200,000 Shares in Turquoise Hill Resources Ltd. (TRQ) Acquired by Raffles Associates LP
Raffles Associates LP purchased a new stake in Turquoise Hill Resources Ltd. (NYSE:TRQ) (TSE:TRQ) in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 200,000 shares of the basic materials company’s stock, valued at approximately $530,000.
A number of other institutional investors have also recently bought and sold shares of TRQ. Capital Growth Management LP acquired a new position in Turquoise Hill Resources in the 2nd quarter valued at approximately $19,080,000. Dalton Investments LLC raised its holdings in Turquoise Hill Resources by 43.5% in the 2nd quarter. Dalton Investments LLC now owns 14,597,271 shares of the basic materials company’s stock valued at $38,683,000 after acquiring an additional 4,424,500 shares in the last quarter. Vanguard Group Inc. raised its holdings in Turquoise Hill Resources by 20.5% in the 2nd quarter. Vanguard Group Inc. now owns 22,470,490 shares of the basic materials company’s stock valued at $59,547,000 after acquiring an additional 3,824,469 shares in the last quarter. Russell Investments Group Ltd. raised its holdings in Turquoise Hill Resources by 59.1% in the 2nd quarter. Russell Investments Group Ltd. now owns 6,086,671 shares of the basic materials company’s stock valued at $16,129,000 after acquiring an additional 2,261,833 shares in the last quarter. Finally, Key Group Holdings Cayman LTD. raised its holdings in Turquoise Hill Resources by 24.4% in the 2nd quarter. Key Group Holdings Cayman LTD. now owns 8,968,520 shares of the basic materials company’s stock valued at $23,819,000 after acquiring an additional 1,758,133 shares in the last quarter. 32.86% of the stock is owned by hedge funds and other institutional investors.
TRQ has been the subject of several recent research reports. CIBC initiated coverage on Turquoise Hill Resources in a report on Friday, September 15th. They issued a “sector outperform” rating for the company. Royal Bank Of Canada reaffirmed a “hold” rating and issued a $4.00 price target on shares of Turquoise Hill Resources in a report on Wednesday, August 2nd. Finally, BidaskClub raised Turquoise Hill Resources from a “hold” rating to a “buy” rating in a report on Wednesday, July 19th. Five research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. Turquoise Hill Resources has a consensus rating of “Hold” and a consensus price target of $5.00.
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Turquoise Hill Resources (NYSE:TRQ) (TSE:TRQ) last issued its quarterly earnings data on Monday, July 31st. The basic materials company reported $0.01 earnings per share for the quarter, topping the consensus estimate of ($0.01) by $0.02. Turquoise Hill Resources had a net margin of 14.20% and a return on equity of 1.60%. The company had revenue of $203.70 million for the quarter, compared to analysts’ expectations of $223.14 million. During the same quarter in the previous year, the firm posted $0.01 earnings per share. Turquoise Hill Resources’s revenue for the quarter was down 38.2% on a year-over-year basis.
Turquoise Hill Resources Profile
Turquoise Hill Resources Ltd. is an international mining company. The Company focuses on the operation and further development of the Oyu Tolgoi copper-gold mine in Southern Mongolia, which is the Company’s principal material mineral resource property. The Company’s Oyu Tolgoi mine is held through approximately 65% interest in Oyu Tolgoi LLC (Oyu Tolgoi) and the remaining approximately 35% interest is held by Erdenes Oyu Tolgoi LLC (Erdenes).
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