Taseko Mines (NYSEAMERICAN:TGB) Trading 9.3% Higher – Should You Buy?

Taseko Mines Limited (NYSEAMERICAN:TGB) shot up 9.3% on Tuesday . The company traded as high as $7.76 and last traded at $7.6720. 800,863 shares changed hands during mid-day trading, a decline of 87% from the average daily volume of 6,000,981 shares. The stock had previously closed at $7.02.

Analyst Ratings Changes

TGB has been the topic of several recent research reports. 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 report on Thursday, May 7th. Zacks Research raised Taseko Mines from a “strong sell” rating to a “hold” rating in a research note on Monday, June 15th. Finally, Canaccord Genuity Group raised their target price on shares of Taseko Mines from C$13.50 to C$14.00 and gave the stock a “buy” rating in a report on Tuesday, April 21st. Four investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. According to MarketBeat.com, Taseko Mines currently has a consensus rating of “Moderate Buy” and an average price target of $9.00.

Taseko Mines Trading Down 6.6%

The company has a quick ratio of 0.76, a current ratio of 1.37 and a debt-to-equity ratio of 0.88. The company has a market capitalization of $2.72 billion, a PE ratio of 248.08 and a beta of 1.28. The stock’s fifty day moving average price is $7.08 and its two-hundred day moving average price is $7.14.

Institutional Inflows and Outflows

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

Taseko Mines Company Profile

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.