McEwen Mining Inc. (MUX) Receives “Buy” Rating from HC Wainwright

McEwen Mining Inc. (NYSE:MUX) (TSE:MUX)‘s stock had its “buy” rating restated by equities research analysts at HC Wainwright in a note issued to investors on Tuesday, July 18th. They presently have a $5.00 target price on the basic materials company’s stock. HC Wainwright’s price objective points to a potential upside of 110.08% 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.””

Other equities research analysts also recently issued research reports about the stock. ValuEngine downgraded shares of McEwen Mining from a “hold” rating to a “sell” rating in a research report on Tuesday, June 13th. TheStreet cut shares of McEwen Mining from a “c” rating to a “d+” rating in a research report on Monday, May 8th. Zacks Investment Research cut shares of McEwen Mining from a “buy” rating to a “hold” rating in a research report on Wednesday, June 21st. Finally, BidaskClub cut shares of McEwen Mining from a “sell” rating to a “strong sell” rating in a research report on Thursday, July 6th. Three investment analysts have rated the stock with a sell rating and one has given a buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus price target of $4.25.

Shares of McEwen Mining (NYSE:MUX) opened at 2.38 on Tuesday. The stock has a 50 day moving average price of $2.61 and a 200 day moving average price of $3.10. The company’s market capitalization is $743.22 million. McEwen Mining has a 1-year low of $2.37 and a 1-year high of $4.81.

A number of hedge funds have recently added to or reduced their stakes in the stock. State Street Corp raised its stake in McEwen Mining by 31.0% in the fourth quarter. State Street Corp now owns 10,798,399 shares of the basic materials company’s stock valued at $31,423,000 after buying an additional 2,553,415 shares in the last quarter. FMR LLC increased its stake in shares of McEwen Mining by 62.1% in the fourth quarter. FMR LLC now owns 939,010 shares of the basic materials company’s stock valued at $2,733,000 after buying an additional 359,900 shares during the period. Renaissance Technologies LLC purchased a new stake in shares of McEwen Mining during the fourth quarter valued at approximately $542,000. Tudor Investment Corp Et Al purchased a new stake in shares of McEwen Mining during the fourth quarter valued at approximately $104,000. Finally, Guggenheim Capital LLC increased its stake in shares of McEwen Mining by 58.0% in the fourth quarter. Guggenheim Capital LLC now owns 446,121 shares of the basic materials company’s stock valued at $1,298,000 after buying an additional 163,791 shares during the period. 31.82% of the stock is owned by institutional investors and hedge funds.

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.