Trading Report: The Zacks Investment Research Downgrades McEwen Mining Inc. (MUX) to Hold

The Zacks Investment Research Downgrades McEwen Mining Inc. (MUX) to Hold

McEwen Mining Inc. (NYSE:MUX) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Thursday.

According to Zacks, “U.S. GOLD CORP. is primarily engaged in the precious metal mining business in the continental United States, however, it may also evaluate properties outside the United States. “

Shares of McEwen Mining (NYSE:MUX) opened at 3.24 on Thursday. The stock’s 50 day moving average is $3.76 and its 200-day moving average is $3.31. McEwen Mining has a 52 week low of $0.79 and a 52 week high of $4.92. The stock has a market capitalization of $968.60 million, a price-to-earnings ratio of 108.00 and a beta of 0.20.

In related news, Director Michele L. Ashby sold 10,000 shares of the stock in a transaction on Tuesday, September 27th. The stock was sold at an average price of $3.45, for a total value of $34,500.00. Following the completion of the transaction, the director now directly owns 42,500 shares of the company’s stock, valued at approximately $146,625. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders own 26.60% of the company’s stock.

A number of hedge funds and other institutional investors have recently bought and sold shares of MUX. JPMorgan Chase & Co. increased its position in McEwen Mining by 15.1% in the first quarter. JPMorgan Chase & Co. now owns 3,245,258 shares of the company’s stock valued at $6,101,000 after buying an additional 425,111 shares in the last quarter. Renaissance Technologies LLC increased its position in McEwen Mining by 332.3% in the first quarter. Renaissance Technologies LLC now owns 1,338,909 shares of the company’s stock valued at $2,517,000 after buying an additional 1,029,209 shares in the last quarter. UBS Group AG increased its position in McEwen Mining by 628.2% in the first quarter. UBS Group AG now owns 628,806 shares of the company’s stock valued at $1,182,000 after buying an additional 542,456 shares in the last quarter. Geode Capital Management LLC increased its position in McEwen Mining by 12.2% in the first quarter. Geode Capital Management LLC now owns 1,255,309 shares of the company’s stock valued at $2,359,000 after buying an additional 136,964 shares in the last quarter. Finally, BlackRock Group LTD increased its position in McEwen Mining by 48.1% in the first quarter. BlackRock Group LTD now owns 447,527 shares of the company’s stock valued at $842,000 after buying an additional 145,297 shares in the last quarter. 26.04% of the stock is owned by hedge funds and other institutional investors.

About McEwen Mining

McEwen Mining Inc is a mining and minerals exploration company. The Company is focused on precious and base metals in Argentina, Mexico and the United States. Its segments include Mexico, Argentina and the United States. It classifies its mineral properties into Production Properties, Advanced-Stage Properties and Exploration Properties.

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