Taseko Mines (NYSEAMERICAN:TGB) Trading Up 8% – Here’s What Happened

Taseko Mines Limited (NYSEAMERICAN:TGB)’s share price traded up 8% during trading on Friday . The stock traded as high as $7.35 and last traded at $7.4010. 2,543,796 shares were traded during trading, a decline of 59% from the average session volume of 6,213,739 shares. The stock had previously closed at $6.85.

Wall Street Analyst Weigh In

TGB has been the topic of several research analyst reports. TD Securities reaffirmed a “buy” rating on shares of Taseko Mines in a research report on Monday, February 23rd. Canaccord Genuity Group raised their price target on Taseko Mines from C$13.50 to C$14.00 and gave the company a “buy” rating in a research report on Tuesday, April 21st. Cantor Fitzgerald raised Taseko Mines from a “buy” rating to a “buy” rating and set a $9.00 price target on the stock in a research report on Thursday, May 7th. Finally, Zacks Research downgraded Taseko Mines from a “hold” rating to a “strong sell” rating in a research report on Thursday, April 16th. Four investment analysts have rated the stock with a Buy rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $7.00.

Taseko Mines Trading Up 8.8%

The company has a market capitalization of $2.73 billion, a price-to-earnings ratio of 248.58 and a beta of 1.25. The company has a 50-day moving average price of $7.17 and a 200-day moving average price of $6.84. The company has a quick ratio of 0.76, a current ratio of 1.37 and a debt-to-equity ratio of 0.88.

Institutional Investors Weigh In On Taseko Mines

A number of institutional investors have recently added to or reduced their stakes in TGB. Dynamic Technology Lab Private Ltd acquired a new stake in Taseko Mines during the first quarter worth about $65,000. Goldman Sachs Group Inc. grew its position in Taseko Mines by 198.9% during the first quarter. Goldman Sachs Group Inc. now owns 988,072 shares of the company’s stock worth $2,213,000 after buying an additional 657,477 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its position in Taseko Mines by 10.5% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,541,741 shares of the company’s stock worth $3,454,000 after buying an additional 146,154 shares in the last quarter. Focus Partners Wealth grew its position in Taseko Mines by 19.9% during the first quarter. Focus Partners Wealth now owns 60,200 shares of the company’s stock worth $135,000 after buying an additional 10,000 shares in the last quarter. Finally, Geode Capital Management LLC grew its position in Taseko Mines by 8.0% during the second quarter. Geode Capital Management LLC now owns 179,245 shares of the company’s stock worth $564,000 after buying an additional 13,261 shares in the last quarter. 17.94% of the stock is 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.