Zacks Research Upgrades Taseko Mines (NYSEAMERICAN:TGB) to Hold

Taseko Mines (NYSEAMERICAN:TGB) was upgraded by Zacks Research from a “strong sell” rating to a “hold” rating in a report issued on Monday,Zacks.com reports.

Other research analysts have also issued research reports about the company. Cantor Fitzgerald upgraded 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. Canaccord Genuity Group increased their price objective on shares of Taseko Mines from C$13.50 to C$14.00 and gave the company a “buy” rating in a report on Tuesday, April 21st. Finally, TD Securities reissued a “buy” rating on shares of Taseko Mines in a research note on Monday, February 23rd. Four research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $7.00.

Taseko Mines Stock Performance

NYSEAMERICAN TGB opened at $7.81 on Monday. The stock has a market capitalization of $2.86 billion, a price-to-earnings ratio of 260.42 and a beta of 1.25. The stock has a 50-day moving average of $7.23 and a 200 day moving average of $6.90. The company has a current ratio of 1.37, a quick ratio of 0.76 and a debt-to-equity ratio of 0.88. Taseko Mines has a twelve month low of $2.77 and a twelve month high of $9.25.

Hedge Funds Weigh In On Taseko Mines

A number of institutional investors and hedge funds have recently bought and sold shares of TGB. Militia Capital Management LLC acquired a new stake in Taseko Mines in the 1st quarter valued at about $1,745,000. Bank of America Corp DE grew its position in shares of Taseko Mines by 215.3% in the first quarter. Bank of America Corp DE now owns 4,577,781 shares of the company’s stock valued at $29,527,000 after purchasing an additional 3,125,829 shares in the last quarter. Amundi increased its holdings in shares of Taseko Mines by 147.4% in the first quarter. Amundi now owns 59,478 shares of the company’s stock valued at $384,000 after purchasing an additional 35,433 shares during the last quarter. Royal Bank of Canada lifted its position in Taseko Mines by 1,009.9% during the first quarter. Royal Bank of Canada now owns 1,512,151 shares of the company’s stock worth $9,753,000 after buying an additional 1,375,912 shares in the last quarter. Finally, The Manufacturers Life Insurance Company boosted its stake in Taseko Mines by 1.2% during the first quarter. The Manufacturers Life Insurance Company now owns 333,210 shares of the company’s stock worth $2,156,000 after buying an additional 4,106 shares during the last quarter. 17.94% of the stock is currently owned by institutional investors and hedge funds.

About Taseko Mines

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.