Taseko Mines (NYSEAMERICAN:TGB) Trading 6.9% Higher - What's Next?

Key Points

• Taseko Mines shares jumped 6.9% to about $9.03, although trading volume was roughly 90% below the average session volume.
• Analyst sentiment is generally positive: five analysts rate the stock Buy and one rates it Hold, producing a “Moderate Buy” consensus and a $9.00 average price target.
• Institutional ownership stands at 17.94%, with several major investors—including L1 Capital, Mackenzie Financial, and Bank of America—recently increasing their positions.

Taseko Mines Limited (NYSEAMERICAN:TGB - Get Free Report)'s stock price shot up 6.9% on Tuesday . The company traded as high as $8.99 and last traded at $9.0340. 574,538 shares changed hands during trading, a decline of 90% from the average session volume of 5,994,633 shares. The stock had previously closed at $8.45.

Wall Street Analysts Forecast Growth

TGB has been the subject of several research reports. 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 note on Thursday, August 20th. They set a "buy" rating on the stock. Five analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $9.00.

Taseko Mines Stock Performance

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 stock has a market capitalization of $3.32 billion, a P/E ratio of 454.33 and a beta of 1.35. The stock has a 50 day moving average of $7.87 and a 200 day moving average of $7.40.

Hedge Funds Weigh In On Taseko Mines

Several hedge funds and other institutional investors have recently made changes to their positions in the business. L1 Capital Pty Ltd raised its stake in 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 acquiring an additional 11,066,233 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in shares of Taseko Mines by 11.7% during the third quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 8,126,773 shares of the company's stock valued at $34,376,000 after purchasing an additional 854,016 shares during the period. Mackenzie Financial Corp increased its holdings in shares of Taseko Mines by 78.6% during the fourth quarter. Mackenzie Financial Corp now owns 6,350,898 shares of the company's stock valued at $35,818,000 after purchasing an additional 2,794,210 shares during the period. Renaissance Technologies LLC raised its stake in shares of Taseko Mines by 4.9% during the first quarter. Renaissance Technologies LLC now owns 5,682,070 shares of the company's stock valued at $36,649,000 after purchasing an additional 267,640 shares in the last quarter. Finally, Bank of America Corp DE raised its stake in shares of Taseko Mines by 215.3% during the first 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 in the last quarter. 17.94% of the stock is currently owned by institutional investors and hedge funds.

Taseko Mines Company Profile

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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