Taseko Mines (NYSE:TGB) Sees Strong Trading Volume – Still a Buy?

Taseko Mines Limited (NYSE:TGB) saw unusually-high trading volume on Monday . Approximately 7,632,506 shares changed hands during trading, an increase of 74% from the previous session’s volume of 4,396,446 shares.The stock last traded at $2.42 and had previously closed at $2.38.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on TGB. StockNews.com cut shares of Taseko Mines from a “hold” rating to a “sell” rating in a research note on Friday, February 21st. National Bank Financial raised Taseko Mines from a “sector perform” rating to an “outperform” rating in a research note on Tuesday, December 10th. One investment analyst has rated the stock with a sell rating, three have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $3.50.

Taseko Mines Trading Up 1.1 %

The business’s 50-day simple moving average is $2.10 and its two-hundred day simple moving average is $2.15. 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 has a market capitalization of $746.78 million, a price-to-earnings ratio of -80.17 and a beta of 1.61.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the company. Bank of Montreal Can raised its holdings in shares of Taseko Mines by 296.8% in the 3rd quarter. Bank of Montreal Can now owns 3,160,574 shares of the company’s stock valued at $8,225,000 after buying an additional 2,364,116 shares during the period. Barclays PLC increased its stake in Taseko Mines by 353.3% during the third quarter. Barclays PLC now owns 79,323 shares of the company’s stock worth $200,000 after purchasing an additional 61,823 shares during the period. Centiva Capital LP lifted its position in shares of Taseko Mines by 125.9% during the third quarter. Centiva Capital LP now owns 196,072 shares of the company’s stock worth $494,000 after purchasing an additional 109,284 shares in the last quarter. BNP Paribas Financial Markets boosted its stake in shares of Taseko Mines by 272.5% in the third quarter. BNP Paribas Financial Markets now owns 53,142 shares of the company’s stock valued at $134,000 after purchasing an additional 38,876 shares during the period. Finally, Connor Clark & Lunn Investment Management Ltd. grew its holdings in shares of Taseko Mines by 52.9% in the fourth quarter. Connor Clark & Lunn Investment Management Ltd. now owns 9,301,466 shares of the company’s stock valued at $18,095,000 after purchasing an additional 3,217,385 shares in the last quarter. 17.94% of the stock is currently owned by institutional investors and hedge funds.

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.