McEwen Mining Inc (NYSE:MUX) Short Interest Down 21.1% in December

McEwen Mining Inc (NYSE:MUX) (TSE:MUX) was the target of a significant decrease in short interest in the month of December. As of December 15th, there was short interest totalling 1,050,000 shares, a decrease of 21.1% from the November 30th total of 1,330,000 shares. Based on an average daily volume of 610,000 shares, the days-to-cover ratio is presently 1.7 days. Currently, 2.4% of the company’s stock are sold short.

McEwen Mining Stock Up 2.2 %

Shares of MUX stock traded up $0.17 during mid-day trading on Tuesday, reaching $7.78. 347,902 shares of the company were exchanged, compared to its average volume of 651,844. The company has a debt-to-equity ratio of 0.06, a quick ratio of 0.74 and a current ratio of 1.17. The business’s 50 day simple moving average is $8.77 and its 200 day simple moving average is $9.17. The company has a market capitalization of $411.76 million, a P/E ratio of 3.55 and a beta of 1.43. McEwen Mining has a fifty-two week low of $5.92 and a fifty-two week high of $12.50.

McEwen Mining (NYSE:MUX) (TSE:MUX) last announced its quarterly earnings data on Tuesday, November 5th. The basic materials company reported ($0.04) earnings per share for the quarter, missing the consensus estimate of $0.04 by ($0.08). The company had revenue of $52.25 million for the quarter, compared to analyst estimates of $48.60 million. McEwen Mining had a return on equity of 20.77% and a net margin of 51.31%. During the same period in the prior year, the business earned ($0.39) earnings per share. Research analysts predict that McEwen Mining will post -0.68 earnings per share for the current year.

Wall Street Analysts Forecast Growth

MUX has been the topic of several analyst reports. HC Wainwright lifted their price target on shares of McEwen Mining from $15.00 to $19.00 and gave the stock a “buy” rating in a research note on Thursday, November 7th. Roth Mkm lowered their target price on McEwen Mining from $12.75 to $12.25 and set a “buy” rating for the company in a research note on Thursday, November 7th. Finally, StockNews.com cut McEwen Mining from a “hold” rating to a “sell” rating in a research note on Saturday, November 30th.

Institutional Trading of McEwen Mining

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Quarry LP bought a new position in McEwen Mining during the 3rd quarter worth approximately $51,000. Banque Cantonale Vaudoise acquired a new stake in shares of McEwen Mining during the 2nd quarter valued at approximately $78,000. Private Advisor Group LLC bought a new position in McEwen Mining during the third quarter worth $99,000. Rathbones Group PLC acquired a new position in McEwen Mining in the second quarter worth $101,000. Finally, PDT Partners LLC bought a new stake in McEwen Mining during the third quarter valued at $101,000. 17.03% of the stock is owned by institutional investors.

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.