Taseko Mines (NYSE:TGB) Shares Down 6.9% – Here’s Why

Taseko Mines Limited (NYSE:TGB) dropped 6.9% during mid-day trading on Friday . The company traded as low as $2.09 and last traded at $2.09. Approximately 1,331,984 shares traded hands during trading, a decline of 70% from the average daily volume of 4,400,677 shares. The stock had previously closed at $2.24.

Analysts Set New Price Targets

TGB has been the subject of a number of recent analyst reports. 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. StockNews.com upgraded Taseko Mines from a “sell” rating to a “hold” rating in a research report on Wednesday, December 11th. One investment analyst has rated the stock with a hold rating, three have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus target price of $3.50.

Taseko Mines Price Performance

The stock has a market capitalization of $620.00 million, a PE ratio of 10.71 and a beta of 1.70. The company has a current ratio of 1.71, a quick ratio of 1.05 and a debt-to-equity ratio of 1.48. The company’s 50 day simple moving average is $2.02 and its 200 day simple moving average is $2.15.

Institutional Trading of Taseko Mines

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Abacus Wealth Partners LLC purchased a new stake in Taseko Mines during the 4th quarter worth $29,000. BIP Wealth LLC bought a new position in Taseko Mines in the 4th quarter worth about $30,000. Cadence Bank bought a new position in shares of Taseko Mines in the fourth quarter valued at approximately $32,000. Lido Advisors LLC acquired a new stake in Taseko Mines during the fourth quarter valued at approximately $37,000. Finally, Quantinno Capital Management LP purchased a new stake in shares of Taseko Mines in the 3rd quarter valued at approximately $38,000. 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.