Taseko Mines (TSE:TKO) Sets New 12-Month High - Here's Why

Key Points

• Taseko Mines Ltd. achieved a new 52-week high, trading at C$5.10, with a recent close of C$4.98 and a trading volume of 516,766 shares.
• Brokerages have raised their price target for Taseko, with Paradigm Capital and National Bankshares both setting it at C$5.25, while TD Securities raised theirs to C$5.00 but downgraded the rating to "hold."
• Insider transactions show that significant share sales occurred, including 49,000 shares sold by insiders in the last quarter, representing 2.58% of the stock owned by corporate insiders.

Taseko Mines Ltd. (TSE:TKO - Get Free Report) hit a new 52-week high on Monday . The stock traded as high as C$5.10 and last traded at C$4.98, with a volume of 516766 shares. The stock had previously closed at C$4.94.

Analyst Ratings Changes

Several equities research analysts recently weighed in on the company. TD Securities downgraded Taseko Mines from a "strong-buy" rating to a "hold" rating and increased their price target for the stock from C$3.50 to C$5.00 in a report on Wednesday, July 16th. National Bankshares increased their price target on Taseko Mines from C$4.50 to C$5.25 and gave the stock an "outperform" rating in a report on Tuesday, June 24th. Finally, Paradigm Capital increased their price target on Taseko Mines from C$4.50 to C$5.25 and gave the stock a "buy" rating in a report on Monday, July 7th. One research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Buy" and a consensus target price of C$5.17.

Taseko Mines Price Performance

The company has a 50-day simple moving average of C$4.56 and a 200-day simple moving average of C$3.78. The stock has a market cap of C$1.64 billion, a PE ratio of -51.70 and a beta of 1.31.

Insiders Place Their Bets

In other news, Senior Officer Trevor Thomas sold 35,000 shares of the firm's stock in a transaction on Thursday, July 10th. The stock was sold at an average price of C$4.92, for a total value of C$172,200.00. Also, Senior Officer Richard James Weymark sold 34,000 shares of the firm's stock in a transaction on Thursday, July 10th. The shares were sold at an average price of C$4.91, for a total value of C$166,940.00. Over the last three months, insiders have sold 335,100 shares of company stock worth $1,615,950. 2.58% of the stock is owned by insiders.

Taseko Mines Company Profile

Taseko Mines Ltd is a Canadian mining company. It is principally engaged in the production and sale of metals, as well as related activities, including exploration and mine development, within the province of British Columbia, Canada, and the State of Arizona, the United States. The Gibraltar, Aley, New Prosperity, and Harmony properties are located in British Columbia whereas Florence copper is in central Arizona.