Taseko Mines (NYSEAMERICAN:TGB) Shares Gap Up – Here’s What Happened

Taseko Mines Limited (NYSEAMERICAN:TGB) shares gapped up prior to trading on Wednesday . The stock had previously closed at $5.96, but opened at $6.40. Taseko Mines shares last traded at $6.2580, with a volume of 1,087,760 shares.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on TGB shares. BMO Capital Markets restated an “outperform” rating on shares of Taseko Mines in a report on Wednesday, January 14th. TD Securities reiterated a “buy” rating on shares of Taseko Mines in a report on Monday, February 23rd. Two investment analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus price target of $5.00.

Taseko Mines Stock Performance

The firm’s fifty day moving average price is $7.55 and its 200 day moving average price is $5.70. The company has a current ratio of 1.50, a quick ratio of 0.92 and a debt-to-equity ratio of 0.91. The firm has a market capitalization of $2.12 billion, a PE ratio of -82.99 and a beta of 1.18.

Institutional Investors Weigh In On Taseko Mines

Hedge funds and other institutional investors have recently bought and sold shares of the company. Intact Investment Management Inc. boosted its position in shares of Taseko Mines by 17.8% during the 3rd quarter. Intact Investment Management Inc. now owns 1,035,500 shares of the company’s stock worth $4,390,000 after acquiring an additional 156,200 shares in the last quarter. Mackenzie Financial Corp raised its position in Taseko Mines by 973.6% in the second 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 during the last quarter. Montrusco Bolton Investments Inc. acquired a new stake in Taseko Mines during the 3rd quarter worth approximately $12,260,000. PCJ Investment Counsel Ltd. acquired a new position in shares of Taseko Mines during the third quarter worth $3,080,000. Finally, L1 Capital Pty Ltd increased its stake in shares of Taseko Mines by 64.0% in the second quarter. L1 Capital Pty Ltd now owns 20,681,607 shares of the company’s stock valued at $65,148,000 after buying an additional 8,072,986 shares during the period. 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.