Taseko Mines Ltd (NYSEAMERICAN:TGB) (TSE:TKO) was down 12.5% during mid-day trading on Thursday following a weaker than expected earnings announcement. The stock traded as low as $1.45 and last traded at $1.54. Approximately 2,957,454 shares changed hands during trading, an increase of 189% from the average daily volume of 1,021,807 shares. The stock had previously closed at $1.76.
The mining company reported ($0.01) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.09 by ($0.10). The firm had revenue of $95.40 million during the quarter, compared to analysts’ expectations of $89.30 million. Taseko Mines had a net margin of 25.65% and a return on equity of 21.86%. The firm’s revenue was up .8% on a year-over-year basis. During the same period in the previous year, the firm earned $0.07 EPS.
TGB has been the subject of several recent analyst reports. BidaskClub cut shares of Taseko Mines from a “strong-buy” rating to a “buy” rating in a research note on Saturday, October 28th. Cantor Fitzgerald initiated coverage on shares of Taseko Mines in a research note on Friday, January 26th. They issued a “buy” rating for the company. Finally, Zacks Investment Research cut shares of Taseko Mines from a “buy” rating to a “hold” rating in a research note on Wednesday, December 20th. One research analyst has rated the stock with a hold rating and three have issued a buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average price target of $2.50.
Several hedge funds and other institutional investors have recently made changes to their positions in TGB. Picton Mahoney Asset Management acquired a new position in Taseko Mines during the fourth quarter worth about $132,000. Bank of Montreal Can raised its position in Taseko Mines by 93.9% during the fourth quarter. Bank of Montreal Can now owns 67,543 shares of the mining company’s stock worth $158,000 after acquiring an additional 32,713 shares during the last quarter. CIBC World Markets Inc. raised its position in Taseko Mines by 355.9% during the fourth quarter. CIBC World Markets Inc. now owns 68,185 shares of the mining company’s stock worth $159,000 after acquiring an additional 53,230 shares during the last quarter. Stifel Financial Corp acquired a new position in Taseko Mines during the third quarter worth about $168,000. Finally, Goldman Sachs Group Inc. acquired a new position in Taseko Mines during the fourth quarter worth about $173,000.
The company has a market capitalization of $354.71, a PE ratio of 12.83 and a beta of 2.40.
Taseko Mines Company Profile
Taseko Mines Limited is a mining company. The Company 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. Its projects represent a range of metals, including gold, copper and niobium.
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