Principal Financial Group Inc. decreased its stake in shares of McEwen Mining Inc. (NYSE:MUX) (TSE:MUX) by 13.8% during the first quarter, according to its most recent disclosure with the SEC. The firm owned 98,441 shares of the basic materials company’s stock after selling 15,726 shares during the period. Principal Financial Group Inc.’s holdings in McEwen Mining were worth $299,000 as of its most recent filing with the SEC.
A number of other hedge funds have also made changes to their positions in the stock. Bank of New York Mellon Corp boosted its stake in shares of McEwen Mining by 49.2% in the first quarter. Bank of New York Mellon Corp now owns 254,018 shares of the basic materials company’s stock valued at $772,000 after buying an additional 83,797 shares during the last quarter. FMR LLC boosted its stake in shares of McEwen Mining by 62.1% in the fourth quarter. FMR LLC now owns 939,010 shares of the basic materials company’s stock valued at $2,733,000 after buying an additional 359,900 shares during the last quarter. Highbridge Capital Management LLC acquired a new stake in shares of McEwen Mining during the fourth quarter valued at approximately $106,000. Karp Capital Management Corp acquired a new stake in shares of McEwen Mining during the first quarter valued at approximately $110,000. Finally, Renaissance Technologies LLC acquired a new stake in shares of McEwen Mining during the fourth quarter valued at approximately $542,000. Institutional investors and hedge funds own 32.03% of the company’s stock.
McEwen Mining Inc. (NYSE MUX) opened at 2.34 on Friday. The stock’s 50 day moving average is $2.50 and its 200 day moving average is $2.97. The stock’s market capitalization is $730.73 million. McEwen Mining Inc. has a 12-month low of $2.15 and a 12-month high of $4.53.
The business also recently declared a special dividend, which was paid on Thursday, August 17th. Investors of record on Friday, August 4th were issued a dividend of $0.005 per share. The ex-dividend date of this dividend was Wednesday, August 2nd. McEwen Mining’s dividend payout ratio is presently -50.00%.
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Several equities analysts have recently weighed in on the stock. ValuEngine lowered shares of McEwen Mining from a “hold” rating to a “sell” rating in a report on Tuesday, June 13th. TheStreet lowered shares of McEwen Mining from a “c” rating to a “d+” rating in a report on Monday, May 8th. Zacks Investment Research lowered shares of McEwen Mining from a “buy” rating to a “hold” rating in a report on Wednesday, June 21st. BidaskClub lowered shares of McEwen Mining from a “sell” rating to a “strong sell” rating in a report on Thursday, July 6th. Finally, HC Wainwright reaffirmed a “buy” rating and set a $5.00 target price on shares of McEwen Mining in a report on Tuesday, July 18th. Three investment analysts have rated the stock with a sell rating and one has given a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average target price of $4.25.
McEwen Mining Company Profile
McEwen Mining Inc is a mining and minerals production and exploration company. The Company is focused on precious and base metals in Argentina, Mexico and the United States. The Company’s segments include Mexico, Minera Santa Cruz SA (MSC), Nevada and Los Azules. The Mexico Operations segment includes properties, such as El Gallo 1 mine and the El Gallo 2 project.
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