Roth Capital Initiates Coverage on McEwen Mining (NYSE:MUX)

Research analysts at Roth Capital assumed coverage on shares of McEwen Mining (NYSE:MUX) (TSE:MUX) in a research note issued on Monday, December 11th, Marketbeat reports. The brokerage set a “buy” rating and a $3.25 price target on the basic materials company’s stock. Roth Capital’s target price would indicate a potential upside of 32.11% from the company’s current price.

MUX has been the subject of several other reports. HC Wainwright reaffirmed a “buy” rating and set a $5.00 price objective on shares of McEwen Mining in a research report on Friday, November 3rd. Cantor Fitzgerald started coverage on McEwen Mining in a research report on Thursday, October 26th. They set a “buy” rating for the company. Finally, Zacks Investment Research raised McEwen Mining from a “sell” rating to a “hold” rating in a research report on Thursday, October 12th. Three research analysts have rated the stock with a sell rating and three have issued a buy rating to the stock. McEwen Mining presently has an average rating of “Hold” and a consensus price target of $4.13.

McEwen Mining (MUX) traded up $2.46 during mid-day trading on Monday, hitting $2.46. The stock had a trading volume of 5,038,300 shares, compared to its average volume of 2,520,000. The firm has a market capitalization of $819.12, a PE ratio of -41.00 and a beta of -1.43. McEwen Mining has a 52 week low of $1.82 and a 52 week high of $4.43.

In other McEwen Mining news, insider Xavier Ochoa acquired 12,600 shares of the business’s stock in a transaction dated Tuesday, December 26th. The stock was bought at an average cost of $2.36 per share, with a total value of $29,736.00. Following the completion of the transaction, the insider now directly owns 12,600 shares in the company, valued at approximately $29,736. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Over the last ninety days, insiders bought 21,200 shares of company stock valued at $47,550. Insiders own 26.10% of the company’s stock.

Several hedge funds and other institutional investors have recently made changes to their positions in the company. State Street Corp increased its stake in shares of McEwen Mining by 7.8% during the second quarter. State Street Corp now owns 7,939,878 shares of the basic materials company’s stock worth $20,882,000 after purchasing an additional 573,477 shares during the period. Staley Capital Advisers Inc. increased its stake in shares of McEwen Mining by 25.1% during the third quarter. Staley Capital Advisers Inc. now owns 5,600,440 shares of the basic materials company’s stock worth $10,921,000 after purchasing an additional 1,125,000 shares during the period. Vanguard Group Inc. increased its stake in shares of McEwen Mining by 3.7% during the second quarter. Vanguard Group Inc. now owns 3,764,591 shares of the basic materials company’s stock worth $9,900,000 after purchasing an additional 134,315 shares during the period. Global X MANAGEMENT CO LLC increased its stake in McEwen Mining by 7.3% during the 3rd quarter. Global X MANAGEMENT CO LLC now owns 3,191,039 shares of the basic materials company’s stock worth $6,223,000 after acquiring an additional 216,020 shares during the period. Finally, JPMorgan Chase & Co. increased its stake in McEwen Mining by 44.5% during the 3rd quarter. JPMorgan Chase & Co. now owns 2,492,208 shares of the basic materials company’s stock worth $5,009,000 after acquiring an additional 766,944 shares during the period. Institutional investors own 27.72% of the company’s stock.

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McEwen Mining Company Profile

McEwen Mining Inc is a mining and minerals production and exploration company. The Company is focused on precious and base metals in Argentina, Mexico and the United States. The Company’s segments include Mexico, Minera Santa Cruz SA (MSC), Nevada and Los Azules. The Mexico Operations segment includes properties, such as El Gallo 1 mine and the El Gallo 2 project.

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