JPMorgan Chase & Co. decreased its holdings in shares of McEwen Mining Inc (NYSE:MUX) (TSE:MUX) by 38.2% during the third quarter, according to the company in its most recent disclosure with the SEC. The fund owned 1,940,198 shares of the basic materials company’s stock after selling 1,198,214 shares during the quarter. JPMorgan Chase & Co. owned 0.58% of McEwen Mining worth $3,764,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also added to or reduced their stakes in MUX. Aperio Group LLC lifted its stake in McEwen Mining by 24.5% in the 2nd quarter. Aperio Group LLC now owns 122,524 shares of the basic materials company’s stock worth $254,000 after purchasing an additional 24,119 shares in the last quarter. Global X Management Co LLC increased its holdings in McEwen Mining by 6.4% in the 2nd quarter. Global X Management Co LLC now owns 4,232,774 shares of the basic materials company’s stock valued at $8,762,000 after purchasing an additional 255,639 shares during the last quarter. Public Employees Retirement Association of Colorado acquired a new stake in McEwen Mining in the 3rd quarter valued at approximately $228,000. Cubist Systematic Strategies LLC acquired a new stake in McEwen Mining in the 2nd quarter valued at approximately $109,000. Finally, Van ECK Associates Corp increased its holdings in McEwen Mining by 7.1% in the 2nd quarter. Van ECK Associates Corp now owns 38,017,451 shares of the basic materials company’s stock valued at $78,696,000 after purchasing an additional 2,517,412 shares during the last quarter. 30.25% of the stock is currently owned by hedge funds and other institutional investors.
In related news, Director Richard W. Brissenden sold 25,000 shares of the company’s stock in a transaction that occurred on Monday, November 19th. The shares were sold at an average price of $1.80, for a total transaction of $45,000.00. Following the completion of the transaction, the director now owns 55,000 shares of the company’s stock, valued at $99,000. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 24.50% of the company’s stock.
Several equities analysts have commented on the stock. HC Wainwright set a $5.00 price target on shares of McEwen Mining and gave the company a “buy” rating in a research report on Friday, October 12th. Zacks Investment Research raised shares of McEwen Mining from a “strong sell” rating to a “hold” rating in a research report on Tuesday, October 30th. ValuEngine raised shares of McEwen Mining from a “hold” rating to a “buy” rating in a research report on Wednesday, January 2nd. Finally, TheStreet cut shares of McEwen Mining from a “c-” rating to a “d+” rating in a research report on Wednesday, November 21st. One analyst has rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. McEwen Mining presently has an average rating of “Buy” and a consensus target price of $4.00.
Shares of McEwen Mining stock traded down $0.03 on Friday, reaching $1.81. 1,515,934 shares of the stock were exchanged, compared to its average volume of 2,025,250. McEwen Mining Inc has a 1-year low of $1.68 and a 1-year high of $2.55. The company has a quick ratio of 1.25, a current ratio of 1.95 and a debt-to-equity ratio of 0.11. The firm has a market cap of $630.72 million, a price-to-earnings ratio of -60.33 and a beta of -0.85.
McEwen Mining (NYSE:MUX) (TSE:MUX) last announced its quarterly earnings data on Wednesday, October 31st. The basic materials company reported ($0.04) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.03) by ($0.01). McEwen Mining had a negative net margin of 17.63% and a negative return on equity of 3.84%. The firm had revenue of $26.90 million for the quarter, compared to analysts’ expectations of $26.18 million. Equities research analysts anticipate that McEwen Mining Inc will post -0.1 EPS for the current year.
About McEwen Mining
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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