Taseko Mines (NYSEAMERICAN:TGB) Hits New 52-Week High - Here's What Happened

Key Points

• Taseko Mines shares reached a new 52-week high, trading as high as $9.27 and closing near $9.25, up 2.9% from the prior close of $8.69.
• Analyst sentiment is favorable, with five Buy ratings and one Hold rating giving the stock a consensus “Moderate Buy” rating and a $9.00 target price.
• Several institutional investors increased their holdings substantially, though institutional ownership remains relatively modest at 17.94% of outstanding shares.

Taseko Mines Limited (NYSEAMERICAN:TGB - Get Free Report)'s stock price hit a new 52-week high during trading on Friday . The stock traded as high as $9.27 and last traded at $9.25, with a volume of 1424806 shares. The stock had previously closed at $8.69.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on TGB shares. Jefferies Financial Group initiated coverage on shares of Taseko Mines in a research note on Thursday. They issued a "buy" rating on the stock. Cantor Fitzgerald raised Taseko Mines from a "buy" rating to a "buy" rating and set a $9.00 price target on the stock in a research note on Thursday, May 7th. Finally, Zacks Research upgraded Taseko Mines from a "strong sell" rating to a "hold" rating in a research report on Monday, June 15th. Five analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $9.00.

Taseko Mines Trading Up 2.9%

The company has a fifty day simple moving average of $7.41 and a two-hundred day simple moving average of $7.33. The company has a quick ratio of 0.76, a current ratio of 1.24 and a debt-to-equity ratio of 0.85. The stock has a market capitalization of $3.27 billion, a P/E ratio of 447.22 and a beta of 1.31.

Institutional Trading of Taseko Mines

Large investors have recently bought and sold shares of the business. L1 Capital Pty Ltd increased its position in shares of Taseko Mines by 45.2% during the fourth quarter. L1 Capital Pty Ltd now owns 35,545,632 shares of the company's stock worth $201,190,000 after acquiring an additional 11,066,233 shares in the last quarter. TD Asset Management Inc lifted its position in Taseko Mines by 815.7% in the 4th quarter. TD Asset Management Inc now owns 3,635,594 shares of the company's stock valued at $20,608,000 after acquiring an additional 3,238,558 shares in the last quarter. Bank of America Corp DE lifted its position in 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 acquiring an additional 3,125,829 shares in the last quarter. Mackenzie Financial Corp boosted its stake in Taseko Mines by 78.6% in the 4th quarter. Mackenzie Financial Corp now owns 6,350,898 shares of the company's stock worth $35,818,000 after purchasing an additional 2,794,210 shares during the period. Finally, Hatch Cove Capital LLC acquired a new position in Taseko Mines in the 4th quarter worth $14,773,000. 17.94% of the stock is owned by institutional investors.

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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