Taseko Mines (NYSE:TGB) Stock Price 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.

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

Analysts Set New Price Targets

Several equities analysts have recently weighed in on TGB shares. Wall Street Zen lowered shares of Taseko Mines from a "hold" rating to a "sell" rating in a research report on Tuesday, May 13th. TD Securities cut shares of Taseko Mines from a "strong-buy" rating to a "hold" rating and raised their target price for the stock from $3.50 to $5.00 in a research note on Wednesday, July 16th.

Taseko Mines Trading Down 0.8%

The business's 50 day moving average price is $3.02 and its 200-day moving average price is $2.42. 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 company has a market cap of $961.93 million, a price-to-earnings ratio of -101.50 and a beta of 1.42.

Hedge Funds Weigh In On Taseko Mines

A number of hedge funds have recently bought and sold shares of the business. Ingalls & Snyder LLC increased its position in Taseko Mines by 12.1% during the second quarter. Ingalls & Snyder LLC now owns 98,236 shares of the company's stock worth $309,000 after acquiring an additional 10,600 shares during the period. Carrera Capital Advisors bought a new position in Taseko Mines in the 2nd quarter valued at about $2,207,000. Vanguard Personalized Indexing Management LLC increased its holdings in Taseko Mines by 26.2% in the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 87,513 shares of the company's stock valued at $276,000 after buying an additional 18,152 shares during the period. Verde Servicos Internacionais S.A. bought a new position in Taseko Mines in the 2nd quarter valued at about $693,000. Finally, Sowell Financial Services LLC increased its holdings in Taseko Mines by 8.7% in the 2nd quarter. Sowell Financial Services LLC now owns 62,331 shares of the company's stock valued at $196,000 after buying an additional 5,000 shares during the period. 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.