Short Interest in McEwen Mining Inc (NYSE:MUX) Drops By 19.6%

McEwen Mining Inc (NYSE:MUX) (TSE:MUX) saw a large drop in short interest in August. As of August 31st, there was short interest totalling 1,680,000 shares, a drop of 19.6% from the August 15th total of 2,090,000 shares. Approximately 4.3% of the company’s stock are sold short. Based on an average daily trading volume, of 372,800 shares, the short-interest ratio is currently 4.5 days.

Wall Street Analyst Weigh In

MUX has been the subject of a number of analyst reports. HC Wainwright raised their price objective on McEwen Mining from $18.50 to $19.00 and gave the company a “buy” rating in a research report on Friday, August 11th. Roth Mkm reaffirmed a “buy” rating and set a $12.00 price objective on shares of McEwen Mining in a research report on Wednesday, August 16th. Finally, StockNews.com raised McEwen Mining to a “sell” rating in a research report on Wednesday, September 6th.

McEwen Mining Stock Performance

Shares of MUX stock traded up $0.07 on Monday, reaching $7.12. The stock had a trading volume of 178,280 shares, compared to its average volume of 419,190. The stock has a market cap of $338.01 million, a P/E ratio of -2.97 and a beta of 1.27. The company has a debt-to-equity ratio of 0.09, a quick ratio of 2.29 and a current ratio of 2.74. The company has a 50 day simple moving average of $7.75 and a 200 day simple moving average of $7.85. McEwen Mining has a 1 year low of $2.87 and a 1 year high of $10.00.

McEwen Mining (NYSE:MUX) (TSE:MUX) last released its earnings results on Thursday, August 10th. The basic materials company reported ($0.46) earnings per share for the quarter, beating the consensus estimate of ($0.74) by $0.28. The company had revenue of $34.40 million for the quarter, compared to the consensus estimate of $40.00 million. McEwen Mining had a negative return on equity of 17.64% and a negative net margin of 91.26%. Equities research analysts expect that McEwen Mining will post -2.58 EPS for the current year.

Hedge Funds Weigh In On McEwen Mining

Institutional investors and hedge funds have recently bought and sold shares of the stock. Meitav Investment House Ltd. purchased a new position in McEwen Mining during the second quarter valued at $950,000. UBS Group AG raised its holdings in McEwen Mining by 58.7% during the first quarter. UBS Group AG now owns 4,827 shares of the basic materials company’s stock valued at $41,000 after acquiring an additional 1,785 shares during the period. Tower Research Capital LLC TRC increased its holdings in shares of McEwen Mining by 968.2% in the second quarter. Tower Research Capital LLC TRC now owns 5,950 shares of the basic materials company’s stock worth $43,000 after purchasing an additional 5,393 shares during the last quarter. Citigroup Inc. bought a new stake in shares of McEwen Mining in the second quarter worth about $45,000. Finally, Bank of America Corp DE increased its holdings in shares of McEwen Mining by 221.4% in the first quarter. Bank of America Corp DE now owns 7,544 shares of the basic materials company’s stock worth $64,000 after purchasing an additional 5,197 shares during the last quarter. 19.63% of the stock is currently owned by hedge funds and other institutional investors.

McEwen Mining Company Profile

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.