The Manufacturers Life Insurance Company trimmed its holdings in shares of Turquoise Hill Resources Ltd. (NYSE:TRQ) (TSE:TRQ) by 93.1% during the 4th quarter, HoldingsChannel reports. The institutional investor owned 55,397 shares of the basic materials company’s stock after selling 747,676 shares during the period. The Manufacturers Life Insurance Company’s holdings in Turquoise Hill Resources were worth $877,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors also recently modified their holdings of TRQ. Citigroup Inc. boosted its position in Turquoise Hill Resources by 189.7% during the fourth quarter. Citigroup Inc. now owns 7,881 shares of the basic materials company’s stock worth $98,000 after purchasing an additional 5,161 shares during the period. FIL Ltd bought a new position in shares of Turquoise Hill Resources in the fourth quarter worth about $76,000. LPL Financial LLC lifted its holdings in shares of Turquoise Hill Resources by 30.1% during the third quarter. LPL Financial LLC now owns 42,381 shares of the basic materials company’s stock worth $36,000 after buying an additional 9,800 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank bought a new position in shares of Turquoise Hill Resources during the 4th quarter worth about $126,000. Finally, Renaissance Technologies LLC acquired a new position in Turquoise Hill Resources in the 4th quarter valued at approximately $573,000.
TRQ has been the subject of a number of analyst reports. Canaccord Genuity downgraded Turquoise Hill Resources from a “hold” rating to a “sell” rating in a report on Thursday, March 4th. BMO Capital Markets cut Turquoise Hill Resources from an “outperform” rating to a “market perform” rating and dropped their price target for the company from $23.00 to $18.00 in a report on Thursday, March 4th. Scotiabank boosted their target price on shares of Turquoise Hill Resources from $27.00 to $30.00 and gave the stock an “outperform” rating in a research note on Wednesday, March 10th. Finally, TD Securities upped their price objective on Turquoise Hill Resources from $24.00 to $26.00 and gave the stock a “buy” rating in a report on Wednesday, March 10th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and three have given a buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus target price of $18.58.
Turquoise Hill Resources (NYSE:TRQ) (TSE:TRQ) last posted its quarterly earnings results on Sunday, March 7th. The basic materials company reported $0.79 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.41 by $0.38. The firm had revenue of $405.10 million during the quarter. Turquoise Hill Resources had a return on equity of 4.76% and a net margin of 42.70%.
Turquoise Hill Resources Profile
Turquoise Hill Resources Ltd., together with its subsidiaries, operates as a mining company. The company explores for copper, gold, and silver deposits. It develops and operates the Oyu Tolgoi copper-gold mine located in Southern Mongolia. The company was formerly known as Ivanhoe Mines Ltd. and changed its name to Turquoise Hill Resources Ltd.
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