Taseko Mines (NYSEAMERICAN:TGB) Stock Falls 4.7% – Should You Sell?

Taseko Mines Limited (NYSEAMERICAN:TGB)’s stock price traded down 4.7% on Friday. The stock traded as low as $8.64 and last traded at $8.5470. Approximately 554,436 shares changed hands during trading, a decline of 91% from the average daily volume of 5,947,223 shares. The stock had previously closed at $8.97.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on the company. Zacks Research raised Taseko Mines from a “strong sell” rating to a “hold” rating in a report on Monday, June 15th. Jefferies Financial Group initiated coverage on shares of Taseko Mines in a report on Thursday, August 20th. They set a “buy” rating for the company. Five analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $9.00.

Taseko Mines Stock Performance

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 firm has a 50 day moving average of $8.26 and a 200-day moving average of $7.43. The company has a market cap of $3.14 billion, a P/E ratio of 430.47 and a beta of 1.35.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the company. TD Waterhouse Canada Inc. grew its stake in shares of Taseko Mines by 5.5% during the second quarter. TD Waterhouse Canada Inc. now owns 190,808 shares of the company’s stock worth $1,338,000 after acquiring an additional 9,900 shares during the last quarter. Susquehanna Advisors Group Inc. acquired a new stake in Taseko Mines during the 2nd quarter worth about $615,000. Penn Capital Management Company LLC increased its holdings in shares of Taseko Mines by 25.3% in 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 period. Van ECK Associates Corp lifted 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 worth $2,727,000 after purchasing an additional 67,174 shares during the period. Finally, FNY Investment Advisers LLC acquired a new position in Taseko Mines in the 2nd quarter worth approximately $165,000. Institutional investors own 17.94% of the company’s stock.

Taseko Mines Company Profile

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.