Taseko Mines (NYSEAMERICAN:TGB) Stock Price Breaks Above Two Hundred Day Moving Average - Here's Why

Key Points

• Taseko Mines shares rose 2.5%, trading as high as $7.75 and closing near $7.65, moving above the stock’s 200-day moving average of $7.60.
• Analyst sentiment is favorable: Jefferies initiated coverage with a “Buy” rating, contributing to a consensus “Moderate Buy” rating and an average price target of $9.00.
• Institutional investors own 17.94% of the company, while Taseko’s core business centers on its Gibraltar copper-molybdenum mine and development projects including Florence Copper and Yellowhead.

Taseko Mines Limited (NYSEAMERICAN:TGB - Get Free Report)'s share price passed above its 200-day moving average during trading on Monday. The stock has a 200-day moving average of $7.60 and traded as high as $7.75. Taseko Mines shares last traded at $7.65, with a volume of 3,334,992 shares.

Analysts Set New Price Targets

Separately, Jefferies Financial Group assumed coverage on Taseko Mines in a research note on Thursday, August 20th. They set a "buy" rating for the company. Five analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $9.00.

Taseko Mines Stock Up 2.5%

The company has a current ratio of 1.24, a quick ratio of 0.76 and a debt-to-equity ratio of 0.85. The firm has a market capitalization of $2.80 billion, a price-to-earnings ratio of 382.69 and a beta of 1.41. The business's fifty day moving average price is $8.55 and its 200 day moving average price is $7.60.

Hedge Funds Weigh In On Taseko Mines

A number of large investors have recently bought and sold shares of the company. Farther Finance Advisors LLC grew its position in shares of Taseko Mines by 1.2% in the third quarter. Farther Finance Advisors LLC now owns 133,253 shares of the company's stock valued at $1,187,000 after purchasing an additional 1,579 shares during the period. Signaturefd LLC grew its stake in shares of Taseko Mines by 7.8% during the 3rd quarter. Signaturefd LLC now owns 44,479 shares of the company's stock valued at $396,000 after buying an additional 3,237 shares during the period. The Manufacturers Life Insurance Company grew its stake in shares of Taseko Mines by 1.2% during 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. Pictet Asset Management Holding SA increased its holdings in shares of Taseko Mines by 8.0% during the 1st quarter. Pictet Asset Management Holding SA now owns 72,046 shares of the company's stock worth $465,000 after buying an additional 5,306 shares during the last quarter. Finally, TD Waterhouse Canada Inc. increased its holdings in shares of Taseko Mines by 5.5% during the 2nd quarter. TD Waterhouse Canada Inc. now owns 190,808 shares of the company's stock worth $1,338,000 after buying an additional 9,900 shares during the last quarter. Hedge funds and other institutional investors own 17.94% of the company's stock.

About Taseko Mines

Taseko Mines Limited is a Canadian mining company focused on the acquisition, development and operation of copper and other mineral properties. The company's primary producing asset is the Gibraltar Mine in British Columbia, one of Canada's largest open-pit copper-molybdenum mines. Taseko operates Gibraltar in partnership with Cariboo Copper Corp.

The company also holds interests in several development-stage projects. These include the Florence Copper project in Arizona, which is designed to produce copper through an in-situ recovery process, and the Yellowhead copper, gold and silver project in British Columbia.

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