McEwen Mining Inc. (MUX) Stock Rating Reaffirmed by HC Wainwright

McEwen Mining Inc. (NYSE:MUX) (TSE:MUX)‘s stock had its “buy” rating reissued by equities researchers at HC Wainwright in a report issued on Tuesday. They currently have a $5.00 price objective on the basic materials company’s stock. HC Wainwright’s price objective would indicate a potential upside of 93.80% from the company’s current price.

The analysts wrote, “We note that 2Q17 gold equivalent production fell by approximately 18% from 2Q16. Further, production increased approximately 10% from 1Q17. We expect 2H17 production to improve from 1H17 levels, and highlight that our model, adjusted for a 75:1 gold to silver ratio, estimates 2017 production to reach a total of 134,100 GEO. Production at San Jose improved sequentially while slightly decreasing YoY. San Jose 2Q17 production totaled 22,804 GEO. Total 1H17 production from the asset totaled 42,729 GEO, a slight improvement over 1H16, primarily due to higher gold grades. Annualized 1H17 production would result in total 2017 production of 85,400 GEO, somewhat below management’s guidance of 94,000 attributable GEO for San Jose. We note that our model reflects attributable 2017 production from San Jose to reach 88,000 GEO.””

Several other equities analysts also recently weighed in on the stock. TheStreet downgraded shares of McEwen Mining from a “c” rating to a “d+” rating in a report on Monday, May 8th. Zacks Investment Research raised shares of McEwen Mining from a “hold” rating to a “buy” rating and set a $3.50 price target on the stock in a report on Saturday, April 22nd. ValuEngine downgraded shares of McEwen Mining from a “hold” rating to a “sell” rating in a report on Tuesday, June 13th. Finally, BidaskClub downgraded shares of McEwen Mining from a “sell” rating to a “strong sell” rating in a report on Thursday, July 6th. Two research analysts have rated the stock with a sell rating, one has assigned a hold rating and one has issued a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average price target of $4.25.

Shares of McEwen Mining (MUX) opened at 2.58 on Tuesday. McEwen Mining has a 12-month low of $2.41 and a 12-month high of $4.81. The company’s 50-day moving average is $2.63 and its 200-day moving average is $3.16. The company has a market cap of $804.63 million, a price-to-earnings ratio of 151.76 and a beta of -1.25.

A number of large investors have recently made changes to their positions in MUX. Tudor Investment Corp Et Al acquired a new stake in shares of McEwen Mining during the fourth quarter valued at $104,000. Highbridge Capital Management LLC acquired a new stake in shares of McEwen Mining during the fourth quarter valued at $106,000. Suntrust Banks Inc. boosted its stake in shares of McEwen Mining by 2.7% in the first quarter. Suntrust Banks Inc. now owns 35,564 shares of the basic materials company’s stock valued at $108,000 after buying an additional 946 shares in the last quarter. Karp Capital Management Corp acquired a new stake in shares of McEwen Mining during the first quarter valued at $110,000. Finally, Smith Affiliated Capital Corp. boosted its stake in shares of McEwen Mining by 35.6% in the first quarter. Smith Affiliated Capital Corp. now owns 40,000 shares of the basic materials company’s stock valued at $122,000 after buying an additional 10,500 shares in the last quarter. Institutional investors own 31.86% of the company’s stock.

About McEwen Mining

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.