MMCAP International Inc. SPC Decreases Stake in McEwen Mining Inc (NYSE:MUX)

MMCAP International Inc. SPC cut its stake in shares of McEwen Mining Inc (NYSE:MUX) (TSE:MUX) by 62.5% during the fourth quarter, HoldingsChannel reports. The firm owned 31,754 shares of the basic materials company’s stock after selling 52,956 shares during the quarter. MMCAP International Inc. SPC’s holdings in McEwen Mining were worth $247,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Quarry LP purchased a new stake in McEwen Mining during the third quarter valued at approximately $51,000. Private Advisor Group LLC purchased a new stake in McEwen Mining during the third quarter valued at approximately $99,000. PDT Partners LLC purchased a new stake in McEwen Mining during the third quarter valued at approximately $101,000. Sprott Inc. purchased a new stake in McEwen Mining during the fourth quarter valued at approximately $100,000. Finally, Virtu Financial LLC raised its position in McEwen Mining by 32.3% during the third quarter. Virtu Financial LLC now owns 16,555 shares of the basic materials company’s stock valued at $154,000 after purchasing an additional 4,046 shares during the period. 17.03% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on MUX shares. StockNews.com downgraded McEwen Mining from a “hold” rating to a “sell” rating in a research report on Wednesday, February 19th. Roth Mkm decreased their price objective 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. Finally, HC Wainwright cut their target price on McEwen Mining from $19.00 to $18.00 and set a “buy” rating on the stock in a research note on Thursday, January 30th.

McEwen Mining Trading Down 1.7 %

MUX opened at $7.11 on Wednesday. The stock has a market cap of $376.03 million, a price-to-earnings ratio of 3.24 and a beta of 1.42. The stock’s 50 day moving average price is $7.99 and its 200-day moving average price is $8.77. McEwen Mining Inc has a one year low of $5.92 and a one year high of $12.50. The company has a debt-to-equity ratio of 0.06, a quick ratio of 0.74 and a current ratio of 1.17.

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.