Taseko Mines Limited (NYSE:TGB) Short Interest Down 30.7% in August

Key Points

• Taseko Mines Limited (NYSE:TGB) experienced a significant decline in short interest by 30.7% in August, bringing total short interest to 6,940,000 shares as of August 31st.
• Research analysts have mixed ratings on TGB, with BMO Capital Markets maintaining an "outperform" rating, while TD Securities downgraded the stock from "strong-buy" to "hold", raising the target price to $5.00.
• The stock is currently priced at $3.66 after trading down 0.1%, with a market capitalization of $1.16 billion and a PE ratio of -121.83.

Taseko Mines Limited (NYSE:TGB - Get Free Report) was the recipient of a large decrease in short interest during the month of August. As of August 31st, there was short interest totaling 6,940,000 shares, a decrease of 30.7% from the August 15th total of 10,010,000 shares. Based on an average daily volume of 7,190,000 shares, the short-interest ratio is currently 1.0 days. Approximately 2.3% of the shares of the company are short sold. Approximately 2.3% of the shares of the company are short sold. Based on an average daily volume of 7,190,000 shares, the short-interest ratio is currently 1.0 days.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on TGB. TD Securities cut shares of Taseko Mines from a "strong-buy" rating to a "hold" rating and increased their price objective for the company from $3.50 to $5.00 in a report on Wednesday, July 16th. BMO Capital Markets reiterated an "outperform" rating on shares of Taseko Mines in a report on Friday, August 8th. Two 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 an average price target of $5.00.

Taseko Mines Stock Up 2.7%

Shares of TGB traded up $0.10 during mid-day trading on Friday, hitting $3.76. 4,021,452 shares of the company's stock were exchanged, compared to its average volume of 9,255,451. The firm has a fifty day moving average of $3.31 and a two-hundred day moving average of $2.73. Taseko Mines has a twelve month low of $1.67 and a twelve month high of $3.77. The stock has a market cap of $1.19 billion, a price-to-earnings ratio of -125.33 and a beta of 1.18. The company has a quick ratio of 1.05, a current ratio of 1.71 and a debt-to-equity ratio of 1.48.

Hedge Funds Weigh In On Taseko Mines

A number of hedge funds and other institutional investors have recently made changes to their positions in TGB. L1 Capital Pty Ltd raised its stake in shares of Taseko Mines by 64.0% in the second quarter. L1 Capital Pty Ltd now owns 20,681,607 shares of the company's stock worth $65,148,000 after acquiring an additional 8,072,986 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. raised its stake in shares of Taseko Mines by 21.7% in the first quarter. Connor Clark & Lunn Investment Management Ltd. now owns 11,319,863 shares of the company's stock worth $25,333,000 after acquiring an additional 2,018,397 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in shares of Taseko Mines by 2.8% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 11,022,109 shares of the company's stock worth $24,789,000 after acquiring an additional 296,508 shares during the last quarter. JPMorgan Chase & Co. raised its stake in shares of Taseko Mines by 261.5% in the second quarter. JPMorgan Chase & Co. now owns 4,019,297 shares of the company's stock worth $12,661,000 after acquiring an additional 2,907,611 shares during the last quarter. Finally, TD Asset Management Inc raised its stake in shares of Taseko Mines by 22.2% in the first quarter. TD Asset Management Inc now owns 4,003,547 shares of the company's stock worth $8,957,000 after acquiring an additional 728,241 shares during the last quarter. 17.94% of the stock is owned by institutional investors.

About Taseko Mines

Taseko Mines Limited, a mining company, acquires, develops, and operates mineral properties. It explores for copper, molybdenum, gold, niobium, and silver deposits. The company's principal asset comprises 100% interest owned the Gibraltar mine located in British Columbia. It also holds interest in the Yellowhead copper project, the Aley niobium project, and the New Prosperity gold and copper project located in British Columbia; and the Florence copper project located in Arizona.