15,551 shares of the company’s stock, valued at approximately $151,777.76. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In related news, CFO Perry Ing sold 23,332 shares of the business’s stock in a transaction dated Tuesday, June 18th. The shares were sold at an average price of $9.76, for a total value of $227,720.32. Following the transaction, the chief financial officer now directly owns 15,551 shares of the company’s stock, valued at approximately $151,777.76. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, General Counsel Carmen L. Diges sold 17,066 shares of the business’s stock in a transaction dated 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 directly owns 10,982 shares in the company, valued at $103,670.08. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 42,901 shares of company stock valued at $413,353. 17.11% of the stock is owned by insiders.

Institutional Investors Weigh In On McEwen Mining

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Cubist Systematic Strategies LLC raised its stake in McEwen Mining by 28.5% in the 2nd quarter. Cubist Systematic Strategies LLC now owns 96,730 shares of the basic materials company’s stock valued at $888,000 after acquiring an additional 21,479 shares during the period. Marshall Wace LLP bought a new stake in McEwen Mining in the 2nd quarter valued at about $214,000. Bank of Montreal Can raised its stake in 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. Plancorp LLC bought a new stake in McEwen Mining in the 2nd quarter valued at about $246,000. Finally, Renaissance Technologies LLC raised its stake in McEwen Mining by 41.3% in the 2nd quarter. Renaissance Technologies LLC now owns 196,910 shares of the basic materials company’s stock valued at $1,808,000 after acquiring an additional 57,600 shares during the period. 17.03% of the stock is currently owned by 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.