Taseko Mines (NYSEAMERICAN:TGB) Reaches New 52-Week High - Here's Why

Key Points

• Taseko Mines reached a new 52-week high, trading as high as $9.66 and last changing hands at $9.7150, up from its prior close of $9.23.
• Analyst sentiment is broadly positive: five analysts rate the stock a Buy and one rates it a Hold, resulting in a “Moderate Buy” consensus, though the average price target is $9.00.
• Institutional investors increased exposure during the second quarter, and hedge funds and other institutions now own approximately 17.94% of Taseko Mines.

Taseko Mines Limited (NYSEAMERICAN:TGB - Get Free Report) hit a new 52-week high on Thursday . The company traded as high as $9.66 and last traded at $9.7150, with a volume of 7096695 shares changing hands. The stock had previously closed at $9.23.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on TGB shares. Cantor Fitzgerald upgraded Taseko Mines from a "buy" rating to a "buy" rating and set a $9.00 price target on the stock in a report on Thursday, May 7th. Zacks Research raised Taseko Mines from a "strong sell" rating to a "hold" rating in a research report on Monday, June 15th. Finally, Jefferies Financial Group assumed coverage on shares of Taseko Mines in a research note on Thursday, August 20th. They set a "buy" rating for the company. Five analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $9.00.

Taseko Mines Stock Performance

The firm's 50-day moving average is $7.54 and its two-hundred day moving average is $7.36. 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 stock has a market cap of $3.55 billion, a price-to-earnings ratio of 485.99 and a beta of 1.31.

Institutional Investors Weigh In On Taseko Mines

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. TD Waterhouse Canada Inc. raised its holdings in shares of Taseko Mines by 5.5% in the 2nd 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 period. Susquehanna Advisors Group Inc. purchased a new stake in shares of Taseko Mines in the 2nd quarter valued at about $615,000. Penn Capital Management Company LLC lifted its stake in Taseko Mines by 25.3% in the second quarter. Penn Capital Management Company LLC now owns 74,474 shares of the company's stock valued at $512,000 after buying an additional 15,059 shares during the last quarter. Van ECK Associates Corp boosted its stake in Taseko Mines by 20.4% during the 2nd quarter. Van ECK Associates Corp now owns 396,290 shares of the company's stock worth $2,727,000 after purchasing an additional 67,174 shares during the period. Finally, FNY Investment Advisers LLC acquired a new stake in shares of Taseko Mines during the second quarter worth about $165,000. Institutional investors and hedge funds own 17.94% of the company's stock.

About Taseko Mines

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source