Mackenzie Financial Corp Reduces Stock Holdings in Taseko Mines Limited (NYSE:TGB)

Key Points

• Mackenzie Financial Corp has significantly reduced its stake in Taseko Mines Limited by 67.4%, selling 309,590 shares and now holding 149,455 shares valued at $334,000.
• In the fourth quarter, several institutional investors made new acquisitions in Taseko Mines, including BIP Wealth LLC and Cadence Bank, while Deutsche Bank AG increased its holdings by 88.2%.
• Analysts have varied opinions on Taseko Mines, with TD Securities raising its target price from $3.50 to $5.00 and changing its rating from "strong-buy" to "hold."

Mackenzie Financial Corp lowered its position in Taseko Mines Limited (NYSE:TGB - Free Report) by 67.4% during the first quarter, according to its most recent filing with the SEC. The institutional investor owned 149,455 shares of the company's stock after selling 309,590 shares during the period. Mackenzie Financial Corp's holdings in Taseko Mines were worth $334,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Renaissance Technologies LLC grew its position in Taseko Mines by 15.6% in the 4th quarter. Renaissance Technologies LLC now owns 6,676,370 shares of the company's stock valued at $12,952,000 after acquiring an additional 900,400 shares in the last quarter. TD Asset Management Inc grew its position in shares of Taseko Mines by 22.2% during the first quarter. TD Asset Management Inc now owns 4,003,547 shares of the company's stock worth $8,957,000 after buying an additional 728,241 shares in the last quarter. Millennium Management LLC boosted its holdings in Taseko Mines by 105.0% in the fourth quarter. Millennium Management LLC now owns 1,174,453 shares of the company's stock valued at $2,279,000 after purchasing an additional 601,684 shares in the last quarter. Raymond James Financial Inc. acquired a new position in Taseko Mines in the fourth quarter valued at approximately $1,070,000. Finally, Dimensional Fund Advisors LP lifted its stake in Taseko Mines by 57.2% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,468,029 shares of the company's stock valued at $2,848,000 after buying an additional 534,272 shares during the last quarter. Hedge funds and other institutional investors own 17.94% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on TGB. TD Securities cut Taseko Mines from a "strong-buy" rating to a "hold" rating and boosted their price objective for the company from $3.50 to $5.00 in a research note on Wednesday, July 16th. Wall Street Zen cut Taseko Mines from a "hold" rating to a "sell" rating in a research note on Tuesday, May 13th. Finally, BMO Capital Markets reiterated an "outperform" rating on shares of Taseko Mines in a research report on Friday.

Taseko Mines Price Performance

Taseko Mines stock traded up $0.16 during trading hours on Wednesday, hitting $3.33. The stock had a trading volume of 6,938,142 shares, compared to its average volume of 10,290,376. The company has a debt-to-equity ratio of 1.48, a current ratio of 1.71 and a quick ratio of 1.05. The stock has a market capitalization of $1.05 billion, a price-to-earnings ratio of -110.50 and a beta of 1.35. Taseko Mines Limited has a 1-year low of $1.67 and a 1-year high of $3.67. The stock's fifty day moving average is $3.16 and its two-hundred day moving average is $2.48.

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.