McEwen Mining (MUX) Shares Gap Up to $1.93

McEwen Mining Inc (NYSE:MUX) (TSE:MUX) shares gapped up before the market opened on Tuesday . The stock had previously closed at $1.95, but opened at $1.93. McEwen Mining shares last traded at $1.92, with a volume of 24853 shares trading hands.

A number of research firms recently commented on MUX. HC Wainwright set a $5.00 price objective on shares of McEwen Mining and gave the company a “buy” rating in a research note on Thursday, July 26th. Zacks Investment Research lowered shares of McEwen Mining from a “hold” rating to a “strong sell” rating in a research note on Saturday, August 4th. Two research analysts have rated the stock with a sell rating and three have given a buy rating to the company. McEwen Mining currently has a consensus rating of “Hold” and an average price target of $4.00.

The stock has a market capitalization of $637.45 million, a PE ratio of -64.33 and a beta of -1.25.

McEwen Mining (NYSE:MUX) (TSE:MUX) last posted its quarterly earnings results on Wednesday, August 1st. The basic materials company reported ($0.02) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.01) by ($0.01). The business had revenue of $34.18 million during the quarter, compared to analyst estimates of $28.55 million. McEwen Mining had a negative return on equity of 2.68% and a negative net margin of 14.56%. equities analysts expect that McEwen Mining Inc will post -0.04 earnings per share for the current year.

The firm also recently declared a semiannual dividend, which was paid on Tuesday, September 4th. Shareholders of record on Monday, August 27th were given a $0.005 dividend. The ex-dividend date was Friday, August 24th. This represents a yield of 0.48%. McEwen Mining’s dividend payout ratio (DPR) is -33.33%.

A number of institutional investors have recently bought and sold shares of the business. Van ECK Associates Corp grew its position in McEwen Mining by 7.1% in the second quarter. Van ECK Associates Corp now owns 38,017,451 shares of the basic materials company’s stock worth $78,696,000 after buying an additional 2,517,412 shares during the last quarter. BlackRock Inc. grew its position in McEwen Mining by 1.2% in the first quarter. BlackRock Inc. now owns 9,560,287 shares of the basic materials company’s stock worth $19,885,000 after buying an additional 111,022 shares during the last quarter. Global X Management Co LLC grew its position in 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 buying an additional 255,639 shares during the last quarter. JPMorgan Chase & Co. grew its position in McEwen Mining by 15.5% in the first quarter. JPMorgan Chase & Co. now owns 3,273,758 shares of the basic materials company’s stock worth $6,809,000 after buying an additional 438,935 shares during the last quarter. Finally, FMR LLC boosted its stake in McEwen Mining by 10.9% in the 2nd 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 during the period. Hedge funds and other institutional investors own 30.53% 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.

See Also: Moving Average (MA)

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