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

Taseko Mines Limited (NYSE:TGB) shares saw an uptick in trading volume on Tuesday . 4,227,937 shares changed hands during trading, an increase of 1% from the previous session’s volume of 4,165,849 shares.The stock last traded at $2.44 and had previously closed at $2.40.

Wall Street Analysts Forecast Growth

Several research firms recently commented on TGB. StockNews.com downgraded shares of Taseko Mines from a “hold” rating to a “sell” rating in a research note on Friday, February 21st. 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. One research analyst has rated the stock with a sell rating, three have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $3.50.

Taseko Mines Stock Performance

The stock’s fifty day moving average price is $2.08 and its two-hundred day moving average price is $2.15. The company has a market cap of $760.75 million, a P/E ratio of -81.67 and a beta of 1.61. The company has a debt-to-equity ratio of 1.48, a quick ratio of 1.05 and a current ratio of 1.71.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of TGB. Tidal Investments LLC grew its holdings in shares of Taseko Mines by 82.3% during the 3rd quarter. Tidal Investments LLC now owns 13,693,081 shares of the company’s stock valued at $34,507,000 after purchasing an additional 6,182,981 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in Taseko Mines by 2.9% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 10,725,601 shares of the company’s stock valued at $20,880,000 after purchasing an additional 297,403 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. increased its stake 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 buying an additional 3,217,385 shares during the period. Renaissance Technologies LLC boosted its position in Taseko Mines by 15.6% during the 4th quarter. Renaissance Technologies LLC now owns 6,676,370 shares of the company’s stock worth $12,952,000 after buying an additional 900,400 shares during the period. Finally, Bank of Montreal Can grew its holdings in Taseko Mines by 296.8% during the 3rd quarter. Bank of Montreal Can now owns 3,160,574 shares of the company’s stock worth $8,225,000 after acquiring an additional 2,364,116 shares during the last quarter. Institutional investors own 17.94% of the company’s stock.

About Taseko Mines

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.