Taseko Mines (NYSE:TGB) Shares Down 11.8% - What's Next?

Key Points

• Taseko Mines Limited shares fell by 11.8% on Wednesday, trading at a low of $3.02, with a last traded price of $2.97.
• Analysts have downgraded Taseko Mines, with TD Securities changing its rating from **strong-buy** to **hold** and Wall Street Zen downgrading to **sell**.
• Institutional investors own 17.94% of Taseko Mines, with Vanguard and others increasing their stakes in the second quarter.

Taseko Mines Limited (NYSE:TGB - Get Free Report)'s stock price traded down 11.8% on Wednesday . The company traded as low as $3.02 and last traded at $2.97. 10,491,601 shares traded hands during trading, a decline of 1% from the average session volume of 10,650,654 shares. The stock had previously closed at $3.36.

Analyst Ratings Changes

TGB has been the subject of a number of recent research reports. Wall Street Zen downgraded Taseko Mines from a "hold" rating to a "sell" rating in a research note on Tuesday, May 13th. TD Securities lowered shares of Taseko Mines from a "strong-buy" rating to a "hold" rating and raised their price objective for the company from $3.50 to $5.00 in a research report on Wednesday, July 16th.

Taseko Mines Trading Up 0.3%

The company has a quick ratio of 1.05, a current ratio of 1.71 and a debt-to-equity ratio of 1.48. The firm has a market capitalization of $974.74 million, a price-to-earnings ratio of -102.67 and a beta of 1.42. The business has a 50-day moving average of $3.04 and a two-hundred day moving average of $2.43.

Institutional Investors Weigh In On Taseko Mines

Several hedge funds and other institutional investors have recently made changes to their positions in TGB. Ingalls & Snyder LLC increased its position in shares of Taseko Mines by 12.1% in the 2nd quarter. Ingalls & Snyder LLC now owns 98,236 shares of the company's stock valued at $309,000 after buying an additional 10,600 shares in the last quarter. Carrera Capital Advisors bought a new stake in shares of Taseko Mines in the second quarter worth about $2,207,000. Vanguard Personalized Indexing Management LLC increased its holdings in shares of Taseko Mines by 26.2% in the second quarter. Vanguard Personalized Indexing Management LLC now owns 87,513 shares of the company's stock worth $276,000 after acquiring an additional 18,152 shares in the last quarter. Verde Servicos Internacionais S.A. acquired a new stake in shares of Taseko Mines during the second quarter worth about $693,000. Finally, Sowell Financial Services LLC lifted its holdings in shares of Taseko Mines by 8.7% during the 2nd quarter. Sowell Financial Services LLC now owns 62,331 shares of the company's stock valued at $196,000 after purchasing an additional 5,000 shares in the last quarter. 17.94% of the stock is 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.