Taseko Mines (NYSE:TGB) Reaches New 12-Month High - Still a Buy?

Key Points

• Taseko Mines Limited (NYSE:TGB) reached a new 12-month high of $4.21, reflecting positive trading momentum with a volume of 946,587 shares.
• Analysts have varying perspectives, with TD Securities lowering its rating to "hold" while BMO Capital Markets maintains an "outperform" rating, resulting in an average price target of $5.00.
• Institutional investors have shown increased interest, with L1 Capital Pty Ltd raising its stake by 64.0% recently, indicating growing confidence in the company's prospects.

Shares of Taseko Mines Limited (NYSE:TGB - Get Free Report) reached a new 52-week high during mid-day trading on Monday . The stock traded as high as $4.21 and last traded at $4.21, with a volume of 946587 shares changing hands. The stock had previously closed at $4.05.

Wall Street Analyst Weigh In

TGB has been the topic of several analyst reports. TD Securities lowered 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 research report on Wednesday, July 16th. BMO Capital Markets reaffirmed an "outperform" rating on shares of Taseko Mines in a research report on Friday, August 8th. Two research analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $5.00.

Taseko Mines Price Performance

The company has a market capitalization of $1.33 billion, a price-to-earnings ratio of -140.17 and a beta of 1.18. 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 business has a fifty day moving average price of $3.37 and a 200 day moving average price of $2.80.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the business. L1 Capital Pty Ltd increased its holdings in shares of Taseko Mines by 64.0% during the second quarter. L1 Capital Pty Ltd now owns 20,681,607 shares of the company's stock valued at $65,148,000 after purchasing an additional 8,072,986 shares during the period. State of Wyoming bought a new position in Taseko Mines during the second quarter valued at about $81,000. CANADA LIFE ASSURANCE Co boosted its stake in Taseko Mines by 39.9% during the second quarter. CANADA LIFE ASSURANCE Co now owns 660,680 shares of the company's stock valued at $2,028,000 after buying an additional 188,590 shares in the last quarter. Man Group plc bought a new position in Taseko Mines during the second quarter valued at about $550,000. Finally, BNP Paribas Financial Markets boosted its stake in Taseko Mines by 101.5% during the second quarter. BNP Paribas Financial Markets now owns 552,375 shares of the company's stock valued at $1,740,000 after buying an additional 278,241 shares in the last quarter. 17.94% of the stock is owned by institutional investors and hedge funds.

Taseko Mines Company Profile

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.