HC Wainwright Forecasts Strong Price Appreciation for McEwen (NYSE:MUX) Stock

McEwen (NYSE:MUX) (TSE:MUX) had its target price upped by analysts at HC Wainwright from $15.50 to $17.00 in a report released on Tuesday,Benzinga reports. The firm presently has a “buy” rating on the basic materials company’s stock. HC Wainwright’s target price points to a potential upside of 67.32% from the stock’s previous close.

A number of other equities analysts have also recently commented on MUX. Roth Capital set a $15.00 price objective on shares of McEwen and gave the stock a “buy” rating in a research report on Tuesday, July 1st. National Bank Financial raised shares of McEwen to a “strong-buy” rating in a research report on Tuesday, April 29th. Wall Street Zen cut shares of McEwen from a “hold” rating to a “sell” rating in a research report on Thursday, May 22nd. Finally, National Bankshares reaffirmed an “outperform” rating on shares of McEwen in a research report on Wednesday, July 16th. One analyst has rated the stock with a sell rating, four have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $14.83.

McEwen Price Performance

NYSE:MUX opened at $10.16 on Tuesday. McEwen has a 1-year low of $6.38 and a 1-year high of $11.80. The company has a current ratio of 2.35, a quick ratio of 1.89 and a debt-to-equity ratio of 0.26. The firm has a fifty day simple moving average of $9.89 and a 200 day simple moving average of $8.43. The stock has a market capitalization of $548.54 million, a PE ratio of -17.82 and a beta of 0.98.

McEwen (NYSE:MUX) (TSE:MUX) last released its quarterly earnings data on Wednesday, May 7th. The basic materials company reported ($0.12) EPS for the quarter, topping analysts’ consensus estimates of ($0.14) by $0.02. McEwen had a negative net margin of 17.51% and a negative return on equity of 6.03%. The firm had revenue of $35.70 million during the quarter, compared to analysts’ expectations of $39.06 million. On average, research analysts expect that McEwen will post -0.72 EPS for the current fiscal year.

Institutional Investors Weigh In On McEwen

Institutional investors have recently modified their holdings of the business. Bank of America Corp DE boosted its position in shares of McEwen by 74.9% in the fourth quarter. Bank of America Corp DE now owns 115,080 shares of the basic materials company’s stock valued at $895,000 after acquiring an additional 49,301 shares during the period. Susquehanna Fundamental Investments LLC bought a new stake in shares of McEwen in the fourth quarter valued at about $526,000. Northern Trust Corp boosted its position in shares of McEwen by 16.4% in the fourth quarter. Northern Trust Corp now owns 161,972 shares of the basic materials company’s stock valued at $1,260,000 after acquiring an additional 22,854 shares during the period. Norges Bank bought a new stake in shares of McEwen in the fourth quarter valued at about $421,000. Finally, Dimensional Fund Advisors LP boosted its position in shares of McEwen by 369.3% in the fourth quarter. Dimensional Fund Advisors LP now owns 556,718 shares of the basic materials company’s stock valued at $4,331,000 after acquiring an additional 438,088 shares during the period. Institutional investors own 17.03% of the company’s stock.

McEwen 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.