Taseko Mines (NYSEAMERICAN:TGB) Stock Price Up 6.6% – Here’s Why

Taseko Mines Limited (NYSEAMERICAN:TGB)’s share price shot up 6.6% on Friday. The company traded as high as $8.79 and last traded at $8.8550. Approximately 911,347 shares were traded during trading, a decline of 85% from the average session volume of 5,901,792 shares. The stock had previously closed at $8.31.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on TGB. Jefferies Financial Group began coverage on shares of Taseko Mines in a research note on Thursday, August 20th. They set a “buy” rating on the stock. Zacks Research raised Taseko Mines from a “strong sell” rating to a “hold” rating in a research note on Monday, June 15th. Five research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat, Taseko Mines presently has an average rating of “Moderate Buy” and a consensus target price of $9.00.

Taseko Mines Price Performance

The stock has a market capitalization of $3.25 billion, a P/E ratio of 443.97 and a beta of 1.41. The company has a 50 day moving average of $8.58 and a 200-day moving average of $7.58. The company has a quick ratio of 0.76, a current ratio of 1.24 and a debt-to-equity ratio of 0.85.

Institutional Trading of Taseko Mines

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Farther Finance Advisors LLC lifted its position in shares of Taseko Mines by 1.2% during the 3rd quarter. Farther Finance Advisors LLC now owns 133,253 shares of the company’s stock valued at $1,187,000 after acquiring an additional 1,579 shares during the last quarter. TD Waterhouse Canada Inc. increased its position in shares of Taseko Mines by 5.5% in the second quarter. TD Waterhouse Canada Inc. now owns 190,808 shares of the company’s stock worth $1,338,000 after acquiring an additional 9,900 shares in the last quarter. Susquehanna Advisors Group Inc. acquired a new stake in shares of Taseko Mines during the second quarter valued at approximately $615,000. Penn Capital Management Company LLC lifted its position in shares of Taseko Mines by 25.3% in the 2nd quarter. Penn Capital Management Company LLC now owns 74,474 shares of the company’s stock valued at $512,000 after acquiring an additional 15,059 shares in the last quarter. Finally, Van ECK Associates Corp boosted its stake in Taseko Mines by 20.4% in the 2nd quarter. Van ECK Associates Corp now owns 396,290 shares of the company’s stock worth $2,727,000 after purchasing an additional 67,174 shares during the period. 17.94% of the stock is currently owned by institutional investors.

About Taseko Mines

Taseko Mines Limited is a Canadian mining company engaged in the acquisition, development, and operation of copper and other mineral properties. The company is headquartered in Vancouver, British Columbia, and its shares trade on the Toronto Stock Exchange under the symbol TKO and on the NYSE American under the symbol TGB.

Taseko’s principal asset is the Gibraltar Mine in central British Columbia, one of Canada’s largest open-pit copper and molybdenum mines. The operation produces copper concentrate, with molybdenum as a byproduct, and has been in production since the 1970s.