Brokerages Set Taseko Mines Limited (NYSE:TGB) PT at $3.50

Taseko Mines Limited (NYSE:TGB) has been given an average recommendation of “Buy” by the four brokerages that are currently covering the company, Marketbeat reports. Three investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. The average 12 month price target among brokerages that have updated their coverage on the stock in the last year is $3.50.

A number of research firms recently commented on TGB. National Bank Financial upgraded shares of Taseko Mines from a “sector perform” rating to an “outperform” rating in a research report on Tuesday, December 10th. StockNews.com cut shares of Taseko Mines from a “hold” rating to a “sell” rating in a research report on Friday, February 21st.

Taseko Mines Price Performance

TGB opened at $2.08 on Friday. The company has a quick ratio of 1.05, a current ratio of 1.71 and a debt-to-equity ratio of 1.48. Taseko Mines has a 12 month low of $1.47 and a 12 month high of $3.15. The company has a fifty day simple moving average of $2.03 and a 200 day simple moving average of $2.15. The stock has a market cap of $633.72 million, a P/E ratio of -69.33 and a beta of 1.70.

Hedge Funds Weigh In On Taseko Mines

A number of institutional investors and hedge funds have recently added to or reduced their stakes in TGB. Tidal Investments LLC boosted its stake in Taseko Mines by 82.3% in the 3rd quarter. Tidal Investments LLC now owns 13,693,081 shares of the company’s stock worth $34,507,000 after purchasing an additional 6,182,981 shares during the period. Connor Clark & Lunn Investment Management Ltd. boosted its stake in Taseko Mines by 52.9% in the 4th quarter. Connor Clark & Lunn Investment Management Ltd. now owns 9,301,466 shares of the company’s stock worth $18,095,000 after purchasing an additional 3,217,385 shares during the period. Bank of Montreal Can boosted its stake in Taseko Mines by 296.8% in the 3rd quarter. Bank of Montreal Can now owns 3,160,574 shares of the company’s stock worth $8,225,000 after purchasing an additional 2,364,116 shares during the period. Renaissance Technologies LLC boosted its stake in Taseko Mines by 15.6% in the 4th quarter. Renaissance Technologies LLC now owns 6,676,370 shares of the company’s stock worth $12,952,000 after purchasing an additional 900,400 shares during the period. Finally, Millennium Management LLC boosted its stake in Taseko Mines by 105.0% in the 4th quarter. Millennium Management LLC now owns 1,174,453 shares of the company’s stock worth $2,279,000 after purchasing an additional 601,684 shares during the period. 17.94% of the stock is owned by institutional investors and hedge funds.

About Taseko Mines

Taseko Mines Limited, a mining company, acquires, develops, and operates mineral properties. It explores for copper, molybdenum, gold, niobium, and silver deposits. The company’s principal asset comprises 100% interest owned the Gibraltar mine located in British Columbia. It also holds interest in the Yellowhead copper project, the Aley niobium project, and the New Prosperity gold and copper project located in British Columbia; and the Florence copper project located in Arizona.