Taseko Mines (TGB) Cut to “Sell” at Zacks Investment Research

Zacks Investment Research downgraded shares of Taseko Mines (NYSEAMERICAN:TGB) (TSE:TKO) from a hold rating to a sell rating in a research note released on Wednesday.

According to Zacks, “Taseko Mines is focused on acquiring ownership of and advancing exploration and related activities on known mineral deposits that have as their basic characteristic, large tonnage (based on extensive drill testing for continuity) mineralization which, under metals price assumptions that fall within historical averages, are potentially capable of supporting a mine for 10 years and longer. “

Separately, National Bank Financial reissued a buy rating on shares of Taseko Mines in a report on Wednesday, December 5th. One analyst has rated the stock with a sell rating, one has given a hold rating and two have assigned a buy rating to the stock. The company has an average rating of Hold and an average price target of $0.75.

Shares of TGB opened at $0.61 on Wednesday. Taseko Mines has a one year low of $0.44 and a one year high of $1.89.

Several hedge funds have recently modified their holdings of the company. CIBC World Markets Inc. increased its stake in shares of Taseko Mines by 44.7% in the 3rd quarter. CIBC World Markets Inc. now owns 492,198 shares of the mining company’s stock valued at $394,000 after purchasing an additional 152,148 shares in the last quarter. Credit Suisse AG purchased a new position in shares of Taseko Mines in the 3rd quarter valued at about $640,000. Bank of Montreal Can increased its stake in shares of Taseko Mines by 37,886.9% in the 4th quarter. Bank of Montreal Can now owns 6,129,570 shares of the mining company’s stock valued at $2,899,000 after purchasing an additional 6,113,434 shares in the last quarter. Finally, Renaissance Technologies LLC increased its stake in shares of Taseko Mines by 11.1% in the 3rd quarter. Renaissance Technologies LLC now owns 6,994,904 shares of the mining company’s stock valued at $5,596,000 after purchasing an additional 699,104 shares in the last quarter.

Taseko Mines Company Profile

Taseko Mines Limited, a mining company, acquires, develops, and operates mineral properties in Canada and the United States. The company explores for copper, molybdenum, gold, niobium, and silver deposits. It holds a 75% interest in the Gibraltar copper-molybdenum mine located in south-central British Columbia.

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