Taseko Mines (NYSE:TGB) Sees Unusually-High Trading Volume – Here’s What Happened

Shares of Taseko Mines Limited (NYSE:TGB) saw an uptick in trading volume on Wednesday . 8,196,559 shares changed hands during mid-day trading, an increase of 28% from the previous session’s volume of 6,403,661 shares.The stock last traded at $2.17 and had previously closed at $2.06.

Analyst Ratings Changes

A number of research firms have recently commented on TGB. StockNews.com lowered shares of Taseko Mines from a “hold” rating to a “sell” rating in a research report on Friday, February 21st. National Bank Financial upgraded shares of Taseko Mines from a “sector perform” rating to an “outperform” rating in a research report on Tuesday, December 10th. One investment analyst has rated the stock with a sell rating, three have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Taseko Mines currently has an average rating of “Moderate Buy” and an average target price of $3.50.

Taseko Mines Trading Up 2.6 %

The firm has a market capitalization of $723.49 million, a P/E ratio of -77.67 and a beta of 1.61. The company has a quick ratio of 1.05, a current ratio of 1.71 and a debt-to-equity ratio of 1.48. The firm’s 50-day simple moving average is $2.06 and its 200-day simple moving average is $2.15.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in TGB. Tidal Investments LLC raised its stake in shares of Taseko Mines by 82.3% during the third quarter. Tidal Investments LLC now owns 13,693,081 shares of the company’s stock worth $34,507,000 after acquiring an additional 6,182,981 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. raised its stake in shares of Taseko Mines by 52.9% during the fourth quarter. Connor Clark & Lunn Investment Management Ltd. now owns 9,301,466 shares of the company’s stock worth $18,095,000 after acquiring an additional 3,217,385 shares in the last quarter. Bank of Montreal Can increased its stake in shares of Taseko Mines by 296.8% in the third quarter. Bank of Montreal Can now owns 3,160,574 shares of the company’s stock worth $8,225,000 after buying an additional 2,364,116 shares during the period. Renaissance Technologies LLC increased its stake in shares of Taseko Mines by 15.6% in the fourth quarter. Renaissance Technologies LLC now owns 6,676,370 shares of the company’s stock worth $12,952,000 after buying an additional 900,400 shares during the period. Finally, Millennium Management LLC increased its stake in shares of Taseko Mines by 105.0% in the fourth quarter. Millennium Management LLC now owns 1,174,453 shares of the company’s stock worth $2,279,000 after buying an additional 601,684 shares during the period. 17.94% of the stock is owned by hedge funds and other institutional investors.

Taseko Mines Company Profile

Taseko Mines Limited, a mining company, acquires, develops, and operates mineral properties. It explores for copper, molybdenum, gold, niobium, and silver deposits. The company’s principal asset comprises 100% interest owned the Gibraltar mine located in British Columbia. It also holds interest in the Yellowhead copper project, the Aley niobium project, and the New Prosperity gold and copper project located in British Columbia; and the Florence copper project located in Arizona.