Reasons for the Weakness of Taseko Mines Limited (TGB) Stock - InvestingChannel

Reasons for the Weakness of Taseko Mines Limited (TGB) Stock

Diamond Hill Capital, an investment management company, released its “Small Cap Fund” second-quarter 2023 investor letter. A copy of the same can be downloaded here. In the second quarter of 2023, markets were positive, and the US stocks rose over 8% (as measured by the Russell 3000 Index). The portfolio outperformed Russell 2000 Index in Q2 and returned 6.34%, bringing the YTD gains to 13.05%. Financial and consumer discretionary holdings were the source of relative strength in the quarter while the relative weakness came from consumer staples holdings and below-benchmark exposure to the information technology sector. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.

Diamond Hill Small Cap Fund highlighted stocks like Taseko Mines Limited (NYSEMKT:TGB) in the second quarter 2023 investor letter. Headquartered in Vancouver, Canada, Taseko Mines Limited (NYSEMKT:TGB) is a mining company that explores copper, molybdenum, gold, niobium, and silver deposits. On July 31, 2023, Taseko Mines Limited (NYSEMKT:TGB) stock closed at $1.5200 per share. One-month return of Taseko Mines Limited (NYSEMKT:TGB) was 4.11%, and its shares gained 42.06% of their value over the last 52 weeks. Taseko Mines Limited (NYSEMKT:TGB) has a market capitalization of $438.477 million.

Diamond Hill Small Cap Fund made the following comment about Taseko Mines Limited (NYSEMKT:TGB) in its second quarter 2023 investor letter:

“Other bottom contributors in Q2 included First Interstate BancSystem, Taseko Mines Limited (NYSEMKT:TGB) and WNS (Holdings) Limited. Shares of Canada-based mining company Taseko Mines were pressured as copper prices weakened modestly and the Florence copper mine’s final permit remains in the works with the Environmental Protection Agency.”

15 Largest Aluminum Producing Countries In The World Photo by Stephen Philpott on Unsplash

Taseko Mines Limited (NYSEMKT:TGB) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 6 hedge fund portfolios held Taseko Mines Limited (NYSEMKT:TGB) at the end of first quarter which was 6 in the previous quarter.

We discussed Taseko Mines Limited (NYSEMKT:TGB) in another article and shared the list of best copper stocks to buy for 2023. In addition, please check out our hedge fund investor letters Q2 2023 page for more investor letters from hedge funds and other leading investors.

 

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Disclosure: None. This article is originally published at Insider Monkey.

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