Taseko Mines (NYSEAMERICAN:TGB) Stock Falls 6.5% – Time to Sell?

Taseko Mines Limited (NYSEAMERICAN:TGB) shares were down 6.5% during trading on Thursday. The stock traded as low as $8.44 and last traded at $8.3350. Approximately 1,570,607 shares changed hands during mid-day trading, a decline of 74% from the average daily volume of 5,947,150 shares. The stock had previously closed at $8.91.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on the company. Zacks Research upgraded Taseko Mines from a “strong sell” rating to a “hold” rating in a research note on Monday, June 15th. Jefferies Financial Group started coverage on shares of Taseko Mines in a report on Thursday, August 20th. They issued a “buy” rating for the company. 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 price target of $9.00.

Taseko Mines Trading Down 4.8%

The company has a market capitalization of $3.10 billion, a price-to-earnings ratio of 424.51 and a beta of 1.35. The company has a quick ratio of 0.76, a current ratio of 1.24 and a debt-to-equity ratio of 0.85. The company’s 50 day simple moving average is $8.38 and its two-hundred day simple moving average is $7.48.

Institutional Trading of Taseko Mines

A number of institutional investors have recently made changes to their positions in TGB. The Manufacturers Life Insurance Company increased its position in Taseko Mines by 1.2% during the 1st quarter. The Manufacturers Life Insurance Company now owns 333,210 shares of the company’s stock valued at $2,156,000 after buying an additional 4,106 shares in the last quarter. Pictet Asset Management Holding SA boosted its holdings in Taseko Mines by 8.0% in the first quarter. Pictet Asset Management Holding SA now owns 72,046 shares of the company’s stock worth $465,000 after acquiring an additional 5,306 shares in the last quarter. Caitong International Asset Management Co. Ltd acquired a new stake in Taseko Mines in the fourth quarter worth about $51,000. TD Waterhouse Canada Inc. grew its stake in shares of Taseko Mines by 5.5% during 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 during the last quarter. Finally, CHICAGO TRUST Co NA purchased a new stake in shares of Taseko Mines during the first quarter valued at $67,000. Institutional investors and hedge funds own 17.94% of the company’s stock.

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.