Taseko Mines (NYSE:TGB) Hits New 1-Year High - Should You Buy?

Key Points

• Taseko Mines Limited shares reached a new 52-week high of $4.33, reflecting a notable increase from the previous close of $4.16, with a trading volume of over 1.1 million shares.
• Analysts have mixed views on TGB, with TD Securities lowering their rating to "hold" but increasing the target price to $5.00, while BMO Capital Markets maintains an "outperform" rating.
• Significant institutional investments have occurred, with hedge funds and investment firms increasing their stakes in Taseko Mines, collectively owning 17.94% of the company’s stock.

Shares of Taseko Mines Limited (NYSE:TGB - Get Free Report) hit a new 52-week high during trading on Wednesday . The stock traded as high as $4.32 and last traded at $4.33, with a volume of 1119904 shares. The stock had previously closed at $4.16.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on TGB shares. TD Securities cut Taseko Mines from a "strong-buy" rating to a "hold" rating and increased their target price for the stock 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 analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $5.00.

Taseko Mines Stock Up 5.6%

The firm has a 50 day simple moving average of $3.48 and a two-hundred day simple moving average of $2.88. The company has a debt-to-equity ratio of 1.48, a current ratio of 1.71 and a quick ratio of 1.05. The stock has a market cap of $1.39 billion, a price-to-earnings ratio of -146.83 and a beta of 1.28.

Institutional Investors Weigh In On Taseko Mines

A number of hedge funds have recently modified their holdings of TGB. L1 Capital Pty Ltd acquired a new stake in Taseko Mines in the 1st quarter valued at approximately $28,243,000. JPMorgan Chase & Co. boosted its stake in shares of Taseko Mines by 261.5% during the 2nd 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 period. Connor Clark & Lunn Investment Management Ltd. boosted its stake in shares of Taseko Mines by 21.7% during the 1st 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 period. Mackenzie Financial Corp boosted its stake in shares of Taseko Mines by 973.6% during the 2nd quarter. Mackenzie Financial Corp now owns 1,604,572 shares of the company's stock worth $5,070,000 after acquiring an additional 1,455,117 shares during the period. Finally, Bank of America Corp DE boosted its stake in shares of Taseko Mines by 67.0% during the 2nd quarter. Bank of America Corp DE now owns 1,868,650 shares of the company's stock worth $5,886,000 after acquiring an additional 749,390 shares during the period. Institutional investors and hedge funds own 17.94% of the company's stock.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.