Zacks Investment Research Upgrades Taseko Mines Ltd (TGB) to Hold
Zacks Investment Research upgraded shares of Taseko Mines Ltd (NYSEMKT:TGB) (TSE:TKO) from a sell rating to a hold rating in a report published on Wednesday, July 19th.
According to Zacks, “Taseko Mines is focused on acquiring ownership of and advancing exploration and related activities on known mineral deposits that have as their basic characteristic, large tonnage (based on extensive drill testing for continuity) mineralization which, under metals price assumptions that fall within historical averages, are potentially capable of supporting a mine for 10 years and longer. “
Separately, ValuEngine upgraded Taseko Mines from a hold rating to a buy rating in a research report on Friday, June 16th. One analyst has rated the stock with a sell rating, two have given a hold rating and three have assigned a buy rating to the company. The stock has an average rating of Hold and a consensus target price of $1.13.
Shares of Taseko Mines (NYSEMKT:TGB) traded up 1.25% during midday trading on Wednesday, hitting $1.62. The company had a trading volume of 608,153 shares. The company has a market cap of $366.49 million and a price-to-earnings ratio of 40.50. Taseko Mines has a 12 month low of $0.41 and a 12 month high of $1.67. The stock’s 50-day moving average price is $1.40 and its 200-day moving average price is $1.31.
A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Renaissance Technologies LLC raised its position in shares of Taseko Mines by 38.8% in the first quarter. Renaissance Technologies LLC now owns 4,354,600 shares of the mining company’s stock worth $5,751,000 after buying an additional 1,216,700 shares during the period. Acadian Asset Management LLC raised its position in shares of Taseko Mines by 50.5% in the second quarter. Acadian Asset Management LLC now owns 3,421,799 shares of the mining company’s stock worth $4,350,000 after buying an additional 1,147,605 shares during the period. Impala Asset Management LLC raised its position in shares of Taseko Mines by 26.5% in the second quarter. Impala Asset Management LLC now owns 2,883,264 shares of the mining company’s stock worth $3,662,000 after buying an additional 603,264 shares during the period. Greystone Managed Investments Inc. acquired a new position in shares of Taseko Mines during the second quarter worth about $3,304,000. Finally, Norges Bank acquired a new position in shares of Taseko Mines during the fourth quarter worth about $869,000.
About Taseko Mines
Taseko Mines Limited is a mining company. The Company is principally engaged in the production and sale of metals, as well as related activities, including exploration and mine development, within the province of British Columbia, Canada and the State of Arizona, the United States. Its projects represent a range of metals, including gold, copper and niobium.
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