FY2024 EPS Estimates for McEwen Mining Cut by Roth Capital

McEwen Mining Inc (NYSE:MUX) (TSE:MUX) – Research analysts at Roth Capital lowered their FY2024 earnings estimates for shares of McEwen Mining in a research report issued to clients and investors on Thursday, January 30th. Roth Capital analyst J. Reagor now expects that the basic materials company will earn ($0.83) per share for the year, down from their previous forecast of ($0.75). The consensus estimate for McEwen Mining’s current full-year earnings is ($0.72) per share. Roth Capital also issued estimates for McEwen Mining’s Q4 2024 earnings at ($0.13) EPS, Q1 2025 earnings at ($0.12) EPS, Q2 2025 earnings at ($0.14) EPS, Q3 2025 earnings at $0.05 EPS, Q4 2025 earnings at $0.04 EPS and FY2025 earnings at ($0.17) EPS.

Several other brokerages have also issued reports on MUX. HC Wainwright lowered their price target on McEwen Mining from $19.00 to $18.00 and set a “buy” rating on the stock in a research note on Thursday, January 30th. StockNews.com downgraded shares of McEwen Mining from a “hold” rating to a “sell” rating in a research note on Saturday, November 30th. Finally, Roth Mkm reduced their target price on shares of McEwen Mining from $12.75 to $12.25 and set a “buy” rating on the stock in a research note on Thursday, November 7th.

McEwen Mining Trading Up 3.0 %

Shares of McEwen Mining stock opened at $8.68 on Monday. The company’s fifty day simple moving average is $8.29 and its 200-day simple moving average is $8.90. McEwen Mining has a 1 year low of $5.92 and a 1 year 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 has a market cap of $459.08 million, a price-to-earnings ratio of 3.96 and a beta of 1.42.

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 firm had revenue of $52.25 million for the quarter, compared to the consensus estimate of $48.60 million. McEwen Mining had a return on equity of 20.77% and a net margin of 51.31%. During the same period in the prior year, the company posted ($0.39) earnings per share.

Institutional Trading of McEwen Mining

Hedge funds have recently added to or reduced their stakes in the business. Connor Clark & Lunn Investment Management Ltd. increased its holdings in McEwen Mining by 66.5% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 393,719 shares of the basic materials company’s stock worth $3,659,000 after purchasing an additional 157,300 shares in the last quarter. Empowered Funds LLC bought a new stake in McEwen Mining in the 4th quarter valued at approximately $788,000. GSA Capital Partners LLP acquired a new position in McEwen Mining during the 3rd quarter worth approximately $457,000. Van ECK Associates Corp grew its position in McEwen Mining by 2.1% in the third quarter. Van ECK Associates Corp now owns 2,163,930 shares of the basic materials company’s stock valued at $20,125,000 after purchasing an additional 45,410 shares in the last quarter. Finally, Bank of Montreal Can grew its holdings in shares of McEwen Mining by 100.1% in the 2nd quarter. Bank of Montreal Can now owns 82,905 shares of the basic materials company’s stock valued at $780,000 after acquiring an additional 41,480 shares in the last quarter. Institutional investors and hedge funds own 17.03% of the company’s stock.

About McEwen Mining

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.