Taseko Mines (NYSEAMERICAN:TGB) Stock Falls 4.7% - What's Next?

Key Points

• Taseko Mines shares fell 4.7% to about $8.55 in Friday midday trading, with volume down sharply versus the stock’s average daily activity.
• Analyst sentiment remains favorable: five analysts rate the stock a Buy and one rates it Hold, resulting in a “Moderate Buy” consensus and a $9.00 average price target.
• Institutional ownership stands at 17.94%, with several major investors—including L1 Capital, Bank of America, and TD Asset Management—recently increasing their positions.

Taseko Mines Limited (NYSEAMERICAN:TGB - Get Free Report) was down 4.7% on Friday. The company traded as low as $8.64 and last traded at $8.5470. Approximately 554,436 shares traded hands during mid-day trading, a decline of 91% from the average daily volume of 5,947,223 shares. The stock had previously closed at $8.97.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on the company. Zacks Research upgraded Taseko Mines from a "strong sell" rating to a "hold" rating in a research report on Monday, June 15th. Jefferies Financial Group began coverage on shares of Taseko Mines in a research note on Thursday, August 20th. They issued a "buy" rating for the company. Five equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $9.00.

Taseko Mines Stock Performance

The company's 50-day moving average price is $8.26 and its 200 day moving average price is $7.43. The stock has a market capitalization of $3.14 billion, a PE ratio of 430.47 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.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of TGB. L1 Capital Pty Ltd lifted its holdings in shares of Taseko Mines by 45.2% during the 4th quarter. L1 Capital Pty Ltd now owns 35,545,632 shares of the company's stock valued at $201,190,000 after buying an additional 11,066,233 shares during the period. Renaissance Technologies LLC boosted its position in Taseko Mines by 4.9% in the first quarter. Renaissance Technologies LLC now owns 5,682,070 shares of the company's stock worth $36,649,000 after purchasing an additional 267,640 shares during the last quarter. Bank of America Corp DE grew its stake in shares of Taseko Mines by 215.3% during 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 purchasing an additional 3,125,829 shares during the period. TD Asset Management Inc lifted its stake 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 purchasing an additional 3,238,558 shares during the period. Finally, Montrusco Bolton Investments Inc. boosted its holdings in shares of Taseko Mines by 23.5% in the first quarter. Montrusco Bolton Investments Inc. now owns 3,031,296 shares of the company's stock worth $19,571,000 after buying an additional 576,637 shares during the last quarter. 17.94% of the stock is owned by institutional investors.

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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