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

Key Points

• Taseko Mines shares fell sharply, opening at $8.37 versus a prior close of $8.93 and last trading near $8.18 on elevated volume.
• Analyst sentiment remains favorable despite the decline: five analysts rate the stock Buy and one rates it Hold, producing a “Moderate Buy” consensus with an average price target of $9.00.
• The company has a $2.95 billion market capitalization, but its valuation is elevated at a P/E ratio of 402.95; institutional investors own 17.94% of outstanding shares.

Taseko Mines Limited (NYSEAMERICAN:TGB - Get Free Report) shares gapped down prior to trading on Thursday . The stock had previously closed at $8.93, but opened at $8.37. Taseko Mines shares last traded at $8.1760, with a volume of 856,518 shares.

Wall Street Analyst Weigh In

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

Taseko Mines Price Performance

The company has a debt-to-equity ratio of 0.85, a current ratio of 1.24 and a quick ratio of 0.76. The firm has a fifty day moving average of $7.95 and a two-hundred day moving average of $7.41. The stock has a market capitalization of $2.95 billion, a P/E ratio of 402.95 and a beta of 1.35.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the company. Deutsche Bank AG lifted its position in Taseko Mines by 5.8% in the fourth quarter. Deutsche Bank AG now owns 23,956 shares of the company's stock valued at $136,000 after acquiring an additional 1,322 shares during the last quarter. Vanguard Personalized Indexing Management LLC increased its position in Taseko Mines by 1.9% during the 4th quarter. Vanguard Personalized Indexing Management LLC now owns 87,543 shares of the company's stock worth $495,000 after purchasing an additional 1,642 shares during the period. Parallel Advisors LLC raised its stake in shares of Taseko Mines by 22.6% during the 4th quarter. Parallel Advisors LLC now owns 11,049 shares of the company's stock worth $63,000 after buying an additional 2,035 shares in the last quarter. Global IMC LLC raised its stake in shares of Taseko Mines by 8.9% during the 4th quarter. Global IMC LLC now owns 40,538 shares of the company's stock worth $230,000 after buying an additional 3,320 shares in the last quarter. Finally, The Manufacturers Life Insurance Company lifted its holdings in shares of Taseko Mines by 1.2% in the 1st quarter. The Manufacturers Life Insurance Company now owns 333,210 shares of the company's stock valued at $2,156,000 after buying an additional 4,106 shares during the period. 17.94% of the stock is currently owned by institutional investors and hedge funds.

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.

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