McEwen Mining Inc (NYSE:MUX) Expected to Post Quarterly Sales of $21.04 Million

Wall Street brokerages forecast that McEwen Mining Inc (NYSE:MUX) (TSE:MUX) will post $21.04 million in sales for the current fiscal quarter, according to Zacks. Two analysts have provided estimates for McEwen Mining’s earnings. The lowest sales estimate is $18.67 million and the highest is $23.41 million. McEwen Mining posted sales of $36.38 million during the same quarter last year, which suggests a negative year over year growth rate of 42.2%. The firm is scheduled to issue its next earnings results on Tuesday, August 4th.

According to Zacks, analysts expect that McEwen Mining will report full-year sales of $127.87 million for the current year, with estimates ranging from $93.89 million to $174.81 million. For the next financial year, analysts anticipate that the firm will report sales of $176.72 million, with estimates ranging from $89.01 million to $284.04 million. Zacks Investment Research’s sales averages are an average based on a survey of sell-side analysts that that provide coverage for McEwen Mining.

McEwen Mining (NYSE:MUX) (TSE:MUX) last posted its quarterly earnings results on Tuesday, May 19th. The basic materials company reported ($0.04) earnings per share for the quarter, missing the consensus estimate of ($0.02) by ($0.02). The firm had revenue of $31.40 million for the quarter, compared to the consensus estimate of $31.66 million. McEwen Mining had a negative return on equity of 13.94% and a negative net margin of 112.02%.

Several research analysts have recently weighed in on the company. ValuEngine upgraded McEwen Mining from a “hold” rating to a “buy” rating in a research note on Tuesday, April 14th. B. Riley increased their price target on McEwen Mining from $3.70 to $4.00 and gave the stock a “buy” rating in a research note on Thursday, May 28th. Zacks Investment Research cut McEwen Mining from a “buy” rating to a “hold” rating in a report on Friday, March 20th. Finally, HC Wainwright reissued a “buy” rating and set a $1.75 price objective on shares of McEwen Mining in a report on Wednesday, May 20th.

Institutional investors and hedge funds have recently modified their holdings of the stock. Great West Life Assurance Co. Can lifted its holdings in McEwen Mining by 200.5% during the 4th quarter. Great West Life Assurance Co. Can now owns 19,839 shares of the basic materials company’s stock worth $25,000 after purchasing an additional 13,236 shares in the last quarter. Islay Capital Management LLC purchased a new stake in shares of McEwen Mining in the 4th quarter valued at about $25,000. Advisor Group Holdings Inc. purchased a new stake in shares of McEwen Mining in the 1st quarter valued at about $32,000. Tower Research Capital LLC TRC raised its holdings in shares of McEwen Mining by 695.7% in the 1st quarter. Tower Research Capital LLC TRC now owns 60,158 shares of the basic materials company’s stock valued at $40,000 after acquiring an additional 52,598 shares in the last quarter. Finally, Guild Investment Management Inc. raised its holdings in shares of McEwen Mining by 75.0% in the 4th quarter. Guild Investment Management Inc. now owns 35,000 shares of the basic materials company’s stock valued at $44,000 after acquiring an additional 15,000 shares in the last quarter. 19.01% of the stock is currently owned by institutional investors and hedge funds.

Shares of MUX stock traded down $0.01 on Wednesday, hitting $0.91. 3,489,096 shares of the stock were exchanged, compared to its average volume of 4,480,375. The company has a current ratio of 1.53, a quick ratio of 0.73 and a debt-to-equity ratio of 0.09. The firm has a market capitalization of $368.61 million, a PE ratio of -2.33 and a beta of 0.65. McEwen Mining has a one year low of $0.53 and a one year high of $2.14. The firm’s 50 day moving average is $0.95 and its two-hundred day moving average is $1.02.

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.

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Earnings History and Estimates for McEwen Mining (NYSE:MUX)

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