Turquoise Hill Resources Ltd (NYSE:TRQ) (TSE:TRQ) was the target of a significant decline in short interest in the month of October. As of October 31st, there was short interest totalling 8,120,000 shares, a decline of 47.6% from the September 30th total of 15,490,000 shares. Approximately 0.8% of the shares of the company are short sold. Based on an average daily trading volume, of 6,020,000 shares, the short-interest ratio is currently 1.3 days.
Several hedge funds and other institutional investors have recently modified their holdings of TRQ. Private Advisor Group LLC acquired a new position in shares of Turquoise Hill Resources during the second quarter worth approximately $30,000. NEXT Financial Group Inc lifted its position in Turquoise Hill Resources by 3,200.0% in the second quarter. NEXT Financial Group Inc now owns 33,000 shares of the basic materials company’s stock worth $41,000 after purchasing an additional 32,000 shares during the period. Man Group plc acquired a new stake in Turquoise Hill Resources in the second quarter worth approximately $45,000. Jane Street Group LLC lifted its position in Turquoise Hill Resources by 153.6% in the second quarter. Jane Street Group LLC now owns 37,900 shares of the basic materials company’s stock worth $47,000 after purchasing an additional 22,954 shares during the period. Finally, Nexus Investment Management Inc. lifted its position in Turquoise Hill Resources by 31.3% in the second quarter. Nexus Investment Management Inc. now owns 42,000 shares of the basic materials company’s stock worth $52,000 after purchasing an additional 10,000 shares during the period. Institutional investors and hedge funds own 39.59% of the company’s stock.
Shares of NYSE TRQ remained flat at $$0.46 during midday trading on Tuesday. The stock had a trading volume of 359,173 shares, compared to its average volume of 4,965,274. The company has a debt-to-equity ratio of 0.54, a quick ratio of 5.81 and a current ratio of 6.20. The business’s fifty day moving average is $0.46 and its 200 day moving average is $0.81. The stock has a market cap of $934.92 million, a price-to-earnings ratio of 2.11 and a beta of 1.12. Turquoise Hill Resources has a fifty-two week low of $0.40 and a fifty-two week high of $2.17.
TRQ has been the subject of several analyst reports. Royal Bank of Canada reduced their price objective on Turquoise Hill Resources from $3.00 to $2.00 and set a “sector perform” rating for the company in a research report on Wednesday, July 17th. Macquarie upgraded Turquoise Hill Resources from a “neutral” rating to an “outperform” rating in a research report on Friday, October 11th. CIBC downgraded Turquoise Hill Resources from an “outperform” rating to a “neutral” rating in a research report on Wednesday, July 17th. ValuEngine upgraded Turquoise Hill Resources from a “strong sell” rating to a “sell” rating in a research report on Monday, October 7th. Finally, TheStreet downgraded Turquoise Hill Resources from a “c-” rating to a “d” rating in a research report on Friday, August 2nd. One research analyst has rated the stock with a sell rating, four have issued a hold rating and one has assigned a buy rating to the stock. Turquoise Hill Resources presently has a consensus rating of “Hold” and a consensus price target of $2.52.
Turquoise Hill Resources Company Profile
Turquoise Hill Resources Ltd., together with its subsidiaries, operates as a mining company. The company explores for copper, gold, and silver deposits. It primarily develops and operates the Oyu Tolgoi mine located in the southern Mongolia. The company was formerly known as Ivanhoe Mines Ltd. and changed its name to Turquoise Hill Resources Ltd.
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