Taseko Mines (NYSEAMERICAN:TGB) Shares Gap Down – Here’s Why

Taseko Mines Limited (NYSEAMERICAN:TGB)’s share price gapped down prior to trading on Thursday . The stock had previously closed at $8.93, but opened at $8.37. Taseko Mines shares last traded at $8.1760, with a volume of 856,518 shares changing hands.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on TGB shares. Zacks Research raised shares of Taseko Mines from a “strong sell” rating to a “hold” rating in a research note on Monday, June 15th. Jefferies Financial Group initiated coverage on shares of Taseko Mines in a report on Thursday, August 20th. They set a “buy” rating on the stock. Five research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $9.00.

Taseko Mines Price Performance

The company has a debt-to-equity ratio of 0.85, a current ratio of 1.24 and a quick ratio of 0.76. The stock has a market capitalization of $2.95 billion, a PE ratio of 402.95 and a beta of 1.35. The company has a 50-day moving average of $7.95 and a two-hundred day moving average of $7.41.

Hedge Funds Weigh In On Taseko Mines

Hedge funds have recently made changes to their positions in the stock. L1 Capital Pty Ltd increased its position in shares of Taseko Mines by 45.2% during the 4th quarter. L1 Capital Pty Ltd now owns 35,545,632 shares of the company’s stock worth $201,190,000 after purchasing an additional 11,066,233 shares in the last quarter. TD Asset Management Inc boosted its position in Taseko Mines by 815.7% in the fourth quarter. TD Asset Management Inc now owns 3,635,594 shares of the company’s stock valued at $20,608,000 after buying an additional 3,238,558 shares in the last quarter. Bank of America Corp DE boosted its position in Taseko Mines by 215.3% in the first quarter. Bank of America Corp DE now owns 4,577,781 shares of the company’s stock valued at $29,527,000 after buying an additional 3,125,829 shares in the last quarter. Mackenzie Financial Corp grew its stake in Taseko Mines by 78.6% during the fourth quarter. Mackenzie Financial Corp now owns 6,350,898 shares of the company’s stock worth $35,818,000 after buying an additional 2,794,210 shares during the last quarter. Finally, Hatch Cove Capital LLC bought a new stake in Taseko Mines during the fourth quarter worth about $14,773,000. 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.