Great West Life Assurance Co. Can Cuts Stake in Turquoise Hill Resources Ltd (TRQ)
Great West Life Assurance Co. Can decreased its stake in shares of Turquoise Hill Resources Ltd (NYSE:TRQ) (TSE:TRQ) by 35.4% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 598,089 shares of the basic materials company’s stock after selling 327,030 shares during the period. Great West Life Assurance Co. Can’s holdings in Turquoise Hill Resources were worth $1,858,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds also recently made changes to their positions in the company. Van ECK Associates Corp boosted its stake in Turquoise Hill Resources by 15.1% during the second quarter. Van ECK Associates Corp now owns 48,358 shares of the basic materials company’s stock worth $129,000 after acquiring an additional 6,360 shares in the last quarter. Verition Fund Management LLC bought a new stake in Turquoise Hill Resources during the second quarter worth about $155,000. Virtu KCG Holdings LLC boosted its stake in Turquoise Hill Resources by 25.0% during the second quarter. Virtu KCG Holdings LLC now owns 66,985 shares of the basic materials company’s stock worth $178,000 after acquiring an additional 13,416 shares in the last quarter. Korea Investment CORP bought a new stake in Turquoise Hill Resources during the third quarter worth about $215,000. Finally, Marshall Wace North America L.P. bought a new stake in Turquoise Hill Resources during the second quarter worth about $249,000. 33.87% of the stock is currently owned by hedge funds and other institutional investors.
Several equities research analysts recently commented on TRQ shares. CIBC started coverage on shares of Turquoise Hill Resources in a research note on Friday, September 15th. They set a “sector outperform” rating on the stock. Royal Bank of Canada set a $4.00 price objective on shares of Turquoise Hill Resources and gave the stock a “hold” rating in a research note on Tuesday, October 10th. Finally, Scotiabank reissued a “buy” rating and set a $5.50 price objective on shares of Turquoise Hill Resources in a research note on Monday, November 6th. Four equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. The stock has a consensus rating of “Hold” and a consensus target price of $4.75.
Turquoise Hill Resources Ltd (NYSE TRQ) opened at $3.12 on Tuesday. The stock has a market cap of $6,260.00, a P/E ratio of 28.00 and a beta of 0.30. Turquoise Hill Resources Ltd has a 52 week low of $2.44 and a 52 week high of $3.80. The company has a quick ratio of 6.38, a current ratio of 6.85 and a debt-to-equity ratio of 0.52.
Turquoise Hill Resources (NYSE:TRQ) (TSE:TRQ) last issued its earnings results on Thursday, November 2nd. The basic materials company reported $0.03 earnings per share (EPS) for the quarter. The firm had revenue of $246.90 million for the quarter, compared to the consensus estimate of $246.86 million. Turquoise Hill Resources had a net margin of 24.48% and a return on equity of 2.81%. The business’s revenue was up 9.1% on a year-over-year basis. During the same quarter in the prior year, the firm posted ($0.02) earnings per share.
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Turquoise Hill Resources Company Profile
Turquoise Hill Resources Ltd. is an international mining company. The Company focuses on the operation and further development of the Oyu Tolgoi copper-gold mine in Southern Mongolia, which is the Company’s principal material mineral resource property. The Company’s Oyu Tolgoi mine is held through approximately 65% interest in Oyu Tolgoi LLC (Oyu Tolgoi) and the remaining approximately 35% interest is held by Erdenes Oyu Tolgoi LLC (Erdenes).
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