Taseko Mines (NYSE:TGB) Stock Price Down 5.2% - Time to Sell?

Key Points

• Taseko Mines Ltd. shares fell 5.2% to $4.43, with trading volume declining 67% from the average, indicating decreased market interest.
• Analysts have mixed sentiments, with TD Securities downgrading the stock to a "hold" rating but raising the price target to $5.00, while the company maintains a consensus rating of "Moderate Buy."
• Institutional investors show growing interest, with L1 Capital boosting its stake by 64% during the second quarter, reflecting potential confidence in the company's prospects.

Shares of Taseko Mines Limited (NYSE:TGB - Get Free Report) traded down 5.2% on Tuesday . The stock traded as low as $4.39 and last traded at $4.43. 2,893,392 shares changed hands during trading, a decline of 67% from the average session volume of 8,896,523 shares. The stock had previously closed at $4.67.

Analysts Set New Price Targets

Several research analysts recently weighed in on the company. TD Securities cut Taseko Mines from a "strong-buy" rating to a "hold" rating and lifted their price target for the company from $3.50 to $5.00 in a research report on Wednesday, July 16th. BMO Capital Markets restated an "outperform" rating on shares of Taseko Mines in a research report on Friday, August 8th. Two investment analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $5.00.

Taseko Mines Price Performance

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 stock has a 50 day moving average price of $3.59 and a 200-day moving average price of $2.95. The stock has a market capitalization of $1.39 billion, a price-to-earnings ratio of -146.33 and a beta of 1.28.

Institutional Trading of Taseko Mines

A number of institutional investors have recently made changes to their positions in the company. L1 Capital Pty Ltd boosted its stake in shares of Taseko Mines by 64.0% in the second quarter. L1 Capital Pty Ltd now owns 20,681,607 shares of the company's stock worth $65,148,000 after acquiring an additional 8,072,986 shares during the last quarter. State of Wyoming acquired a new position in Taseko Mines during the second quarter worth $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 worth $2,028,000 after buying an additional 188,590 shares during the last quarter. Man Group plc acquired a new position in Taseko Mines during the second quarter worth $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 worth $1,740,000 after buying an additional 278,241 shares during 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.

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