Taseko Mines (NYSEAMERICAN:TGB) Shares Down 6.5% - Time to Sell?

Key Points

• Taseko Mines shares fell 6.5% to approximately $8.34, with trading volume significantly below its average. The stock’s 50-day moving average is $8.38, while its 200-day moving average is $7.48.
• Analyst sentiment remains positive overall: five analysts rate the stock a Buy and one rates it a Hold, resulting in a “Moderate Buy” consensus and an average price target of $9.00.
• Institutional ownership stands at 17.94%, with several investment firms increasing their positions during the second quarter. Taseko’s primary asset is the Gibraltar copper and molybdenum mine in British Columbia.

Taseko Mines Limited (NYSEAMERICAN:TGB - Get Free Report) traded down 6.5% on Thursday. The stock traded as low as $8.44 and last traded at $8.3350. Approximately 1,570,607 shares changed hands during trading, a decline of 74% from the average daily volume of 5,947,150 shares. The stock had previously closed at $8.91.

Wall Street Analyst Weigh In

TGB has been the topic of several recent research reports. Zacks Research upgraded Taseko Mines from a "strong sell" rating to a "hold" rating in a report on Monday, June 15th. Jefferies Financial Group initiated coverage on shares of Taseko Mines in a research note on Thursday, August 20th. They set a "buy" rating for the company. Five research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $9.00.

Taseko Mines Stock Down 4.8%

The company has a market cap of $3.10 billion, a P/E ratio of 424.51 and a beta of 1.35. The company has a debt-to-equity ratio of 0.85, a quick ratio of 0.76 and a current ratio of 1.24. The business's fifty day moving average is $8.38 and its two-hundred day moving average is $7.48.

Institutional Inflows and Outflows

Several 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 purchasing an additional 9,900 shares in the last quarter. Susquehanna Advisors Group Inc. purchased a new position in Taseko Mines during the second quarter valued at approximately $615,000. Penn Capital Management Company LLC increased its holdings in Taseko Mines by 25.3% during 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 period. Van ECK Associates Corp raised its stake in Taseko Mines by 20.4% in the second quarter. Van ECK Associates Corp now owns 396,290 shares of the company's stock worth $2,727,000 after buying an additional 67,174 shares in the last quarter. Finally, FNY Investment Advisers LLC bought a new position in Taseko Mines in the second quarter worth approximately $165,000. 17.94% of the stock is currently owned by institutional investors.

About Taseko Mines

Taseko Mines Limited is a Canadian mining company engaged in the acquisition, development, and operation of copper and other mineral properties. The company is headquartered in Vancouver, British Columbia, and its shares trade on the Toronto Stock Exchange under the symbol TKO and on the NYSE American under the symbol TGB.

Taseko's principal asset is the Gibraltar Mine in central British Columbia, one of Canada's largest open-pit copper and molybdenum mines. The operation produces copper concentrate, with molybdenum as a byproduct, and has been in production since the 1970s.

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