Royal Bank of Canada Has $9.75 Million Stock Holdings in Taseko Mines Limited $TGB

Key Points

• Royal Bank of Canada increased its Taseko Mines stake by 1,009.9% in the first quarter, owning 1.51 million shares valued at approximately $9.75 million, or 0.41% of the company.
• Other institutional investors also initiated or expanded positions, bringing total institutional ownership to 17.94% of Taseko Mines.
• Analysts maintain a generally positive view, with four Buy ratings and one Hold rating. The stock has a “Moderate Buy” consensus and an average price target of $9.00, compared with its recent price of $8.32.

Royal Bank of Canada grew its holdings in Taseko Mines Limited (NYSEAMERICAN:TGB - Free Report) by 1,009.9% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,512,151 shares of the company's stock after acquiring an additional 1,375,912 shares during the period. Royal Bank of Canada owned 0.41% of Taseko Mines worth $9,753,000 as of its most recent SEC filing.

Other large investors also recently added to or reduced their stakes in the company. Caitong International Asset Management Co. Ltd bought a new position in shares of Taseko Mines during the 4th quarter valued at $35,000. CHICAGO TRUST Co NA bought a new stake in Taseko Mines in the first quarter worth $67,000. Marex Group plc bought a new stake in Taseko Mines in the fourth quarter worth $61,000. Parallel Advisors LLC increased its position in Taseko Mines by 22.6% during the fourth quarter. Parallel Advisors LLC now owns 11,049 shares of the company's stock worth $63,000 after buying an additional 2,035 shares during the last quarter. Finally, Magnetar Financial LLC acquired a new position in Taseko Mines during the fourth quarter worth $66,000. 17.94% of the stock is owned by institutional investors.

Taseko Mines Stock Performance

NYSEAMERICAN:TGB opened at $8.32 on Monday. The firm has a market capitalization of $3.04 billion, a PE ratio of 416.21 and a beta of 1.31. Taseko Mines Limited has a 1 year low of $3.01 and a 1 year high of $9.25. The company has a current ratio of 1.24, a quick ratio of 0.76 and a debt-to-equity ratio of 0.85. The firm's fifty day simple moving average is $7.16 and its 200 day simple moving average is $7.27.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on the company. Cantor Fitzgerald raised Taseko Mines from a "buy" rating to a "buy" rating and set a $9.00 price target for the company in a research report on Thursday, May 7th. Zacks Research raised Taseko Mines from a "strong sell" rating to a "hold" rating in a report on Monday, June 15th. Finally, Canaccord Genuity Group increased their price objective on Taseko Mines from C$13.50 to C$14.00 and gave the company a "buy" rating in a report on Tuesday, April 21st. Four investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $9.00.

Taseko Mines Company Profile

Taseko Mines Ltd. is a Vancouver‐based mining company primarily engaged in the exploration, development and production of copper‐based projects. Its flagship operation is the Gibraltar copper mine in central British Columbia, which ranks among Canada’s largest open pit copper producers. In addition to copper, Gibraltar yields byproducts such as molybdenum and silver, reflecting Taseko’s focus on base and precious metals.

Beyond Gibraltar, Taseko holds two advanced development assets.

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