McEwen Mining (NYSE:MUX) Shares Gap Down to $11.22

McEwen Mining Inc (NYSE:MUX) (TSE:MUX)’s share price gapped down before the market opened on Monday . The stock had previously closed at $11.22, but opened at $10.67. McEwen Mining shares last traded at $10.85, with a volume of 224,894 shares traded.

Wall Street Analyst Weigh In

A number of brokerages recently commented on MUX. TheStreet raised McEwen Mining from a “d” rating to a “c” rating in a report on Friday, March 1st. HC Wainwright decreased their price objective on McEwen Mining from $18.50 to $13.00 and set a “buy” rating on the stock in a research note on Monday, March 4th.

McEwen Mining Stock Up 2.2 %

The company has a debt-to-equity ratio of 0.08, a current ratio of 1.76 and a quick ratio of 1.09. The company has a 50-day moving average price of $8.87 and a 200 day moving average price of $7.75. The firm has a market capitalization of $549.28 million, a PE ratio of 9.75 and a beta of 1.53.

McEwen Mining (NYSE:MUX) (TSE:MUX) last announced its quarterly earnings data on Thursday, February 29th. The basic materials company reported $2.90 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.32) by $3.22. McEwen Mining had a net margin of 32.92% and a return on equity of 19.20%. The business had revenue of $58.68 million during the quarter, compared to analyst estimates of $53.00 million. Analysts forecast that McEwen Mining Inc will post -0.3 earnings per share for the current year.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the company. Mirae Asset Global Investments Co. Ltd. boosted its stake in McEwen Mining by 2.1% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,063,345 shares of the basic materials company’s stock valued at $7,667,000 after buying an additional 22,231 shares during the last quarter. Toronto Dominion Bank boosted its position in shares of McEwen Mining by 25.2% during the 3rd quarter. Toronto Dominion Bank now owns 25,032 shares of the basic materials company’s stock valued at $163,000 after acquiring an additional 5,032 shares during the last quarter. Quadrature Capital Ltd purchased a new position in shares of McEwen Mining in the third quarter valued at $72,000. Fifth Third Bancorp bought a new stake in McEwen Mining in the fourth quarter worth $98,000. Finally, Trexquant Investment LP raised its stake in McEwen Mining by 83.2% during the third quarter. Trexquant Investment LP now owns 90,262 shares of the basic materials company’s stock valued at $587,000 after purchasing an additional 41,000 shares in the last quarter. Hedge funds and other institutional investors own 17.03% of the company’s stock.

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.