Taseko Mines (NYSE:TGB) Sets New 1-Year High - Time to Buy?

Key Points

• Taseko Mines Limited (NYSE:TGB) reached a new 52-week high with shares trading at $3.77, after previously closing at $3.76.
• Analyst ratings show a shift, with TD Securities downgrading TGB from "strong-buy" to "hold," while BMO Capital Markets maintained an "outperform" rating, leading to a consensus price target of $5.00.
• The company has a market cap of $1.19 billion, with significant institutional trading activity, including a notable 88.2% increase in holdings by Deutsche Bank AG during the past quarter.

Taseko Mines Limited (NYSE:TGB - Get Free Report) shares reached a new 52-week high during trading on Monday . The company traded as high as $3.77 and last traded at $3.74, with a volume of 88054 shares changing hands. The stock had previously closed at $3.76.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on TGB. TD Securities downgraded Taseko Mines from a "strong-buy" rating to a "hold" rating and upped their target price 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 research 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's stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $5.00.

Taseko Mines Stock Performance

The business has a 50 day moving average price of $3.32 and a 200 day moving average price of $2.75. 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 capitalization of $1.21 billion, a PE ratio of -126.83 and a beta of 1.18.

Hedge Funds Weigh In On Taseko Mines

A number of institutional investors have recently bought and sold shares of TGB. Two Sigma Investments LP raised its stake in shares of Taseko Mines by 6.3% in the fourth quarter. Two Sigma Investments LP now owns 998,760 shares of the company's stock worth $1,938,000 after buying an additional 59,537 shares during the period. Cambridge Investment Research Advisors Inc. increased its stake in shares of Taseko Mines by 186.0% in the first quarter. Cambridge Investment Research Advisors Inc. now owns 79,957 shares of the company's stock worth $179,000 after purchasing an additional 52,000 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in shares of Taseko Mines by 2.8% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 11,022,109 shares of the company's stock valued at $24,789,000 after buying an additional 296,508 shares in the last quarter. Dynamic Advisor Solutions LLC bought a new stake in Taseko Mines during the first quarter valued at about $258,000. Finally, Nuveen LLC bought a new position in shares of Taseko Mines in the first quarter worth about $659,000. 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.