Taseko Mines Limited (NYSEAMERICAN:TGB) Receives $9.00 Average PT from Brokerages

Taseko Mines Limited (NYSEAMERICAN:TGB) has been assigned a consensus rating of “Moderate Buy” from the six ratings firms that are currently covering the company, MarketBeat reports. One research analyst has rated the stock with a hold recommendation and five have assigned a buy recommendation to the company. The average 12-month price objective among brokerages that have issued ratings on the stock in the last year is $9.00.

Several equities research analysts recently commented on the company. Zacks Research raised Taseko Mines from a “strong sell” rating to a “hold” rating in a research report on Monday, June 15th. Jefferies Financial Group initiated coverage on shares of Taseko Mines in a report on Thursday, August 20th. They set a “buy” rating on the stock.

Taseko Mines Stock Performance

Shares of Taseko Mines stock opened at $8.64 on Monday. The stock has a market cap of $3.16 billion, a price-to-earnings ratio of 432.22 and a beta of 1.35. The firm’s 50-day moving average is $8.12 and its 200 day moving average is $7.41. Taseko Mines has a 1 year low of $3.66 and a 1 year high of $9.82. The company has a debt-to-equity ratio of 0.85, a current ratio of 1.24 and a quick ratio of 0.76.

Institutional Investors Weigh In On Taseko Mines

A number of hedge funds have recently added to or reduced their stakes in TGB. TD Waterhouse Canada Inc. increased its position in Taseko Mines by 5.5% during the second quarter. TD Waterhouse Canada Inc. now owns 190,808 shares of the company’s stock valued at $1,338,000 after acquiring an additional 9,900 shares during the last quarter. Susquehanna Advisors Group Inc. purchased a new position in Taseko Mines in the second quarter worth about $615,000. Penn Capital Management Company LLC boosted its position in Taseko Mines by 25.3% in the second quarter. Penn Capital Management Company LLC now owns 74,474 shares of the company’s stock worth $512,000 after purchasing an additional 15,059 shares during the last quarter. Van ECK Associates Corp grew its stake in shares of Taseko Mines by 20.4% during the 2nd quarter. Van ECK Associates Corp now owns 396,290 shares of the company’s stock valued at $2,727,000 after purchasing an additional 67,174 shares during the period. Finally, FNY Investment Advisers LLC purchased a new stake in shares of Taseko Mines during the 2nd quarter valued at about $165,000. 17.94% of the stock is currently owned by hedge funds and other institutional investors.

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.