Taseko Mines Limited (NYSEAMERICAN:TGB) Stock Has Average Target Price of $9.00 According to Brokerages

Key Points

• Analysts give Taseko Mines a “Moderate Buy” consensus: five of six brokerages rate the stock a buy, while one recommends holding it. The average 12-month price target is $9.00.
• TGB opened at $8.31, down 2.5%, with a one-year trading range of $3.66 to $9.82 and a market capitalization of approximately $3.04 billion.
• Institutional investors and hedge funds own 17.94% of the company, with several investors recently increasing their positions in Taseko Mines.

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

TGB has been the topic of a number of research analyst reports. Zacks Research upgraded Taseko Mines from a "strong sell" rating to a "hold" rating in a research note on Monday, June 15th. Jefferies Financial Group initiated coverage on shares of Taseko Mines in a research report on Thursday, August 20th. They issued a "buy" rating on the stock.

Taseko Mines Stock Down 2.5%

TGB opened at $8.31 on Friday. The company has a fifty day moving average price of $8.58 and a 200-day moving average price of $7.58. The firm has a market capitalization of $3.04 billion, a P/E ratio of 415.71 and a beta of 1.41. The company has a debt-to-equity ratio of 0.85, a current ratio of 1.24 and a quick ratio of 0.76. Taseko Mines has a one year low of $3.66 and a one year high of $9.82.

Institutional Trading of Taseko Mines

Institutional investors and hedge funds have recently made changes to their positions in the stock. Farther Finance Advisors LLC raised its position in Taseko Mines by 1.2% in the 3rd quarter. Farther Finance Advisors LLC now owns 133,253 shares of the company's stock worth $1,187,000 after purchasing an additional 1,579 shares during the period. The Manufacturers Life Insurance Company boosted its position in Taseko Mines by 1.2% during the first quarter. The Manufacturers Life Insurance Company now owns 333,210 shares of the company's stock valued at $2,156,000 after buying an additional 4,106 shares during the period. Pictet Asset Management Holding SA boosted its position in Taseko Mines by 8.0% during the first quarter. Pictet Asset Management Holding SA now owns 72,046 shares of the company's stock valued at $465,000 after buying an additional 5,306 shares during the period. Caitong International Asset Management Co. Ltd bought a new position in shares of Taseko Mines during the fourth quarter valued at about $51,000. Finally, TD Waterhouse Canada Inc. grew its stake in shares of Taseko Mines by 5.5% during the second quarter. TD Waterhouse Canada Inc. now owns 190,808 shares of the company's stock valued at $1,338,000 after buying an additional 9,900 shares during the last quarter. Hedge funds and other institutional investors own 17.94% of the company's stock.

About Taseko Mines

Taseko Mines Limited is a Canadian mining company engaged in the acquisition, development, and operation of copper and other mineral properties. The company is headquartered in Vancouver, British Columbia, and its shares trade on the Toronto Stock Exchange under the symbol TKO and on the NYSE American under the symbol TGB.

Taseko's principal asset is the Gibraltar Mine in central British Columbia, one of Canada's largest open-pit copper and molybdenum mines. The operation produces copper concentrate, with molybdenum as a byproduct, and has been in production since the 1970s.

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