McEwen Mining Inc (NYSE:MUX) (TSE:MUX) dropped 5.6% on Tuesday . The stock traded as low as $1.70 and last traded at $1.70. Approximately 3,620,911 shares were traded during mid-day trading, an increase of 61% from the average daily volume of 2,255,434 shares. The stock had previously closed at $1.80.
MUX has been the subject of several research reports. HC Wainwright set a $5.00 price objective on shares of McEwen Mining and gave the company a “buy” rating in a research report on Wednesday, August 1st. Zacks Investment Research cut shares of McEwen Mining from a “hold” rating to a “strong sell” rating in a research report on Saturday, August 4th. One research analyst has rated the stock with a sell rating, one has issued a hold rating and two have issued a buy rating to the company’s stock. McEwen Mining currently has a consensus rating of “Hold” and a consensus target price of $4.00.
The company has a current ratio of 1.95, a quick ratio of 1.25 and a debt-to-equity ratio of 0.11. The stock has a market capitalization of $634.08 million, a P/E ratio of -56.67 and a beta of -0.99.
Several large investors have recently modified their holdings of the company. Van ECK Associates Corp boosted its stake in McEwen Mining by 7.1% during the 2nd quarter. Van ECK Associates Corp now owns 38,017,451 shares of the basic materials company’s stock worth $78,696,000 after acquiring an additional 2,517,412 shares during the last quarter. BlackRock Inc. lifted its stake in McEwen Mining by 5.3% in the third quarter. BlackRock Inc. now owns 9,956,020 shares of the basic materials company’s stock valued at $19,314,000 after buying an additional 501,118 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. bought a new stake in shares of McEwen Mining in the third quarter worth $8,223,000. Global X Management Co LLC lifted its position in shares of McEwen Mining by 6.4% in the second quarter. Global X Management Co LLC now owns 4,232,774 shares of the basic materials company’s stock worth $8,762,000 after purchasing an additional 255,639 shares in the last quarter. Finally, FMR LLC lifted its position in shares of McEwen Mining by 10.9% in the second quarter. FMR LLC now owns 1,216,410 shares of the basic materials company’s stock worth $2,518,000 after purchasing an additional 120,000 shares in the last quarter. Institutional investors own 29.63% of the company’s stock.
McEwen Mining Company Profile (NYSE:MUX)
McEwen Mining Inc engages in the exploration, development, production, and sale of gold and silver. The company owns 100% interests in the El Gallo 1 mine and El Gallo 2 project in the state of Sinaloa, Mexico; and the Black Fox Complex, Buffalo Ankerite, Fuller, Davidson Tisdale, and Black Fox North properties in Canada.
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