Zacks Research Upgrades Taseko Mines (NYSEAMERICAN:TGB) to “Hold”

Taseko Mines (NYSEAMERICAN:TGB) was upgraded by research analysts at Zacks Research from a “strong sell” rating to a “hold” rating in a research note issued to investors on Monday,Zacks.com reports.

Several other equities analysts have also commented on the company. TD Securities restated a “buy” rating on shares of Taseko Mines in a research note 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 note on Tuesday, April 21st. Finally, Cantor Fitzgerald upgraded Taseko Mines from a “buy” rating to a “buy” rating and set a $9.00 price target on the stock in a research note on Thursday, May 7th. Four investment analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $7.00.

Taseko Mines Stock Performance

Shares of Taseko Mines stock opened at $7.81 on Monday. The firm has a market cap of $2.86 billion, a P/E ratio of 260.42 and a beta of 1.25. The company has a current ratio of 1.37, a quick ratio of 0.76 and a debt-to-equity ratio of 0.88. Taseko Mines has a 12 month low of $2.77 and a 12 month high of $9.25. The stock’s fifty day moving average price is $7.23 and its 200-day moving average price is $6.90.

Hedge Funds Weigh In On Taseko Mines

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. PCJ Investment Counsel Ltd. purchased a new position in Taseko Mines in the third quarter valued at about $3,080,000. Montrusco Bolton Investments Inc. purchased a new position in Taseko Mines in the third quarter valued at about $12,260,000. Mudita Advisors LLP grew its stake in Taseko Mines by 75.4% in the third quarter. Mudita Advisors LLP now owns 2,788,401 shares of the company’s stock valued at $11,795,000 after purchasing an additional 1,198,700 shares during the last quarter. Quantbot Technologies LP grew its stake in Taseko Mines by 181.3% in the third quarter. Quantbot Technologies LP now owns 153,722 shares of the company’s stock valued at $650,000 after purchasing an additional 99,073 shares during the last quarter. Finally, Cantor Fitzgerald L. P. purchased a new position in Taseko Mines in the third quarter valued at about $518,000. Hedge funds and other institutional investors own 17.94% of the company’s stock.

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.