McEwen Mining (NYSE:MUX) Downgraded to “Sell” Rating by StockNews.com

McEwen Mining (NYSE:MUX) (TSE:MUX) was downgraded by stock analysts at StockNews.com from a “hold” rating to a “sell” rating in a report released on Wednesday.

Several other brokerages have also recently commented on MUX. HC Wainwright reduced their price objective on shares of McEwen Mining from $19.00 to $18.00 and set a “buy” rating for the company in a research note on Thursday, January 30th. Roth Mkm reduced their price objective on shares of McEwen Mining from $12.75 to $12.25 and set a “buy” rating for the company in a research note on Thursday, November 7th.

McEwen Mining Price Performance

Shares of NYSE MUX traded down $0.02 during midday trading on Wednesday, hitting $7.51. The company had a trading volume of 573,996 shares, compared to its average volume of 988,201. 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 twelve month low of $5.92 and a twelve month high of $12.50. The business has a 50-day simple moving average of $8.09 and a two-hundred day simple moving average of $8.79. The firm has a market capitalization of $397.57 million, a price-to-earnings ratio of 3.43 and a beta of 1.42.

Hedge Funds Weigh In On McEwen Mining

Several hedge funds have recently added to or reduced their stakes in MUX. New Age Alpha Advisors LLC purchased a new position in McEwen Mining during the 4th quarter valued at about $38,000. Quarry LP purchased a new stake in shares of McEwen Mining during the third quarter worth about $51,000. Aquatic Capital Management LLC grew its holdings in shares of McEwen Mining by 357.9% during the fourth quarter. Aquatic Capital Management LLC now owns 7,327 shares of the basic materials company’s stock worth $57,000 after buying an additional 5,727 shares in the last quarter. Private Advisor Group LLC grew its holdings in shares of McEwen Mining by 18.8% during the fourth quarter. Private Advisor Group LLC now owns 12,645 shares of the basic materials company’s stock worth $98,000 after buying an additional 2,000 shares in the last quarter. Finally, Sprott Inc. purchased a new stake in shares of McEwen Mining during the fourth quarter worth about $100,000. 17.03% of the stock is currently owned by hedge funds and other institutional investors.

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.