Van ECK Associates Corp Trims Stake in McEwen Mining Inc (NYSE:MUX)

Van ECK Associates Corp decreased its position in shares of McEwen Mining Inc (NYSE:MUX) (TSE:MUX) by 2.7% during the fourth quarter, Holdings Channel.com reports. The institutional investor owned 2,105,981 shares of the basic materials company’s stock after selling 57,949 shares during the quarter. Van ECK Associates Corp’s holdings in McEwen Mining were worth $16,385,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in MUX. Geode Capital Management LLC grew its holdings in McEwen Mining by 5.8% during the 3rd quarter. Geode Capital Management LLC now owns 471,119 shares of the basic materials company’s stock worth $4,383,000 after acquiring an additional 25,844 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. lifted its position in shares of McEwen Mining by 66.5% in 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 during the period. Tidal Investments LLC boosted its stake in shares of McEwen Mining by 1.8% during the third quarter. Tidal Investments LLC now owns 152,859 shares of the basic materials company’s stock valued at $1,422,000 after purchasing an additional 2,632 shares in the last quarter. Empowered Funds LLC purchased a new position in McEwen Mining during the fourth quarter valued at approximately $788,000. Finally, GSA Capital Partners LLP bought a new position in McEwen Mining in the third quarter worth approximately $457,000. Hedge funds and other institutional investors own 17.03% of the company’s stock.

Analyst Ratings Changes

Several analysts have issued reports on MUX shares. Roth Mkm dropped their target price on McEwen Mining from $12.75 to $12.25 and set a “buy” rating on the stock in a research report on Thursday, November 7th. StockNews.com raised McEwen Mining from a “sell” rating to a “hold” rating in a research report on Monday, February 10th. Finally, HC Wainwright reduced their target price on shares of McEwen Mining from $19.00 to $18.00 and set a “buy” rating for the company in a report on Thursday, January 30th.

McEwen Mining Price Performance

NYSE MUX opened at $7.40 on Friday. McEwen Mining Inc has a 12-month low of $5.92 and a 12-month high of $12.50. The firm’s fifty day simple moving average is $8.16 and its two-hundred day simple moving average is $8.82. 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 firm has a market capitalization of $391.34 million, a P/E ratio of 3.38 and a beta of 1.42.

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.