Turquoise Hill Resources (NYSE:TRQ) Sees Large Volume Increase

Turquoise Hill Resources Ltd. (NYSE:TRQ – Get Rating) (TSE:TRQ) saw unusually-strong trading volume on Thursday . Approximately 79,636 shares traded hands during trading, a decline of 89% from the previous session’s volume of 711,117 shares.The stock last traded at $25.55 and had previously closed at $25.56.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on TRQ shares. Scotiabank reduced their price target on Turquoise Hill Resources from C$44.00 to C$42.00 in a research report on Thursday, July 7th. Canaccord Genuity Group cut their price objective on Turquoise Hill Resources from C$45.00 to C$44.00 in a research report on Thursday, July 14th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $27.83.

Turquoise Hill Resources Price Performance

The company has a quick ratio of 0.76, a current ratio of 1.09 and a debt-to-equity ratio of 0.40. The firm has a market capitalization of $5.05 billion, a PE ratio of 8.96 and a beta of 1.62. The stock has a 50-day moving average price of $26.75 and a 200 day moving average price of $25.47.

Turquoise Hill Resources (NYSE:TRQ – Get Rating) (TSE:TRQ) last issued its quarterly earnings results on Tuesday, May 10th. The basic materials company reported $1.37 EPS for the quarter. Turquoise Hill Resources had a return on equity of 6.18% and a net margin of 30.50%. The firm had revenue of $402.65 million during the quarter.

Institutional Trading of Turquoise Hill Resources

Several large investors have recently made changes to their positions in the company. Connor Clark & Lunn Investment Management Ltd. increased its position in shares of Turquoise Hill Resources by 63.0% during the second quarter. Connor Clark & Lunn Investment Management Ltd. now owns 1,150,500 shares of the basic materials company’s stock worth $30,816,000 after purchasing an additional 444,800 shares in the last quarter. Van ECK Associates Corp boosted its stake in Turquoise Hill Resources by 3.8% during the second quarter. Van ECK Associates Corp now owns 36,016 shares of the basic materials company’s stock worth $965,000 after buying an additional 1,304 shares during the last quarter. National Bank of Canada FI boosted its stake in Turquoise Hill Resources by 17.2% during the second quarter. National Bank of Canada FI now owns 21,972 shares of the basic materials company’s stock worth $585,000 after buying an additional 3,228 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. boosted its stake in Turquoise Hill Resources by 10.1% during the second quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,926,404 shares of the basic materials company’s stock worth $51,589,000 after buying an additional 176,575 shares during the last quarter. Finally, FNY Investment Advisers LLC acquired a new position in Turquoise Hill Resources during the second quarter worth $167,000. 34.39% of the stock is currently owned by hedge funds and other institutional investors.

About Turquoise Hill Resources

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Turquoise Hill Resources Ltd., together with its subsidiaries, operates as a mining company. The company primarily explores for copper, gold, and silver deposits. It engages in the operation and development of the Oyu Tolgoi copper-gold mine located in Southern Mongolia. The company was formerly known as Ivanhoe Mines Ltd.