7,056,000 Shares in Turquoise Hill Resources Ltd (NYSE:TRQ) Acquired by Shah Capital Management

Shah Capital Management acquired a new position in Turquoise Hill Resources Ltd (NYSE:TRQ) (TSE:TRQ) in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 7,056,000 shares of the basic materials company’s stock, valued at approximately $3,353,000. Turquoise Hill Resources accounts for 1.8% of Shah Capital Management’s portfolio, making the stock its 14th largest holding. Shah Capital Management owned approximately 0.35% of Turquoise Hill Resources at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. Private Advisor Group LLC purchased a new position in Turquoise Hill Resources in the second quarter worth approximately $30,000. NEXT Financial Group Inc grew its position in Turquoise Hill Resources by 3,200.0% in the second quarter. NEXT Financial Group Inc now owns 33,000 shares of the basic materials company’s stock worth $41,000 after acquiring an additional 32,000 shares during the period. Man Group plc purchased a new position in Turquoise Hill Resources in the second quarter worth approximately $45,000. Jane Street Group LLC grew its position in Turquoise Hill Resources by 153.6% in the second quarter. Jane Street Group LLC now owns 37,900 shares of the basic materials company’s stock worth $47,000 after acquiring an additional 22,954 shares during the period. Finally, Nexus Investment Management Inc. grew its position in Turquoise Hill Resources by 31.3% in the second quarter. Nexus Investment Management Inc. now owns 42,000 shares of the basic materials company’s stock worth $52,000 after acquiring an additional 10,000 shares during the period. Institutional investors own 39.26% of the company’s stock.

Several brokerages recently weighed in on TRQ. ValuEngine upgraded Turquoise Hill Resources from a “strong sell” rating to a “sell” rating in a research report on Monday, October 7th. TheStreet lowered Turquoise Hill Resources from a “c-” rating to a “d” rating in a research report on Friday, August 2nd. Eight Capital lowered Turquoise Hill Resources from a “buy” rating to a “neutral” rating in a research report on Tuesday, July 16th. Royal Bank of Canada lowered their price target on Turquoise Hill Resources from $3.00 to $2.00 and set a “sector perform” rating for the company in a research report on Wednesday, July 17th. Finally, CIBC lowered Turquoise Hill Resources from an “outperform” rating to a “neutral” rating in a research report on Wednesday, July 17th. One analyst has rated the stock with a sell rating, four have given a hold rating and one has issued a buy rating to the company’s stock. Turquoise Hill Resources presently has a consensus rating of “Hold” and an average target price of $2.52.

Shares of TRQ traded up $0.01 during midday trading on Wednesday, hitting $0.46. 58,045 shares of the stock were exchanged, compared to its average volume of 5,829,475. Turquoise Hill Resources Ltd has a 52-week low of $0.40 and a 52-week high of $2.17. The stock has a fifty day simple moving average of $0.46 and a 200 day simple moving average of $0.92. The firm has a market cap of $911.58 million, a P/E ratio of 2.05 and a beta of 1.12. The company has a debt-to-equity ratio of 0.54, a quick ratio of 5.81 and a current ratio of 6.20.

Turquoise Hill Resources (NYSE:TRQ) (TSE:TRQ) last released its quarterly earnings results on Wednesday, July 31st. The basic materials company reported $0.08 EPS for the quarter. Turquoise Hill Resources had a positive return on equity of 5.04% and a negative net margin of 13.64%. The business had revenue of $382.75 million during the quarter.

About Turquoise Hill Resources

Turquoise Hill Resources Ltd., together with its subsidiaries, operates as a mining company. The company explores for copper, gold, and silver deposits. It primarily develops and operates the Oyu Tolgoi mine located in the southern Mongolia. The company was formerly known as Ivanhoe Mines Ltd. and changed its name to Turquoise Hill Resources Ltd.

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Institutional Ownership by Quarter for Turquoise Hill Resources (NYSE:TRQ)

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