Taseko Mines (NYSEAMERICAN:TGB) Downgraded to “Sell” at Zacks Investment Research

Zacks Investment Research lowered shares of Taseko Mines (NYSEAMERICAN:TGB) (TSE:TKO) from a buy rating to a sell rating in a report issued on Wednesday morning, Zacks.com reports.

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. “

A number of other research firms also recently issued reports on TGB. TheStreet downgraded Taseko Mines from a c- rating to a d+ rating in a research report on Thursday, July 15th. Scotiabank lifted their target price on Taseko Mines from C$2.50 to C$3.00 in a research report on Monday, July 12th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and two have issued a buy rating to the company. The company presently has a consensus rating of Hold and an average target price of $2.65.

TGB opened at $1.74 on Wednesday. The firm has a 50-day moving average price of $1.20. Taseko Mines has a 1 year low of $0.56 and a 1 year high of $2.67. The firm has a market cap of $493.94 million, a P/E ratio of 34.81 and a beta of 2.56. The company has a debt-to-equity ratio of 1.70, a current ratio of 3.70 and a quick ratio of 3.06.

Taseko Mines (NYSEAMERICAN:TGB) (TSE:TKO) last released its quarterly earnings results on Wednesday, May 5th. The mining company reported ($0.02) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.01) by ($0.01). Taseko Mines had a net margin of 3.52% and a negative return on equity of 3.73%. The firm had revenue of $68.50 million during the quarter. Research analysts expect that Taseko Mines will post 0.14 EPS for the current year.

Several large investors have recently modified their holdings of TGB. JPMorgan Chase & Co. boosted its holdings in shares of Taseko Mines by 200.9% during the fourth quarter. JPMorgan Chase & Co. now owns 219,957 shares of the mining company’s stock worth $290,000 after acquiring an additional 146,861 shares during the period. tru Independence LLC bought a new stake in shares of Taseko Mines during the fourth quarter worth approximately $27,720,000. Buckingham Strategic Wealth LLC boosted its holdings in shares of Taseko Mines by 66.9% during the first quarter. Buckingham Strategic Wealth LLC now owns 50,066 shares of the mining company’s stock worth $86,000 after acquiring an additional 20,066 shares during the period. Commonwealth Equity Services LLC bought a new stake in shares of Taseko Mines during the first quarter worth approximately $33,000. Finally, BlackRock Inc. bought a new stake in shares of Taseko Mines during the first quarter worth approximately $91,000. Institutional investors own 18.36% of the company’s stock.

Taseko Mines Company Profile

Taseko Mines Limited, a mining company, acquires, develops, and operates mineral properties. The company explores for copper, molybdenum, gold, niobium, and silver deposits. It holds 75% interest in the Gibraltar mine located in British Columbia. The company also holds 100% interest in Yellowhead copper project, the Aley niobium project, the Harmony Gold Project, and the New Prosperity gold and copper project located in British Columbia; and the Florence copper project located in Arizona.

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