Taseko Mines Ltd (NYSEAMERICAN:TGB) Sees Significant Growth in Short Interest

Taseko Mines Ltd (NYSEAMERICAN:TGB) (TSE:TKO) was the target of a large increase in short interest in the month of November. As of November 29th, there was short interest totalling 118,500 shares, an increase of 29.1% from the November 14th total of 91,800 shares. Currently, 0.1% of the company’s shares are short sold. Based on an average trading volume of 253,200 shares, the short-interest ratio is presently 0.5 days.

Institutional investors and hedge funds have recently modified their holdings of the stock. United Capital Financial Advisers LLC acquired a new position in Taseko Mines in the 2nd quarter valued at about $54,000. Morgan Stanley grew its position in Taseko Mines by 95.0% in the 2nd quarter. Morgan Stanley now owns 346,703 shares of the mining company’s stock valued at $184,000 after acquiring an additional 168,889 shares in the last quarter. K2 Principal Fund L.P. acquired a new position in Taseko Mines in the 3rd quarter valued at about $926,000. PenderFund Capital Management Ltd. grew its position in Taseko Mines by 1,341.7% in the 3rd quarter. PenderFund Capital Management Ltd. now owns 3,338,319 shares of the mining company’s stock valued at $1,903,000 after acquiring an additional 3,106,772 shares in the last quarter. Finally, Renaissance Technologies LLC grew its position in Taseko Mines by 10.3% in the 2nd quarter. Renaissance Technologies LLC now owns 8,082,234 shares of the mining company’s stock valued at $4,284,000 after acquiring an additional 751,444 shares in the last quarter.

Shares of TGB opened at $0.42 on Friday. Taseko Mines has a 12-month low of $0.38 and a 12-month high of $0.79.

Taseko Mines (NYSEAMERICAN:TGB) (TSE:TKO) last issued its quarterly earnings data on Wednesday, November 6th. The mining company reported ($0.06) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.06). The company had revenue of $62.44 million during the quarter.

TGB has been the topic of several analyst reports. Zacks Investment Research upgraded Taseko Mines from a “sell” rating to a “hold” rating in a report on Thursday, December 5th. Scotiabank lowered Taseko Mines from a “sector perform” rating to an “underperform” rating in a report on Tuesday, October 15th. Finally, National Bank Financial lowered Taseko Mines from an “outperform” rating to a “sector perform” rating in a report on Wednesday, November 27th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and one has given a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average price target of $0.90.

About Taseko Mines

Taseko Mines Limited, a mining company, acquires, develops, and operates mineral properties in Canada and the United States. The company explores for copper, molybdenum, gold, niobium, and silver deposits. It holds a 75% interest in the Gibraltar copper-molybdenum mine located in south-central British Columbia.

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