Analysts Set Taseko Mines Limited (NYSEAMERICAN:TGB) PT at $9.00

Shares of Taseko Mines Limited (NYSEAMERICAN:TGB) have earned an average recommendation of “Moderate Buy” from the six brokerages that are presently covering the company, MarketBeat.com reports. One equities research analyst has rated the stock with a hold recommendation and five have assigned a buy recommendation to the company. The average 1 year price target among analysts that have covered the stock in the last year is $9.00.

A number of research firms have recently commented on TGB. Zacks Research raised shares of Taseko Mines from a “strong sell” rating to a “hold” rating in a report on Monday, June 15th. Jefferies Financial Group started coverage on shares of Taseko Mines in a research report on Thursday, August 20th. They set a “buy” rating for the company.

Institutional Trading of Taseko Mines

A number of hedge funds and other institutional investors have recently modified their holdings of TGB. Royal Bank of Canada grew its holdings in shares of Taseko Mines by 1,009.9% during the first quarter. Royal Bank of Canada now owns 1,512,151 shares of the company’s stock worth $9,753,000 after purchasing an additional 1,375,912 shares during the last quarter. Bank of America Corp DE increased its stake in shares of Taseko Mines by 215.3% in 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 buying an additional 3,125,829 shares during the period. Militia Capital Management LLC bought a new position in Taseko Mines in the 1st quarter valued at approximately $1,745,000. Walleye Capital LLC bought a new position in Taseko Mines in the 1st quarter valued at approximately $12,740,000. Finally, Renaissance Technologies LLC boosted its position in Taseko Mines by 4.9% during 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 during the period. Institutional investors own 17.94% of the company’s stock.

Taseko Mines Trading Down 0.4%

Shares of TGB opened at $7.95 on Monday. The company has a debt-to-equity ratio of 0.85, a quick ratio of 0.76 and a current ratio of 1.24. Taseko Mines has a 52-week low of $3.53 and a 52-week high of $9.82. The firm has a market cap of $2.91 billion, a price-to-earnings ratio of 397.70 and a beta of 1.35. The business’s fifty day moving average is $8.07 and its 200-day moving average is $7.40.

About Taseko Mines

Taseko Mines Limited is a Canadian mining company focused primarily on the acquisition, development and operation of copper and molybdenum assets. The company’s principal operating asset is the Gibraltar Mine in central British Columbia, which it describes as one of Canada’s largest copper-molybdenum mines. Gibraltar produces copper concentrate and molybdenum concentrate for sale to customers and markets.

Taseko also owns and is advancing the Florence Copper project in Arizona. The project is designed to use an in-situ copper recovery process to produce copper cathodes, allowing copper to be extracted from ore without conventional open-pit mining.