Taseko Mines (NYSEAMERICAN:TGB) Shares Up 8.1% - Here's What Happened

Key Points

• Taseko Mines shares rose 8.1% to about $9.37 during Tuesday trading, with 4.58 million shares changing hands.
• Analyst sentiment is generally positive: five analysts rate the stock Buy and one rates it Hold, producing a consensus “Moderate Buy” rating and a $9.00 target price.
• Institutional ownership stands at 17.94%, with several major investors significantly increasing their positions; Taseko operates the Gibraltar copper-molybdenum mine and is advancing its Florence Copper project in Arizona.

Shares of Taseko Mines Limited (NYSEAMERICAN:TGB - Get Free Report) traded up 8.1% during trading on Tuesday . The stock traded as high as $9.31 and last traded at $9.3720. 4,584,108 shares were traded during mid-day trading, a decline of 23% from the average daily volume of 5,963,807 shares. The stock had previously closed at $8.67.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on the stock. Jefferies Financial Group initiated coverage on shares of Taseko Mines in a research report on Thursday, August 20th. They issued a "buy" rating for the company. Zacks Research raised shares of Taseko Mines from a "strong sell" rating to a "hold" rating in a research note on Monday, June 15th. Five equities research 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 stock presently has an average rating of "Moderate Buy" and a consensus target price of $9.00.

Taseko Mines Trading Up 8.0%

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 company has a market capitalization of $3.43 billion, a P/E ratio of 468.83 and a beta of 1.35. The company's fifty day simple moving average is $8.16 and its 200-day simple moving average is $7.40.

Institutional Trading of Taseko Mines

Hedge funds and other institutional investors have recently bought and sold shares of the stock. L1 Capital Pty Ltd boosted its position in Taseko Mines by 45.2% during the fourth quarter. L1 Capital Pty Ltd now owns 35,545,632 shares of the company's stock valued at $201,190,000 after purchasing an additional 11,066,233 shares in the last quarter. Renaissance Technologies LLC boosted its holdings in shares of Taseko Mines by 4.9% in the 1st quarter. Renaissance Technologies LLC now owns 5,682,070 shares of the company's stock valued at $36,649,000 after buying an additional 267,640 shares in the last quarter. Bank of America Corp DE boosted its holdings in shares of Taseko Mines by 215.3% in the 1st quarter. Bank of America Corp DE now owns 4,577,781 shares of the company's stock valued at $29,527,000 after buying an additional 3,125,829 shares in the last quarter. TD Asset Management Inc grew its position in shares of Taseko Mines by 815.7% in the 4th quarter. TD Asset Management Inc now owns 3,635,594 shares of the company's stock worth $20,608,000 after buying an additional 3,238,558 shares during the last quarter. Finally, Montrusco Bolton Investments Inc. raised its stake in shares of Taseko Mines by 23.5% during the 1st quarter. Montrusco Bolton Investments Inc. now owns 3,031,296 shares of the company's stock worth $19,571,000 after acquiring an additional 576,637 shares in the last quarter. Institutional investors own 17.94% of the company's stock.

Taseko Mines Company Profile

Taseko Mines Limited is a Canadian mining company focused primarily on the acquisition, development and operation of copper and molybdenum assets. The company's principal operating asset is the Gibraltar Mine in central British Columbia, which it describes as one of Canada's largest copper-molybdenum mines. Gibraltar produces copper concentrate and molybdenum concentrate for sale to customers and markets.

Taseko also owns and is advancing the Florence Copper project in Arizona. The project is designed to use an in-situ copper recovery process to produce copper cathodes, allowing copper to be extracted from ore without conventional open-pit mining.

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