Short Interest in McEwen Mining Inc (NYSE:MUX) Drops By 21.1%

McEwen Mining Inc (NYSE:MUX) (TSE:MUX) saw a significant decline in short interest in December. As of December 15th, there was short interest totalling 1,050,000 shares, a decline of 21.1% from the November 30th total of 1,330,000 shares. Based on an average daily trading volume, of 610,000 shares, the short-interest ratio is currently 1.7 days. Currently, 2.4% of the shares of the stock are short sold.

Analyst Ratings Changes

Several equities analysts have weighed in on MUX shares. StockNews.com cut McEwen Mining from a “hold” rating to a “sell” rating in a report on Saturday, November 30th. HC Wainwright increased their target price on McEwen Mining from $15.00 to $19.00 and gave the company a “buy” rating in a research report on Thursday, November 7th. Finally, Roth Mkm reduced their price target on shares of McEwen Mining from $12.75 to $12.25 and set a “buy” rating on the stock in a research report on Thursday, November 7th.

McEwen Mining Trading Down 3.9 %

MUX traded down $0.31 on Monday, hitting $7.61. The company had a trading volume of 619,911 shares, compared to its average volume of 653,055. The business’s fifty day simple moving average is $8.84 and its 200 day simple moving average is $9.19. The company has a quick ratio of 0.74, a current ratio of 1.17 and a debt-to-equity ratio of 0.06. McEwen Mining has a 12-month low of $5.92 and a 12-month high of $12.50. The company has a market cap of $402.76 million, a PE ratio of 3.47 and a beta of 1.43.

McEwen Mining (NYSE:MUX) (TSE:MUX) last posted its quarterly earnings data on Tuesday, November 5th. The basic materials company reported ($0.04) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.04 by ($0.08). The company had revenue of $52.25 million during the quarter, compared to the consensus estimate of $48.60 million. McEwen Mining had a net margin of 51.31% and a return on equity of 20.77%. During the same period in the previous year, the business earned ($0.39) earnings per share. Equities research analysts expect that McEwen Mining will post -0.68 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the company. Tidal Investments LLC raised its position in McEwen Mining by 1.8% in the 3rd quarter. Tidal Investments LLC now owns 152,859 shares of the basic materials company’s stock worth $1,422,000 after purchasing an additional 2,632 shares during the period. Virtu Financial LLC grew 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 buying an additional 4,046 shares during the last quarter. Geode Capital Management LLC raised its holdings in shares of McEwen Mining by 5.8% in the third quarter. Geode Capital Management LLC now owns 471,119 shares of the basic materials company’s stock worth $4,383,000 after buying an additional 25,844 shares during the period. Y Intercept Hong Kong Ltd bought a new stake in shares of McEwen Mining during the 3rd quarter worth approximately $176,000. Finally, Quarry LP purchased a new position in McEwen Mining during the 3rd quarter valued at $51,000. 17.03% of the stock is 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.