Taseko Mines (NYSEAMERICAN:TGB) Reaches New 12-Month High – Should You Buy?

Taseko Mines Limited (NYSEAMERICAN:TGB)’s share price hit a new 52-week high during trading on Friday . The company traded as high as $9.27 and last traded at $9.25, with a volume of 1424806 shares changing hands. The stock had previously closed at $8.69.

Analysts Set New Price Targets

Several research analysts have recently weighed in on the company. Zacks Research raised Taseko Mines from a “strong sell” rating to a “hold” rating in a research report on Monday, June 15th. Cantor Fitzgerald raised Taseko Mines from a “buy” rating to a “buy” rating and set a $9.00 target price on the stock in a research report on Thursday, May 7th. Finally, Jefferies Financial Group began coverage on Taseko Mines in a research note on Thursday. They issued a “buy” rating on the stock. Five equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $9.00.

Taseko Mines Price Performance

The firm has a market cap of $3.27 billion, a price-to-earnings ratio of 447.22 and a beta of 1.31. The company’s fifty day moving average is $7.41 and its 200 day moving average is $7.33. The company has a quick ratio of 0.76, a current ratio of 1.24 and a debt-to-equity ratio of 0.85.

Hedge Funds Weigh In On Taseko Mines

A number of large investors have recently modified their holdings of TGB. Susquehanna Advisors Group Inc. bought a new position in shares of Taseko Mines in the 2nd quarter valued at about $615,000. Penn Capital Management Company LLC boosted its position in Taseko Mines by 25.3% during the second quarter. Penn Capital Management Company LLC now owns 74,474 shares of the company’s stock valued at $512,000 after purchasing an additional 15,059 shares during the last quarter. Van ECK Associates Corp boosted its position in Taseko Mines by 20.4% during the second quarter. Van ECK Associates Corp now owns 396,290 shares of the company’s stock valued at $2,727,000 after purchasing an additional 67,174 shares during the last quarter. FNY Investment Advisers LLC bought a new position in Taseko Mines in the second quarter valued at approximately $165,000. Finally, VectorGlobal IAG Inc. bought a new position in Taseko Mines in the first quarter valued at approximately $397,000. 17.94% of the stock is currently owned by institutional investors and hedge funds.

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.