Sprott Inc. Makes New Investment in McEwen Mining Inc (NYSE:MUX)

Sprott Inc. acquired a new position in shares of McEwen Mining Inc (NYSE:MUX) (TSE:MUX) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 12,859 shares of the basic materials company’s stock, valued at approximately $100,000.

Several other institutional investors and hedge funds have also added to or reduced their stakes in MUX. Private Advisor Group LLC bought a new position in shares of McEwen Mining in the third quarter valued at $99,000. Van ECK Associates Corp boosted its holdings in shares of McEwen Mining by 2.1% in the 3rd quarter. Van ECK Associates Corp now owns 2,163,930 shares of the basic materials company’s stock worth $20,125,000 after buying an additional 45,410 shares during the last quarter. GSA Capital Partners LLP purchased a new position in McEwen Mining in the third quarter valued at about $457,000. Quest Partners LLC bought a new position in McEwen Mining during the third quarter valued at $166,000. Finally, Connor Clark & Lunn Investment Management Ltd. grew its stake 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 acquiring an additional 157,300 shares during the period. Institutional investors own 17.03% of the company’s stock.

McEwen Mining Stock Up 1.4 %

Shares of NYSE:MUX opened at $7.21 on Thursday. The stock’s 50-day moving average price is $7.98 and its 200-day moving average price is $8.76. 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 Inc has a 12-month low of $5.92 and a 12-month high of $12.50. The stock has a market capitalization of $381.59 million, a P/E ratio of 3.29 and a beta of 1.42.

Analyst Ratings Changes

Several research analysts recently commented on MUX shares. HC Wainwright cut their price objective on shares of McEwen Mining from $19.00 to $18.00 and set a “buy” rating for the company in a report on Thursday, January 30th. Roth Mkm dropped their price target on McEwen Mining from $12.75 to $12.25 and set a “buy” rating for the company in a research report on Thursday, November 7th. Finally, StockNews.com lowered shares of McEwen Mining from a “hold” rating to a “sell” rating in a research report on Wednesday, February 19th.

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.