Zacks: Analysts Anticipate McEwen Mining Inc (NYSE:MUX) to Post -$0.02 Earnings Per Share

Wall Street brokerages expect McEwen Mining Inc (NYSE:MUX) (TSE:MUX) to announce ($0.02) earnings per share for the current quarter, Zacks Investment Research reports. Two analysts have issued estimates for McEwen Mining’s earnings. The highest EPS estimate is ($0.01) and the lowest is ($0.02). McEwen Mining posted earnings of ($0.04) per share during the same quarter last year, which suggests a positive year-over-year growth rate of 50%. The company is scheduled to report its next quarterly earnings results on Tuesday, August 4th.

On average, analysts expect that McEwen Mining will report full year earnings of ($0.24) per share for the current year, with EPS estimates ranging from ($0.28) to ($0.20). For the next financial year, analysts expect that the business will report earnings of $0.06 per share, with EPS estimates ranging from ($0.05) to $0.23. Zacks Investment Research’s EPS 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 issued its quarterly earnings data on Tuesday, May 19th. The basic materials company reported ($0.04) EPS for the quarter, missing the consensus estimate of ($0.02) by ($0.02). McEwen Mining had a negative net margin of 112.02% and a negative return on equity of 13.94%. The business had revenue of $31.40 million for the quarter, compared to analysts’ expectations of $31.66 million.

MUX has been the subject of several analyst reports. B. Riley increased their price objective on McEwen Mining from $3.70 to $4.00 and gave the company a “buy” rating in a report on Thursday, May 28th. HC Wainwright restated a “buy” rating and issued a $1.75 target price on shares of McEwen Mining in a research note on Wednesday, May 20th. ValuEngine upgraded McEwen Mining from a “hold” rating to a “buy” rating in a research note on Tuesday, April 14th. Finally, Zacks Investment Research lowered McEwen Mining from a “buy” rating to a “hold” rating in a research note on Friday, March 20th.

Shares of MUX traded down $0.01 during midday trading on Monday, hitting $0.91. 3,489,096 shares of the company’s stock traded hands, compared to its average volume of 4,480,375. McEwen Mining has a 1 year low of $0.53 and a 1 year high of $2.14. The firm’s fifty day moving average is $0.95 and its 200-day moving average is $1.02. 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 stock has a market capitalization of $368.61 million, a price-to-earnings ratio of -2.33 and a beta of 0.65.

A number of hedge funds have recently modified their holdings of the stock. Advisor Group Holdings Inc. purchased a new position in McEwen Mining in the 1st quarter worth $32,000. Jane Street Group LLC raised its stake in McEwen Mining by 63.9% in the 1st quarter. Jane Street Group LLC now owns 231,259 shares of the basic materials company’s stock worth $153,000 after acquiring an additional 90,137 shares during the last quarter. Tower Research Capital LLC TRC raised its stake in 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 worth $40,000 after acquiring an additional 52,598 shares during the last quarter. Invesco Ltd. raised its stake in shares of McEwen Mining by 22.3% during the 1st quarter. Invesco Ltd. now owns 284,136 shares of the basic materials company’s stock valued at $188,000 after buying an additional 51,897 shares during the last quarter. Finally, CWA Asset Management Group LLC raised its stake in shares of McEwen Mining by 29.1% during the 1st quarter. CWA Asset Management Group LLC now owns 166,250 shares of the basic materials company’s stock valued at $110,000 after buying an additional 37,465 shares during the last quarter. Institutional investors own 19.01% of the company’s stock.

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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