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

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)'s stock price hit a new 52-week high during trading on Monday . The stock traded as high as $3.69 and last traded at $3.66, with a volume of 1624492 shares changing hands. The stock had previously closed at $3.55.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on TGB. TD Securities downgraded shares of Taseko Mines from a "strong-buy" rating to a "hold" rating and boosted their target price for the company from $3.50 to $5.00 in a research note on Wednesday, July 16th. BMO Capital Markets restated an "outperform" rating on shares of Taseko Mines in a research note on Friday, August 8th. Two analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat, Taseko Mines currently has an average rating of "Moderate Buy" and a consensus price target of $5.00.

Taseko Mines Trading Up 2.7%

The company's 50-day moving average is $3.31 and its 200-day moving average is $2.73. The firm has a market cap of $1.19 billion, a price-to-earnings ratio of -125.33 and a beta of 1.18. The company has a debt-to-equity ratio of 1.48, a quick ratio of 1.05 and a current ratio of 1.71.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. Two Sigma Investments LP lifted its position in Taseko Mines by 6.3% during the 4th quarter. Two Sigma Investments LP now owns 998,760 shares of the company's stock valued at $1,938,000 after purchasing an additional 59,537 shares during the period. Cambridge Investment Research Advisors Inc. lifted its position in Taseko Mines by 186.0% during the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 79,957 shares of the company's stock valued at $179,000 after purchasing an additional 52,000 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in 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 purchasing an additional 296,508 shares during the period. Dynamic Advisor Solutions LLC acquired a new position in Taseko Mines during the 1st quarter valued at about $258,000. Finally, Nuveen LLC acquired a new position in Taseko Mines during the 1st quarter valued at about $659,000. 17.94% of the stock is currently owned by institutional investors and hedge funds.

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.