Norges Bank Takes Position in McEwen Mining Inc (NYSE:MUX)

Norges Bank acquired a new position in McEwen Mining Inc (NYSE:MUX - Free Report) TSE: MUX in the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor acquired 54,100 shares of the basic materials company's stock, valued at approximately $421,000. Norges Bank owned approximately 0.10% of McEwen Mining at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in MUX. Private Advisor Group LLC lifted its holdings in McEwen Mining by 18.8% in the fourth quarter. Private Advisor Group LLC now owns 12,645 shares of the basic materials company's stock worth $98,000 after purchasing an additional 2,000 shares during the period. Sprott Inc. bought a new position in shares of McEwen Mining in the fourth quarter valued at approximately $100,000. Virtu Financial LLC increased its stake in shares of McEwen Mining by 32.3% during the third quarter. Virtu Financial LLC now owns 16,555 shares of the basic materials company's stock valued at $154,000 after acquiring an additional 4,046 shares during the period. Y Intercept Hong Kong Ltd acquired a new position in shares of McEwen Mining during the third quarter valued at approximately $176,000. Finally, Fox Run Management L.L.C. bought a new stake in McEwen Mining during the fourth quarter worth approximately $248,000. Institutional investors own 17.03% of the company's stock.

Wall Street Analysts Forecast Growth

MUX has been the subject of a number of research reports. HC Wainwright reaffirmed a "buy" rating and set a $18.00 price target on shares of McEwen Mining in a research note on Wednesday, March 19th. StockNews.com cut shares of McEwen Mining from a "hold" rating to a "sell" rating in a research report on Wednesday, February 19th. Finally, Roth Mkm reduced their price objective on shares of McEwen Mining from $13.00 to $12.50 and set a "buy" rating for the company in a research report on Friday, March 21st.

Remove Ads

McEwen Mining Stock Up 0.8 %

NYSE MUX traded up $0.07 during trading on Tuesday, reaching $8.23. 457,276 shares of the company's stock were exchanged, compared to its average volume of 719,509. The firm has a market capitalization of $443.62 million, a PE ratio of 3.76 and a beta of 1.21. McEwen Mining Inc has a fifty-two week low of $6.38 and a fifty-two week high of $12.50. The company has a current ratio of 1.17, a quick ratio of 0.74 and a debt-to-equity ratio of 0.06. The company's fifty day simple moving average is $7.43 and its 200-day simple moving average is $8.33.

McEwen Mining (NYSE:MUX - Get Free Report) TSE: MUX last released its quarterly earnings data on Friday, March 14th. The basic materials company reported ($0.15) EPS for the quarter, missing analysts' consensus estimates of ($0.13) by ($0.02). The firm had revenue of $33.52 million during the quarter, compared to analyst estimates of $32.20 million. McEwen Mining had a return on equity of 20.77% and a net margin of 51.31%. Sell-side analysts predict that McEwen Mining Inc will post -0.72 EPS for the current year.

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.