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

Taseko Mines (NYSEAMERICAN:TGB) (TSE:TKO) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report issued on Thursday, 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. “

Several other research firms have also recently issued reports on TGB. BMO Capital Markets assumed coverage on Taseko Mines in a research report on Friday, July 5th. They set an “outperform” rating for the company. TD Securities cut Taseko Mines from a “speculative buy” rating to a “hold” rating in a research report on Monday, July 22nd. Finally, Scotiabank cut Taseko Mines from a “sector perform” rating to an “underperform” rating in a research report on Tuesday, October 15th. Two research analysts have rated the stock with a sell rating, one has assigned a hold rating and two have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Hold”.

TGB traded down $0.02 on Thursday, hitting $0.42. 3,500 shares of the company were exchanged, compared to its average volume of 397,946. Taseko Mines has a twelve month low of $0.38 and a twelve month high of $0.79.

Taseko Mines (NYSEAMERICAN:TGB) (TSE:TKO) last released its earnings results on Wednesday, August 7th. The mining company reported ($0.05) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.02) by ($0.03). The company had revenue of $64.68 million during the quarter.

Several large investors have recently added to or reduced their stakes in TGB. Renaissance Technologies LLC lifted its holdings in shares of Taseko Mines by 10.3% in the 2nd quarter. Renaissance Technologies LLC now owns 8,082,234 shares of the mining company’s stock valued at $4,284,000 after purchasing an additional 751,444 shares during the last quarter. PenderFund Capital Management Ltd. purchased a new stake in shares of Taseko Mines in the 2nd quarter valued at about $14,177,000. United Capital Financial Advisers LLC purchased a new stake in shares of Taseko Mines in the 2nd quarter valued at about $54,000. Finally, Morgan Stanley lifted its holdings in shares of Taseko Mines by 95.0% in the 2nd quarter. Morgan Stanley now owns 346,703 shares of the mining company’s stock valued at $184,000 after purchasing an additional 168,889 shares during the last quarter.

About Taseko Mines

Taseko Mines Limited, a mining company, acquires, develops, and operates mineral properties in Canada and the United States. The company explores for copper, molybdenum, gold, niobium, and silver deposits. It holds a 75% interest in the Gibraltar copper-molybdenum mine located in south-central British Columbia.

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