Taseko Mines (NYSEAMERICAN:TGB) Reaches New 52-Week High – Here’s What Happened

Taseko Mines Limited (NYSEAMERICAN:TGB)’s share price hit a new 52-week high during mid-day trading on Thursday . The company traded as high as $9.66 and last traded at $9.7150, with a volume of 7096695 shares. The stock had previously closed at $9.23.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on TGB. Jefferies Financial Group assumed coverage on Taseko Mines in a research note on Thursday, August 20th. They set a “buy” rating on the stock. Cantor Fitzgerald upgraded Taseko Mines from a “buy” rating to a “buy” rating and set a $9.00 price target for the company in a report on Thursday, May 7th. Finally, Zacks Research raised Taseko Mines from a “strong sell” rating to a “hold” rating in a research report on Monday, June 15th. Five equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $9.00.

Taseko Mines Trading Up 5.3%

The company has a debt-to-equity ratio of 0.85, a quick ratio of 0.76 and a current ratio of 1.24. The business’s 50 day moving average price is $7.54 and its 200-day moving average price is $7.36. The firm has a market cap of $3.55 billion, a price-to-earnings ratio of 485.99 and a beta of 1.31.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. L1 Capital Pty Ltd grew its position in Taseko Mines by 45.2% in the 4th quarter. L1 Capital Pty Ltd now owns 35,545,632 shares of the company’s stock worth $201,190,000 after purchasing an additional 11,066,233 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in Taseko Mines by 11.7% during the third quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 8,126,773 shares of the company’s stock valued at $34,376,000 after buying an additional 854,016 shares during the period. Mackenzie Financial Corp lifted its position in shares of Taseko Mines by 78.6% in the fourth quarter. Mackenzie Financial Corp now owns 6,350,898 shares of the company’s stock worth $35,818,000 after purchasing an additional 2,794,210 shares in the last quarter. Renaissance Technologies LLC lifted its position in Taseko Mines by 4.9% in the 1st quarter. Renaissance Technologies LLC now owns 5,682,070 shares of the company’s stock worth $36,649,000 after buying an additional 267,640 shares in the last quarter. Finally, Bank of America Corp DE boosted its position in Taseko Mines by 215.3% during the first quarter. Bank of America Corp DE now owns 4,577,781 shares of the company’s stock valued at $29,527,000 after purchasing an additional 3,125,829 shares during the last quarter. Institutional investors and hedge funds own 17.94% of the company’s stock.

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.