Traders Buy Large Volume of Call Options on Taseko Mines (NYSE:TGB)

Key Points

• Traders purchased a significant volume of 4,083 call options for Taseko Mines, marking a 140% increase from the typical daily trading volume.
• Institutional investors now own 17.94% of Taseko Mines, with notable stakes acquired by Two Sigma Investments and Cambridge Investment Research Advisors.
• Taseko Mines shares rose by 9.2% to $4.09, and analysts have issued a Moderate Buy rating with a target price of $5.00 after recent upgrades and downgrades.

Taseko Mines Limited (NYSE:TGB - Get Free Report) saw some unusual options trading activity on Wednesday. Traders acquired 4,083 call options on the company. This represents an increase of 140% compared to the typical daily volume of 1,699 call options.

Institutional Trading of Taseko Mines

Several hedge funds have recently modified their holdings of the stock. Two Sigma Investments LP increased its stake 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 in the last quarter. Cambridge Investment Research Advisors Inc. increased its stake 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 in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake 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 in the last quarter. Dynamic Advisor Solutions LLC bought a new stake in Taseko Mines during the 1st quarter valued at $258,000. Finally, Nuveen LLC bought a new stake in Taseko Mines during the 1st quarter valued at $659,000. Institutional investors own 17.94% of the company's stock.

Taseko Mines Trading Up 9.2%

Shares of NYSE TGB traded up $0.35 during midday trading on Wednesday, reaching $4.09. The stock had a trading volume of 4,234,580 shares, compared to its average volume of 9,146,989. The firm has a market cap of $1.29 billion, a price-to-earnings ratio of -136.17 and a beta of 1.18. Taseko Mines has a twelve month low of $1.67 and a twelve month high of $4.21. The company has a debt-to-equity ratio of 1.48, a quick ratio of 1.05 and a current ratio of 1.71. The company's 50 day moving average price is $3.32 and its 200 day moving average price is $2.76.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on TGB. TD Securities downgraded shares of Taseko Mines from a "strong-buy" rating to a "hold" rating and raised their price target for the company from $3.50 to $5.00 in a research note on Wednesday, July 16th. BMO Capital Markets reiterated an "outperform" rating on shares of Taseko Mines in a research report on Friday, August 8th. Two analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat.com, Taseko Mines currently has an average rating of "Moderate Buy" and an average target price of $5.00.

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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