Taseko Mines (NYSE:TGB) Stock Price Down 9.1% – What’s Next?

Taseko Mines Limited (NYSE:TGB)’s share price was down 9.1% during trading on Tuesday . The stock traded as low as $7.54 and last traded at $7.5380. Approximately 1,155,191 shares traded hands during mid-day trading, a decline of 87% from the average daily volume of 8,691,980 shares. The stock had previously closed at $8.29.

Analysts Set New Price Targets

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

Taseko Mines Trading Down 4.3%

The firm has a market cap of $2.80 billion, a price-to-earnings ratio of -255.83 and a beta of 1.25. The business has a 50 day moving average of $6.81 and a 200 day moving average of $4.99. The company has a quick ratio of 1.05, a current ratio of 1.71 and a debt-to-equity ratio of 1.48.

Institutional Investors Weigh In On Taseko Mines

Several hedge funds have recently made changes to their positions in the business. Intact Investment Management Inc. grew its position in Taseko Mines by 17.8% during the third quarter. Intact Investment Management Inc. now owns 1,035,500 shares of the company’s stock valued at $4,390,000 after acquiring an additional 156,200 shares during the period. Mackenzie Financial Corp lifted its stake in shares of Taseko Mines by 973.6% in the 2nd quarter. Mackenzie Financial Corp now owns 1,604,572 shares of the company’s stock valued at $5,070,000 after purchasing an additional 1,455,117 shares in the last quarter. L1 Capital Pty Ltd grew its holdings in shares of Taseko Mines by 64.0% during the 2nd quarter. L1 Capital Pty Ltd now owns 20,681,607 shares of the company’s stock worth $65,148,000 after purchasing an additional 8,072,986 shares during the period. Persistent Asset Partners Ltd grew its holdings in shares of Taseko Mines by 59.7% during the 2nd quarter. Persistent Asset Partners Ltd now owns 168,901 shares of the company’s stock worth $532,000 after purchasing an additional 63,132 shares during the period. Finally, Alps Advisors Inc. increased its position in Taseko Mines by 40.1% during the 3rd quarter. Alps Advisors Inc. now owns 573,846 shares of the company’s stock worth $2,427,000 after purchasing an additional 164,348 shares in the last quarter. Institutional investors and hedge funds own 17.94% of the company’s stock.

About Taseko Mines

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.