Van ECK Associates Corp boosted its holdings in shares of McEwen Mining Inc (NYSE:MUX) (TSE:MUX) by 7.1% during the 2nd quarter, HoldingsChannel.com reports. The institutional investor owned 38,017,451 shares of the basic materials company’s stock after buying an additional 2,517,412 shares during the period. Van ECK Associates Corp owned approximately 0.11% of McEwen Mining worth $78,696,000 as of its most recent SEC filing.
A number of other large investors have also bought and sold shares of the stock. Aperio Group LLC grew its stake in McEwen Mining by 24.5% in the second quarter. Aperio Group LLC now owns 122,524 shares of the basic materials company’s stock valued at $254,000 after purchasing an additional 24,119 shares in the last quarter. Renaissance Technologies LLC grew its stake in McEwen Mining by 131.1% in the fourth quarter. Renaissance Technologies LLC now owns 52,000 shares of the basic materials company’s stock valued at $119,000 after purchasing an additional 29,500 shares in the last quarter. CIBC World Markets Inc. purchased a new position in McEwen Mining in the first quarter valued at about $164,000. BlackRock Inc. grew its stake in McEwen Mining by 1.2% in the first quarter. BlackRock Inc. now owns 9,560,287 shares of the basic materials company’s stock valued at $19,885,000 after purchasing an additional 111,022 shares in the last quarter. Finally, FMR LLC grew its stake in McEwen Mining by 10.9% in the second quarter. FMR LLC now owns 1,216,410 shares of the basic materials company’s stock valued at $2,518,000 after purchasing an additional 120,000 shares in the last quarter. 30.54% of the stock is currently owned by hedge funds and other institutional investors.
Shares of NYSE MUX opened at $2.05 on Thursday. McEwen Mining Inc has a one year low of $1.82 and a one year high of $2.86. The stock has a market capitalization of $664.43 million, a price-to-earnings ratio of -68.33 and a beta of -1.25.
McEwen Mining (NYSE:MUX) (TSE:MUX) last issued its earnings results on Wednesday, August 1st. The basic materials company reported ($0.02) EPS for the quarter, missing analysts’ consensus estimates of ($0.01) by ($0.01). McEwen Mining had a negative net margin of 14.56% and a negative return on equity of 2.68%. The firm had revenue of $34.18 million during the quarter, compared to analysts’ expectations of $28.55 million. equities research analysts forecast that McEwen Mining Inc will post -0.04 EPS for the current fiscal year.
The company also recently announced a semiannual dividend, which was paid on Tuesday, September 4th. Shareholders of record on Monday, August 27th were paid a $0.005 dividend. The ex-dividend date was Friday, August 24th. This represents a yield of 0.48%. McEwen Mining’s dividend payout ratio (DPR) is currently -33.33%.
MUX has been the topic of a number of recent research reports. HC Wainwright set a $5.00 target price on McEwen Mining and gave the company a “buy” rating in a research note on Wednesday, August 1st. Zacks Investment Research downgraded McEwen Mining from a “hold” rating to a “strong sell” rating in a research note on Saturday, August 4th. Two equities research analysts have rated the stock with a sell rating and three have given a buy rating to the company. The company presently has an average rating of “Hold” and a consensus target price of $4.00.
McEwen Mining Company Profile
McEwen Mining Inc engages in the exploration, development, production, and sale of gold and silver. The company owns 100% interests in the El Gallo 1 mine and El Gallo 2 project in the state of Sinaloa, Mexico; and the Black Fox Complex, Buffalo Ankerite, Fuller, Davidson Tisdale, and Black Fox North properties in Canada.
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