Taseko Mines (NYSEAMERICAN:TGB) Shares Up 6.6% - Should You Buy?

Key Points

• Taseko Mines shares rose 6.6% to approximately $8.86, though trading volume was about 85% below the stock’s average session volume.
• Analyst sentiment is broadly positive: five analysts rate the stock Buy and one rates it Hold, producing a “Moderate Buy” consensus and a $9.00 price target.
• Taseko operates the Gibraltar copper and molybdenum mine in British Columbia; institutional investors and hedge funds own 17.94% of the company.

Taseko Mines Limited (NYSEAMERICAN:TGB - Get Free Report) shares were up 6.6% on Friday. The stock traded as high as $8.79 and last traded at $8.8550. 911,347 shares traded hands during trading, a decline of 85% from the average session volume of 5,901,792 shares. The stock had previously closed at $8.31.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on TGB shares. Jefferies Financial Group assumed coverage on shares of Taseko Mines in a research report on Thursday, August 20th. They issued a "buy" rating on the stock. Zacks Research upgraded Taseko Mines from a "strong sell" rating to a "hold" rating in a research report on Monday, June 15th. Five investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $9.00.

Taseko Mines Trading Up 7.0%

The company has a quick ratio of 0.76, a current ratio of 1.24 and a debt-to-equity ratio of 0.85. The firm has a market cap of $3.25 billion, a price-to-earnings ratio of 443.97 and a beta of 1.41. The company's 50-day moving average price is $8.58 and its 200-day moving average price is $7.58.

Hedge Funds Weigh In On Taseko Mines

A number of institutional investors have recently modified their holdings of TGB. Caitong International Asset Management Co. Ltd purchased a new stake in Taseko Mines during the fourth quarter worth about $51,000. CHICAGO TRUST Co NA acquired a new position in Taseko Mines during the first quarter worth about $67,000. First United Bank & Trust purchased a new position in shares of Taseko Mines during the 1st quarter worth approximately $79,000. FNY Investment Advisers LLC acquired a new position in shares of Taseko Mines during the 2nd quarter worth approximately $165,000. Finally, Rehmann Capital Advisory Group purchased a new stake in Taseko Mines in the 4th quarter valued at approximately $283,000. 17.94% of the stock is owned by institutional investors and hedge funds.

Taseko Mines Company Profile

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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