L1 Capital Pty Ltd Takes Position in Taseko Mines Limited $TGB

Key Points

• L1 Capital Pty Ltd invested approximately $28.24 million in Taseko Mines Limited, acquiring 12,608,621 shares, making it one of their top holdings at 2.6% of their portfolio.
• Despite recent institutional interest, TD Securities downgraded Taseko Mines from a "strong-buy" to a "hold" rating, raising the price target from $3.50 to $5.00.
• The stock currently has a market capitalization of $1.03 billion with a P/E ratio of -108.67 and a 52-week price range between $1.67 and $3.67.

L1 Capital Pty Ltd purchased a new position in Taseko Mines Limited (NYSE:TGB - Free Report) in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 12,608,621 shares of the company's stock, valued at approximately $28,243,000. Taseko Mines accounts for approximately 2.6% of L1 Capital Pty Ltd's portfolio, making the stock its 11th largest position. L1 Capital Pty Ltd owned approximately 3.99% of Taseko Mines at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in TGB. BIP Wealth LLC bought a new position in shares of Taseko Mines during the fourth quarter valued at about $30,000. Lido Advisors LLC purchased a new position in shares of Taseko Mines during the fourth quarter valued at approximately $37,000. Deutsche Bank AG raised its holdings in Taseko Mines by 88.2% in the 4th quarter. Deutsche Bank AG now owns 19,857 shares of the company's stock worth $39,000 after acquiring an additional 9,308 shares during the last quarter. Capstone Investment Advisors LLC raised its holdings in Taseko Mines by 44.0% in the 4th quarter. Capstone Investment Advisors LLC now owns 31,510 shares of the company's stock worth $61,000 after acquiring an additional 9,630 shares during the last quarter. Finally, Envestnet Asset Management Inc. bought a new stake in Taseko Mines in the 4th quarter worth approximately $62,000. Hedge funds and other institutional investors own 17.94% of the company's stock.

Taseko Mines Stock Performance

Shares of Taseko Mines stock traded down $0.04 during trading on Thursday, hitting $3.36. 3,029,124 shares of the company's stock were exchanged, compared to its average volume of 9,664,577. The company has a debt-to-equity ratio of 1.48, a quick ratio of 1.05 and a current ratio of 1.71. The business has a 50-day simple moving average of $3.26 and a 200-day simple moving average of $2.61. Taseko Mines Limited has a 52-week low of $1.67 and a 52-week high of $3.67. The stock has a market capitalization of $1.06 billion, a price-to-earnings ratio of -112.00 and a beta of 1.18.

Wall Street Analyst Weigh In

Several research firms have commented on TGB. Wall Street Zen downgraded shares of Taseko Mines from a "hold" rating to a "sell" rating in a report on Tuesday, May 13th. BMO Capital Markets reaffirmed an "outperform" rating on shares of Taseko Mines in a research report on Friday, August 8th. Finally, TD Securities downgraded shares of Taseko Mines from a "strong-buy" rating to a "hold" rating and increased their price objective for the company from $3.50 to $5.00 in a research note on Wednesday, July 16th. Two analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat.com, Taseko Mines has an average rating of "Moderate Buy" and a consensus price target of $5.00.

Taseko Mines Company Profile

Taseko Mines Limited, a mining company, acquires, develops, and operates mineral properties. It explores for copper, molybdenum, gold, niobium, and silver deposits. The company's principal asset comprises 100% interest owned the Gibraltar mine located in British Columbia. It also holds interest in the Yellowhead copper project, the Aley niobium project, and the New Prosperity gold and copper project located in British Columbia; and the Florence copper project located in Arizona.