Taseko Mines (NYSEAMERICAN:TGB) Trading Down 9.8% – Here’s What Happened

Taseko Mines Limited (NYSEAMERICAN:TGB)’s stock price traded down 9.8% during trading on Friday . The stock traded as low as $6.90 and last traded at $6.8750. 2,167,654 shares were traded during trading, a decline of 66% from the average session volume of 6,444,085 shares. The stock had previously closed at $7.62.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on the stock. TD Securities reiterated a “buy” rating on shares of Taseko Mines in a research note on Monday, February 23rd. Canaccord Genuity Group lifted their target price on shares of Taseko Mines from C$13.50 to C$14.00 and gave the company a “buy” rating in a research report on Tuesday, April 21st. Cantor Fitzgerald upgraded shares of Taseko Mines from a “buy” rating to a “buy” rating and set a $9.00 target price on the stock in a research report on Thursday, May 7th. Finally, Zacks Research lowered shares of Taseko Mines from a “hold” rating to a “strong sell” rating in a research report on Thursday, April 16th. Four equities research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, Taseko Mines has a consensus rating of “Moderate Buy” and an average price target of $7.00.

Taseko Mines Stock Down 9.1%

The firm has a market cap of $2.53 billion, a price-to-earnings ratio of 230.91 and a beta of 1.26. The company has a debt-to-equity ratio of 0.88, a quick ratio of 0.92 and a current ratio of 1.37. The business’s 50-day moving average is $7.01 and its 200-day moving average is $6.47.

Institutional Investors Weigh In On Taseko Mines

A number of hedge funds have recently added to or reduced their stakes in TGB. L1 Capital Pty Ltd grew its holdings in Taseko Mines by 45.2% during the 4th quarter. L1 Capital Pty Ltd now owns 35,545,632 shares of the company’s stock worth $201,190,000 after acquiring an additional 11,066,233 shares during the last quarter. TD Asset Management Inc boosted its stake in shares of Taseko Mines by 815.7% in the 4th quarter. TD Asset Management Inc now owns 3,635,594 shares of the company’s stock valued at $20,608,000 after purchasing an additional 3,238,558 shares during the last quarter. Montrusco Bolton Investments Inc. bought a new position in shares of Taseko Mines in the 3rd quarter valued at about $12,260,000. Mackenzie Financial Corp boosted its stake in shares of Taseko Mines by 78.6% in the 4th quarter. Mackenzie Financial Corp now owns 6,350,898 shares of the company’s stock valued at $35,818,000 after purchasing an additional 2,794,210 shares during the last quarter. Finally, Hatch Cove Capital LLC bought a new position in shares of Taseko Mines in the 4th quarter valued at about $14,773,000. Institutional investors own 17.94% of the company’s stock.

Taseko Mines Company Profile

Taseko Mines Ltd. is a Vancouver‐based mining company primarily engaged in the exploration, development and production of copper‐based projects. Its flagship operation is the Gibraltar copper mine in central British Columbia, which ranks among Canada’s largest open pit copper producers. In addition to copper, Gibraltar yields byproducts such as molybdenum and silver, reflecting Taseko’s focus on base and precious metals.

Beyond Gibraltar, Taseko holds two advanced development assets.