Taseko Mines (NYSEAMERICAN:TGB) Shares Up 9.3% – Here’s What Happened

Taseko Mines Limited (NYSEAMERICAN:TGB)’s share price shot up 9.3% during mid-day trading on Tuesday . The company traded as high as $7.76 and last traded at $7.6720. 800,863 shares traded hands during trading, a decline of 87% from the average session volume of 6,000,981 shares. The stock had previously closed at $7.02.

Analysts Set New Price Targets

Several brokerages recently issued reports on TGB. Cantor Fitzgerald raised shares of Taseko Mines from a “buy” rating to a “buy” rating and set a $9.00 target price on the stock in a research note on Thursday, May 7th. Canaccord Genuity Group raised their target price on Taseko Mines from C$13.50 to C$14.00 and gave the company a “buy” rating in a research note on Tuesday, April 21st. Finally, Zacks Research upgraded shares of Taseko Mines from a “strong sell” rating to a “hold” rating in a report on Monday, June 15th. Four research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat.com, Taseko Mines has a consensus rating of “Moderate Buy” and an average price target of $7.00.

Taseko Mines Trading Up 9.3%

The firm’s 50-day moving average price is $7.06 and its 200-day moving average price is $7.11. The company has a quick ratio of 0.76, a current ratio of 1.37 and a debt-to-equity ratio of 0.88. The company has a market cap of $2.81 billion, a P/E ratio of 256.32 and a beta of 1.28.

Institutional Investors Weigh In On Taseko Mines

A number of large investors have recently made changes to their positions in TGB. L1 Capital Pty Ltd grew its position in shares of Taseko Mines by 45.2% in the 4th quarter. L1 Capital Pty Ltd now owns 35,545,632 shares of the company’s stock worth $201,190,000 after buying an additional 11,066,233 shares during the period. TD Asset Management Inc increased its holdings in Taseko Mines by 815.7% in the 4th quarter. TD Asset Management Inc now owns 3,635,594 shares of the company’s stock worth $20,608,000 after buying an additional 3,238,558 shares in the last quarter. Bank of America Corp DE lifted its position in Taseko Mines by 215.3% during 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 purchasing an additional 3,125,829 shares during the period. Mackenzie Financial Corp boosted its stake in shares of Taseko Mines by 78.6% in the 4th quarter. Mackenzie Financial Corp now owns 6,350,898 shares of the company’s stock worth $35,818,000 after buying an additional 2,794,210 shares during the last quarter. Finally, Hatch Cove Capital LLC purchased a new stake in Taseko Mines during the fourth quarter valued at approximately $14,773,000. 17.94% of the stock is currently owned by institutional investors.

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.