Taseko Mines (NYSEAMERICAN:TGB) Trading Down 9.8% – What’s Next?

Taseko Mines Limited (NYSEAMERICAN:TGB) shares fell 9.8% during trading on Friday . The company traded as low as $6.90 and last traded at $6.8750. 2,167,654 shares were traded during trading, a decline of 66% from the average session volume of 6,444,085 shares. The stock had previously closed at $7.62.

Wall Street Analyst Weigh In

A number of brokerages recently commented on TGB. Zacks Research downgraded shares of Taseko Mines from a “hold” rating to a “strong sell” rating in a research report on Thursday, April 16th. Canaccord Genuity Group boosted their price objective on shares of Taseko Mines from C$13.50 to C$14.00 and gave the company a “buy” rating in a research report on Tuesday, April 21st. TD Securities reiterated a “buy” rating on shares of Taseko Mines in a research note on Monday, February 23rd. Finally, Cantor Fitzgerald upgraded shares of Taseko Mines from a “buy” rating to a “buy” rating and set a $9.00 target price for the company in a research note on Thursday, May 7th. Four research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $7.00.

Taseko Mines Price Performance

The stock’s 50 day simple moving average is $7.01 and its 200-day simple moving average is $6.47. The company has a debt-to-equity ratio of 0.88, a current ratio of 1.37 and a quick ratio of 0.92. The stock has a market capitalization of $2.53 billion, a price-to-earnings ratio of 230.91 and a beta of 1.26.

Institutional Trading of Taseko Mines

A number of institutional investors and hedge funds have recently modified their holdings of TGB. Dynamic Technology Lab Private Ltd acquired a new stake in shares of Taseko Mines in the first quarter worth $65,000. Goldman Sachs Group Inc. lifted its stake in shares of Taseko Mines by 198.9% in the first quarter. Goldman Sachs Group Inc. now owns 988,072 shares of the company’s stock worth $2,213,000 after buying an additional 657,477 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its stake in shares of Taseko Mines by 10.5% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,541,741 shares of the company’s stock worth $3,454,000 after buying an additional 146,154 shares during the last quarter. Focus Partners Wealth raised its stake in Taseko Mines by 19.9% during the 1st quarter. Focus Partners Wealth now owns 60,200 shares of the company’s stock valued at $135,000 after purchasing an additional 10,000 shares during the last quarter. Finally, Geode Capital Management LLC raised its stake in Taseko Mines by 8.0% during the 2nd quarter. Geode Capital Management LLC now owns 179,245 shares of the company’s stock valued at $564,000 after purchasing an additional 13,261 shares during the last quarter. 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.