Taseko Mines (NYSE:TGB) Sets New 1-Year High - Here's What Happened

Key Points

• Taseko Mines Limited (NYSE:TGB) shares reached a new 52-week high of $3.69 with a trading volume of over 1.6 million shares on Monday.
• Equities analysts have generally rated TGB shares as a "Moderate Buy," with an average price target of $5.00, although TD Securities downgraded it from "strong-buy" to "hold."
• Several hedge funds significantly increased their holdings in Taseko Mines, including JPMorgan Chase & Co., which raised its position by 261.5% in the second quarter.

Taseko Mines Limited (NYSE:TGB - Get Free Report) shares hit a new 52-week high on Monday . The company traded as high as $3.69 and last traded at $3.66, with a volume of 1624492 shares trading hands. The stock had previously closed at $3.55.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on TGB shares. BMO Capital Markets reaffirmed an "outperform" rating on shares of Taseko Mines in a report on Friday, August 8th. TD Securities lowered shares of Taseko Mines from a "strong-buy" rating to a "hold" rating and upped their price target for the company from $3.50 to $5.00 in a research report on Wednesday, July 16th. Two equities research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $5.00.

Taseko Mines Stock Performance

The company has a market cap of $1.16 billion, a PE ratio of -122.00 and a beta of 1.18. The company has a current ratio of 1.71, a quick ratio of 1.05 and a debt-to-equity ratio of 1.48. The business's 50 day moving average is $3.29 and its two-hundred day moving average is $2.68.

Hedge Funds Weigh In On Taseko Mines

Several hedge funds have recently bought and sold shares of the business. L1 Capital Pty Ltd purchased a new position in Taseko Mines during the 1st quarter valued at about $28,243,000. JPMorgan Chase & Co. raised its holdings 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 buying an additional 2,907,611 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. increased 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 period. Mackenzie Financial Corp lifted its holdings in Taseko Mines by 973.6% in the second quarter. Mackenzie Financial Corp now owns 1,604,572 shares of the company's stock valued at $5,070,000 after acquiring an additional 1,455,117 shares during the period. Finally, Bank of America Corp DE boosted its position in Taseko Mines by 67.0% during the second quarter. Bank of America Corp DE now owns 1,868,650 shares of the company's stock worth $5,886,000 after purchasing an additional 749,390 shares in the last quarter. Institutional investors own 17.94% of the company's stock.

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.

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