L1 Capital Pty Ltd Buys 11,066,233 Shares of Taseko Mines Limited $TGB

L1 Capital Pty Ltd increased its stake in Taseko Mines Limited (NYSEAMERICAN:TGB) by 45.2% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The fund owned 35,545,632 shares of the company’s stock after acquiring an additional 11,066,233 shares during the period. Taseko Mines makes up 10.5% of L1 Capital Pty Ltd’s investment portfolio, making the stock its 4th largest position. L1 Capital Pty Ltd owned about 9.84% of Taseko Mines worth $201,190,000 as of its most recent filing with the SEC.

Several other hedge funds have also modified their holdings of the stock. Pinpoint Asset Management Singapore Pte. Ltd. boosted its position in shares of Taseko Mines by 214.0% in the fourth quarter. Pinpoint Asset Management Singapore Pte. Ltd. now owns 181,064 shares of the company’s stock worth $1,025,000 after acquiring an additional 123,398 shares during the last quarter. Northwest & Ethical Investments L.P. acquired a new position in Taseko Mines during the fourth quarter valued at approximately $92,000. HRT Financial LP acquired a new position in Taseko Mines during the fourth quarter valued at approximately $398,000. Sprott Inc. acquired a new position in Taseko Mines during the fourth quarter valued at approximately $508,000. Finally, Marex Group plc acquired a new position in Taseko Mines during the fourth quarter valued at approximately $61,000. 17.94% of the stock is owned by institutional investors and hedge funds.

Taseko Mines Trading Up 9.5%

TGB opened at $7.50 on Friday. The firm has a market capitalization of $2.74 billion, a P/E ratio of 250.08 and a beta of 1.25. The firm’s 50 day moving average is $7.18 and its 200-day moving average is $6.84. Taseko Mines Limited has a 52-week low of $2.77 and a 52-week high of $9.25. The company has a quick ratio of 0.76, a current ratio of 1.37 and a debt-to-equity ratio of 0.88.

Analysts Set New Price Targets

A number of research analysts have weighed in on the stock. Canaccord Genuity Group lifted their price target on shares of Taseko Mines from C$13.50 to C$14.00 and gave the company a “buy” rating in a research report on Tuesday, April 21st. Zacks Research cut shares of Taseko Mines from a “hold” rating to a “strong sell” rating in a research report on Thursday, April 16th. TD Securities reaffirmed a “buy” rating on shares of Taseko Mines in a research report on Monday, February 23rd. Finally, Cantor Fitzgerald raised shares of Taseko Mines from a “buy” rating to a “buy” rating and set a $9.00 price target on the stock in a research report on Thursday, May 7th. Four analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $7.00.

Taseko Mines Profile

Taseko Mines Ltd. is a Vancouver‐based mining company primarily engaged in the exploration, development and production of copper‐based projects. Its flagship operation is the Gibraltar copper mine in central British Columbia, which ranks among Canada’s largest open pit copper producers. In addition to copper, Gibraltar yields byproducts such as molybdenum and silver, reflecting Taseko’s focus on base and precious metals.

Beyond Gibraltar, Taseko holds two advanced development assets.