Shares of Taseko Mines Limited (NYSEAMERICAN:TGB – Get Free Report) gapped down prior to trading on Thursday . The stock had previously closed at $8.93, but opened at $8.37. Taseko Mines shares last traded at $8.1760, with a volume of 856,518 shares trading hands.
Analysts Set New Price Targets
Several research firms recently issued reports on TGB. Jefferies Financial Group initiated coverage on shares of Taseko Mines in a research note on Thursday, August 20th. They set a “buy” rating on the stock. Zacks Research upgraded Taseko Mines from a “strong sell” rating to a “hold” rating in a research note on Monday, June 15th. Five investment analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $9.00.
Check Out Our Latest Report on TGB
Taseko Mines Stock Performance
Institutional Inflows and Outflows
A number of large investors have recently bought and sold shares of the company. TD Waterhouse Canada Inc. increased its holdings in shares of Taseko Mines by 5.5% in the 2nd 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. acquired a new position in Taseko Mines in the second quarter worth $615,000. Penn Capital Management Company LLC increased its stake in Taseko Mines by 25.3% during the second quarter. Penn Capital Management Company LLC now owns 74,474 shares of the company’s stock valued at $512,000 after purchasing an additional 15,059 shares during the last quarter. Van ECK Associates Corp raised its holdings in shares of Taseko Mines by 20.4% during the second 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. Finally, FNY Investment Advisers LLC bought a new position in shares of Taseko Mines in the 2nd quarter worth about $165,000. Institutional investors own 17.94% of the company’s stock.
Taseko Mines Company Profile
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.
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