HC Wainwright Reaffirms “Buy” Rating for McEwen Mining (NYSE:MUX)

McEwen Mining (NYSE:MUX) (TSE:MUX)‘s stock had its “buy” rating reissued by analysts at HC Wainwright in a research report issued to clients and investors on Wednesday,Benzinga reports. They currently have a $18.00 target price on the basic materials company’s stock. HC Wainwright’s price target indicates a potential upside of 128.60% from the stock’s current price.

Separately, StockNews.com downgraded McEwen Mining from a “hold” rating to a “sell” rating in a report on Wednesday, February 19th.

McEwen Mining Stock Up 0.2 %

MUX traded up $0.01 on Wednesday, hitting $7.87. The company had a trading volume of 333,109 shares, compared to its average volume of 723,216. The stock has a fifty day moving average price of $7.76 and a 200-day moving average price of $8.55. McEwen Mining has a 12-month low of $6.46 and a 12-month high of $12.50. The company has a debt-to-equity ratio of 0.06, a quick ratio of 0.74 and a current ratio of 1.17. The stock has a market capitalization of $416.73 million, a price-to-earnings ratio of 3.58 and a beta of 1.39.

McEwen Mining (NYSE:MUX) (TSE:MUX) last posted its earnings results on Friday, March 14th. The basic materials company reported ($0.15) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.13) by ($0.02). The company had revenue of $33.52 million during the quarter, compared to analysts’ expectations of $32.20 million. McEwen Mining had a net margin of 51.31% and a return on equity of 20.77%. Analysts predict that McEwen Mining will post -0.72 EPS for the current fiscal year.

Institutional Investors Weigh In On McEwen Mining

Several institutional investors have recently added to or reduced their stakes in the business. New Age Alpha Advisors LLC acquired a new stake in shares of McEwen Mining during the fourth quarter worth about $38,000. Quarry LP acquired a new stake in shares of McEwen Mining during the third quarter worth about $51,000. Aquatic Capital Management LLC lifted its holdings in shares of McEwen Mining by 357.9% during the fourth quarter. Aquatic Capital Management LLC now owns 7,327 shares of the basic materials company’s stock worth $57,000 after purchasing an additional 5,727 shares during the period. Total Wealth Planning & Management Inc. acquired a new stake in shares of McEwen Mining during the fourth quarter worth about $96,000. Finally, Private Advisor Group LLC lifted its holdings in shares of McEwen Mining by 18.8% during the fourth quarter. Private Advisor Group LLC now owns 12,645 shares of the basic materials company’s stock worth $98,000 after purchasing an additional 2,000 shares during the period. Institutional investors and hedge funds own 17.03% of the company’s stock.

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.