Taseko Mines (NYSE:TGB) Hits New 12-Month High – Here’s Why

Taseko Mines Limited (NYSE:TGB)’s stock price reached a new 52-week high during trading on Wednesday . The stock traded as high as $9.25 and last traded at $8.6780, with a volume of 1316577 shares changing hands. The stock had previously closed at $8.83.

Analysts Set New Price Targets

Separately, BMO Capital Markets restated an “outperform” rating on shares of Taseko Mines in a research report on Wednesday, January 14th. One analyst has rated the stock with a Buy rating and one has issued a Hold rating to the company. According to MarketBeat, Taseko Mines has an average rating of “Moderate Buy” and a consensus target price of $5.00.

Taseko Mines Trading Up 3.3%

The business’s 50 day moving average price is $6.34 and its 200-day moving average price is $4.71. The company has a market cap of $2.83 billion, a price-to-earnings ratio of -261.67 and a beta of 1.25. The company has a debt-to-equity ratio of 1.48, a quick ratio of 1.05 and a current ratio of 1.71.

Hedge Funds Weigh In On Taseko Mines

Several hedge funds and other institutional investors have recently modified their holdings of TGB. Dynamic Technology Lab Private Ltd acquired a new stake in Taseko Mines in the 1st quarter valued at $65,000. Goldman Sachs Group Inc. boosted its stake in shares of Taseko Mines by 198.9% in the 1st quarter. Goldman Sachs Group Inc. now owns 988,072 shares of the company’s stock valued at $2,213,000 after purchasing an additional 657,477 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its holdings in shares of Taseko Mines by 10.5% in the 1st 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 purchasing an additional 146,154 shares during the last quarter. Focus Partners Wealth grew its holdings in shares of Taseko Mines by 19.9% in the 1st quarter. Focus Partners Wealth now owns 60,200 shares of the company’s stock worth $135,000 after purchasing an additional 10,000 shares during the last quarter. Finally, Verde Servicos Internacionais S.A. acquired a new stake in shares of Taseko Mines during the 2nd quarter worth about $693,000. Institutional investors own 17.94% of the company’s stock.

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. The Florence Copper project in Arizona employs an in?situ recovery process to extract copper, positioning it as one of North America’s first large?scale applications of this technology.