TD Asset Management Inc Acquires 728,241 Shares of Taseko Mines Limited (NYSE:TGB)

Key Points

• TD Asset Management Inc has increased its stake in Taseko Mines Limited by 22.2%, owning approximately 4 million shares worth about $8.96 million.
• The company currently has a market capitalization of $969.83 million with a PE ratio of -102.33, indicating recent financial struggles.
• Analysts have recently downgraded Taseko Mines from a "hold" rating to a "sell" rating, while TD Securities raised their price target for the stock from $3.50 to $5.00.

TD Asset Management Inc boosted its stake in Taseko Mines Limited (NYSE:TGB - Free Report) by 22.2% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 4,003,547 shares of the company's stock after acquiring an additional 728,241 shares during the period. TD Asset Management Inc owned 1.27% of Taseko Mines worth $8,957,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. Raymond James Financial Inc. purchased a new position in Taseko Mines during the fourth quarter valued at $1,070,000. American Century Companies Inc. lifted its position in Taseko Mines by 16.8% during the fourth quarter. American Century Companies Inc. now owns 822,551 shares of the company's stock valued at $1,602,000 after buying an additional 118,597 shares during the period. LPL Financial LLC purchased a new position in Taseko Mines during the fourth quarter valued at $70,000. JPMorgan Chase & Co. lifted its position in Taseko Mines by 58.6% during the fourth quarter. JPMorgan Chase & Co. now owns 377,602 shares of the company's stock valued at $733,000 after buying an additional 139,576 shares during the period. Finally, Arrowstreet Capital Limited Partnership lifted its position in Taseko Mines by 16.5% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 2,802,466 shares of the company's stock valued at $5,449,000 after buying an additional 396,883 shares during the period. Institutional investors own 17.94% of the company's stock.

Taseko Mines Stock Down 0.2%

Shares of TGB traded down $0.01 during trading hours on Tuesday, hitting $3.09. The company had a trading volume of 2,428,430 shares, compared to its average volume of 10,521,435. The firm has a fifty day moving average price of $3.06 and a 200-day moving average price of $2.44. 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 stock has a market capitalization of $976.33 million, a price-to-earnings ratio of -102.83 and a beta of 1.35. Taseko Mines Limited has a 52-week low of $1.67 and a 52-week high of $3.67.

Analysts Set New Price Targets

Several brokerages have commented on TGB. TD Securities lowered Taseko Mines from a "strong-buy" rating to a "hold" rating and raised their price objective for the company from $3.50 to $5.00 in a research report on Wednesday, July 16th. Wall Street Zen lowered Taseko Mines from a "hold" rating to a "sell" rating in a research report on Tuesday, May 13th.

About Taseko Mines

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.