Investec Asset Management LTD Acquires New Position in Turquoise Hill Resources Ltd. (TRQ)
Investec Asset Management LTD acquired a new position in Turquoise Hill Resources Ltd. (NYSE:TRQ) (TSE:TRQ) in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 1,045,560 shares of the basic materials company’s stock, valued at approximately $3,227,000. Investec Asset Management LTD owned about 0.05% of Turquoise Hill Resources as of its most recent SEC filing.
Other institutional investors also recently modified their holdings of the company. Van ECK Associates Corp raised its stake in shares of Turquoise Hill Resources by 15.1% in the second quarter. Van ECK Associates Corp now owns 48,358 shares of the basic materials company’s stock worth $129,000 after purchasing an additional 6,360 shares during the last quarter. Verition Fund Management LLC purchased a new stake in shares of Turquoise Hill Resources in the second quarter worth approximately $155,000. Virtu KCG Holdings LLC raised its stake in shares of Turquoise Hill Resources by 25.0% in the second quarter. Virtu KCG Holdings LLC now owns 66,985 shares of the basic materials company’s stock worth $178,000 after purchasing an additional 13,416 shares during the last quarter. Korea Investment CORP purchased a new stake in shares of Turquoise Hill Resources in the third quarter worth approximately $215,000. Finally, Marshall Wace North America L.P. purchased a new stake in shares of Turquoise Hill Resources in the second quarter worth approximately $249,000. 33.87% of the stock is owned by hedge funds and other institutional investors.
Shares of Turquoise Hill Resources Ltd. (NYSE TRQ) traded up $0.05 on Friday, hitting $3.00. The company had a trading volume of 2,943,323 shares, compared to its average volume of 1,464,881. The company has a quick ratio of 6.38, a current ratio of 6.85 and a debt-to-equity ratio of 0.52. The stock has a market capitalization of $5,936.33, a P/E ratio of 26.82 and a beta of 0.31. Turquoise Hill Resources Ltd. has a one year low of $2.44 and a one year high of $3.80.
Several brokerages have recently commented on TRQ. BidaskClub downgraded Turquoise Hill Resources from a “buy” rating to a “hold” rating in a research note on Wednesday, August 16th. Royal Bank Of Canada set a $4.00 price objective on Turquoise Hill Resources and gave the stock a “hold” rating in a research note on Tuesday, October 10th. CIBC began coverage on Turquoise Hill Resources in a research note on Friday, September 15th. They issued a “sector outperform” rating for the company. Finally, Scotiabank reissued a “buy” rating and issued a $5.50 price objective on shares of Turquoise Hill Resources in a research note on Monday, November 6th. Four investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company. Turquoise Hill Resources has a consensus rating of “Hold” and an average target price of $4.75.
Turquoise Hill Resources Company 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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