Taseko Mines (NYSEAMERICAN:TGB) Shares Up 8.1% – Time to Buy?

Shares of Taseko Mines Limited (NYSEAMERICAN:TGB) rose 8.1% during mid-day trading on Tuesday . The stock traded as high as $9.31 and last traded at $9.3720. 4,584,108 shares traded hands during trading, a decline of 23% from the average daily volume of 5,963,807 shares. The stock had previously closed at $8.67.

Analyst Upgrades and Downgrades

TGB has been the topic of several recent research reports. Jefferies Financial Group started coverage on Taseko Mines in a research note on Thursday, August 20th. They issued a “buy” rating on the stock. Zacks Research upgraded Taseko Mines from a “strong sell” rating to a “hold” rating in a research note on Monday, June 15th. Five analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $9.00.

Taseko Mines Trading Down 3.2%

The stock’s fifty day moving average price is $8.22 and its 200 day moving average price is $7.42. The company has a quick ratio of 0.76, a current ratio of 1.24 and a debt-to-equity ratio of 0.85. The stock has a market cap of $3.31 billion, a PE ratio of 453.23 and a beta of 1.35.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of TGB. TD Waterhouse Canada Inc. lifted its stake in Taseko Mines by 5.5% during the 2nd quarter. TD Waterhouse Canada Inc. now owns 190,808 shares of the company’s stock valued at $1,338,000 after acquiring an additional 9,900 shares during the period. Susquehanna Advisors Group Inc. bought a new stake in shares of Taseko Mines in the second quarter worth approximately $615,000. Penn Capital Management Company LLC raised its holdings in shares of Taseko Mines by 25.3% during the second quarter. Penn Capital Management Company LLC now owns 74,474 shares of the company’s stock valued at $512,000 after purchasing an additional 15,059 shares during the last quarter. Van ECK Associates Corp raised its holdings in shares of Taseko Mines by 20.4% during the second quarter. Van ECK Associates Corp now owns 396,290 shares of the company’s stock valued at $2,727,000 after purchasing an additional 67,174 shares during the last quarter. Finally, FNY Investment Advisers LLC bought a new position in Taseko Mines during the second quarter valued at approximately $165,000. 17.94% of the stock is owned by institutional investors.

About Taseko Mines

Taseko Mines Limited is a Canadian mining company focused primarily on the acquisition, development and operation of copper and molybdenum assets. The company’s principal operating asset is the Gibraltar Mine in central British Columbia, which it describes as one of Canada’s largest copper-molybdenum mines. Gibraltar produces copper concentrate and molybdenum concentrate for sale to customers and markets.

Taseko also owns and is advancing the Florence Copper project in Arizona. The project is designed to use an in-situ copper recovery process to produce copper cathodes, allowing copper to be extracted from ore without conventional open-pit mining.