Taseko Mines Limited (NYSEAMERICAN:TGB) Receives Consensus Rating of "Moderate Buy" from Brokerages

Key Points

• Analysts hold a “Moderate Buy” consensus on Taseko Mines, with five buy ratings and one hold among six analysts. The average 12-month price target is $9.00, versus a recent share price of $8.14.
• TGB shares have traded between $3.47 and $9.82 over the past year, with a market capitalization of approximately $2.98 billion and a 200-day moving average of $7.41.
• Institutional ownership has increased, with several major investors expanding their positions; hedge funds and other institutions collectively own 17.94% of the company.

Taseko Mines Limited (NYSEAMERICAN:TGB - Get Free Report) has been given an average recommendation of "Moderate Buy" by the six analysts that are covering the company, Marketbeat reports. One equities research analyst has rated the stock with a hold rating and five have assigned a buy rating to the company. The average 1 year price target among brokerages that have covered the stock in the last year is $9.00.

Several research analysts have recently commented on the company. Jefferies Financial Group began coverage on Taseko Mines in a report on Thursday, August 20th. They set a "buy" rating for the company. Zacks Research raised shares of Taseko Mines from a "strong sell" rating to a "hold" rating in a research note on Monday, June 15th.

Taseko Mines Stock Performance

Shares of TGB stock opened at $8.14 on Monday. The company has a market capitalization of $2.98 billion, a PE ratio of 407.20 and a beta of 1.35. Taseko Mines has a 52-week low of $3.47 and a 52-week high of $9.82. The business's fifty day moving average is $7.99 and its 200 day moving average is $7.41. The company has a debt-to-equity ratio of 0.85, a quick ratio of 0.76 and a current ratio of 1.24.

Institutional Trading of Taseko Mines

Institutional investors and hedge funds have recently made changes to their positions in the stock. L1 Capital Pty Ltd grew its position in Taseko Mines by 45.2% in the fourth quarter. L1 Capital Pty Ltd now owns 35,545,632 shares of the company's stock worth $201,190,000 after acquiring an additional 11,066,233 shares in the last quarter. TD Asset Management Inc raised its position in Taseko Mines by 815.7% during the fourth quarter. TD Asset Management Inc now owns 3,635,594 shares of the company's stock valued at $20,608,000 after purchasing an additional 3,238,558 shares in the last quarter. Bank of America Corp DE raised its position in Taseko Mines by 215.3% during the first quarter. Bank of America Corp DE now owns 4,577,781 shares of the company's stock valued at $29,527,000 after purchasing an additional 3,125,829 shares in the last quarter. Mackenzie Financial Corp lifted its stake in Taseko Mines by 78.6% during the fourth quarter. Mackenzie Financial Corp now owns 6,350,898 shares of the company's stock worth $35,818,000 after purchasing an additional 2,794,210 shares during the last quarter. Finally, Hatch Cove Capital LLC bought a new stake in Taseko Mines during the fourth quarter worth about $14,773,000. Hedge funds and other institutional investors own 17.94% of the company's stock.

Taseko Mines Company Profile

Taseko Mines Limited is a Canadian mining company focused primarily on the acquisition, development and operation of copper and molybdenum assets. The company's principal operating asset is the Gibraltar Mine in central British Columbia, which it describes as one of Canada's largest copper-molybdenum mines. Gibraltar produces copper concentrate and molybdenum concentrate for sale to customers and markets.

Taseko also owns and is advancing the Florence Copper project in Arizona. The project is designed to use an in-situ copper recovery process to produce copper cathodes, allowing copper to be extracted from ore without conventional open-pit mining.

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