McEwen Mining (NYSE:MUX) Shares Gap Down to $11.22

McEwen Mining Inc (NYSE:MUXGet Free Report) (TSE:MUX) shares gapped down before the market opened on Monday . The stock had previously closed at $11.22, but opened at $10.67. McEwen Mining shares last traded at $10.85, with a volume of 224,894 shares changing hands.

Wall Street Analysts Forecast Growth

Several research firms have commented on MUX. HC Wainwright decreased their price objective on shares of McEwen Mining from $18.50 to $13.00 and set a “buy” rating for the company in a research note on Monday, March 4th. TheStreet raised McEwen Mining from a “d” rating to a “c” rating in a research report on Friday, March 1st.

Read Our Latest Analysis on McEwen Mining

McEwen Mining Stock Up 2.2 %

The company has a quick ratio of 1.09, a current ratio of 1.76 and a debt-to-equity ratio of 0.08. The stock has a 50-day simple moving average of $8.87 and a 200-day simple moving average of $7.75. The firm has a market capitalization of $549.28 million, a PE ratio of 9.75 and a beta of 1.53.

McEwen Mining (NYSE:MUXGet Free Report) (TSE:MUX) last announced its quarterly earnings data on Thursday, February 29th. The basic materials company reported $2.90 earnings per share for the quarter, topping the consensus estimate of ($0.32) by $3.22. The company had revenue of $58.68 million during the quarter, compared to analyst estimates of $53.00 million. McEwen Mining had a return on equity of 19.20% and a net margin of 32.92%. Analysts forecast that McEwen Mining Inc will post -0.3 EPS for the current year.

Institutional Trading of McEwen Mining

Institutional investors have recently modified their holdings of the business. Van ECK Associates Corp raised its holdings in McEwen Mining by 2.9% during the 4th quarter. Van ECK Associates Corp now owns 2,030,048 shares of the basic materials company’s stock valued at $14,637,000 after acquiring an additional 56,698 shares during the period. Dynamic Technology Lab Private Ltd bought a new stake in shares of McEwen Mining during the 4th quarter valued at $377,000. Connor Clark & Lunn Investment Management Ltd. boosted its stake in McEwen Mining by 175.8% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 75,611 shares of the basic materials company’s stock worth $486,000 after purchasing an additional 48,192 shares during the period. Jump Financial LLC grew its holdings in McEwen Mining by 154.0% during the 4th quarter. Jump Financial LLC now owns 74,263 shares of the basic materials company’s stock valued at $535,000 after buying an additional 45,020 shares in the last quarter. Finally, Trexquant Investment LP increased its position in shares of McEwen Mining by 83.2% during the third quarter. Trexquant Investment LP now owns 90,262 shares of the basic materials company’s stock valued at $587,000 after buying an additional 41,000 shares during the period. 17.03% of the stock is currently owned by hedge funds and other institutional investors.

About McEwen Mining

(Get Free Report)

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.

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