Taseko Mines (NYSEAMERICAN:TGB) Trading 8.1% Higher – Should You Buy?

Taseko Mines Limited (NYSEAMERICAN:TGB) shares shot up 8.1% on Tuesday . The stock traded as high as $9.31 and last traded at $9.3720. Approximately 4,584,108 shares changed hands during mid-day trading, a decline of 23% from the average session volume of 5,963,807 shares. The stock had previously closed at $8.67.

Analyst Ratings Changes

A number of brokerages have recently issued reports on TGB. 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 assumed coverage on Taseko Mines in a research note on Thursday, August 20th. They set a “buy” rating on the stock. Five equities research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $9.00.

Taseko Mines Price Performance

The stock has a 50 day moving average of $8.16 and a 200-day moving average of $7.40. The company has a debt-to-equity ratio of 0.85, a quick ratio of 0.76 and a current ratio of 1.24. The company has a market cap of $3.43 billion, a PE ratio of 468.83 and a beta of 1.35.

Hedge Funds Weigh In On Taseko Mines

A number of institutional investors have recently bought and sold shares of the business. Caitong International Asset Management Co. Ltd purchased a new stake in shares of Taseko Mines in the 4th quarter valued at $51,000. CHICAGO TRUST Co NA purchased a new stake in Taseko Mines in the first quarter valued at $67,000. First United Bank & Trust acquired a new stake in Taseko Mines during the 1st quarter worth about $79,000. Themes Management Co LLC acquired a new stake in Taseko Mines during the 4th quarter worth about $136,000. Finally, FNY Investment Advisers LLC purchased a new position in shares of Taseko Mines during the 2nd quarter valued at about $165,000. 17.94% of the stock is owned by hedge funds and other institutional investors.

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.