McEwen Mining (MUX) Upgraded to Hold by Zacks Investment Research

McEwen Mining (NYSE:MUX) (TSE:MUX) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued on Wednesday.

According to Zacks, “U.S. GOLD CORP. is primarily engaged in the precious metal mining business in the continental United States, however, it may also evaluate properties outside the United States. “

A number of other equities research analysts have also recently weighed in on the company. Roth Capital assumed coverage on McEwen Mining in a report on Monday, December 11th. They issued a “buy” rating and a $3.25 price target on the stock. HC Wainwright restated a “buy” rating and issued a $5.00 price target on shares of McEwen Mining in a report on Thursday, November 9th. Finally, Cantor Fitzgerald assumed coverage on McEwen Mining in a report on Thursday, October 26th. They issued a “buy” rating on the stock. Two equities research analysts have rated the stock with a sell rating, one has issued a hold rating and three have assigned a buy rating to the company. The company presently has a consensus rating of “Hold” and an average target price of $4.13.

McEwen Mining (NYSE:MUX) traded up $0.18 on Wednesday, hitting $2.46. The company had a trading volume of 5,058,400 shares, compared to its average volume of 3,841,550. The firm has a market cap of $782.50, a PE ratio of -41.00 and a beta of -1.43. McEwen Mining has a 1-year low of $1.82 and a 1-year high of $4.43.

In related news, insider Xavier Ochoa bought 12,600 shares of McEwen Mining stock in a transaction that occurred on Tuesday, December 26th. The shares were purchased at an average price of $2.36 per share, with a total value of $29,736.00. Following the purchase, the insider now owns 12,600 shares in the company, valued at $29,736. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In the last ninety days, insiders purchased 21,200 shares of company stock worth $47,550. 26.10% of the stock is owned by corporate insiders.

A number of hedge funds have recently bought and sold shares of MUX. Jane Street Group LLC lifted its stake in shares of McEwen Mining by 270.2% during the 3rd quarter. Jane Street Group LLC now owns 344,839 shares of the basic materials company’s stock worth $672,000 after purchasing an additional 251,685 shares during the period. Commerzbank Aktiengesellschaft FI lifted its stake in shares of McEwen Mining by 143.3% during the 3rd quarter. Commerzbank Aktiengesellschaft FI now owns 744,236 shares of the basic materials company’s stock worth $1,451,000 after purchasing an additional 438,312 shares during the period. JPMorgan Chase & Co. lifted its stake in shares of McEwen Mining by 44.5% during the 3rd quarter. JPMorgan Chase & Co. now owns 2,492,208 shares of the basic materials company’s stock worth $5,009,000 after purchasing an additional 766,944 shares during the period. Staley Capital Advisers Inc. lifted its stake in shares of McEwen Mining by 25.1% during the 3rd quarter. Staley Capital Advisers Inc. now owns 5,600,440 shares of the basic materials company’s stock worth $10,921,000 after purchasing an additional 1,125,000 shares during the period. Finally, Oppenheimer & Close LLC lifted its stake in shares of McEwen Mining by 54.0% during the 3rd quarter. Oppenheimer & Close LLC now owns 1,727,885 shares of the basic materials company’s stock worth $3,369,000 after purchasing an additional 606,090 shares during the period. 27.72% of the stock is currently owned by hedge funds and other institutional investors.

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McEwen Mining Company Profile

McEwen Mining Inc is a mining and minerals production and exploration company. The Company is focused on precious and base metals in Argentina, Mexico and the United States. The Company’s segments include Mexico, Minera Santa Cruz SA (MSC), Nevada and Los Azules. The Mexico Operations segment includes properties, such as El Gallo 1 mine and the El Gallo 2 project.

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