Turquoise Hill Resources (TRQ) Sees Strong Trading Volume

Turquoise Hill Resources Ltd (NYSE:TRQ) (TSE:TRQ) shares saw strong trading volume on Wednesday . 53,424,953 shares were traded during mid-day trading, an increase of 878% from the previous session’s volume of 5,464,479 shares.The stock last traded at $1.66 and had previously closed at $1.61.

Separately, CIBC reaffirmed a “buy” rating on shares of Turquoise Hill Resources in a research note on Tuesday, November 6th.

The company has a market capitalization of $3.24 billion, a price-to-earnings ratio of 8.58 and a beta of 0.91. The company has a debt-to-equity ratio of 0.50, a current ratio of 5.16 and a quick ratio of 4.73.

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Edge Wealth Management LLC purchased a new stake in shares of Turquoise Hill Resources in the fourth quarter valued at $25,000. Stifel Financial Corp purchased a new stake in shares of Turquoise Hill Resources in the fourth quarter valued at $30,000. Wetherby Asset Management Inc. purchased a new stake in shares of Turquoise Hill Resources in the fourth quarter valued at $34,000. PNC Financial Services Group Inc. lifted its holdings in shares of Turquoise Hill Resources by 52.5% in the fourth quarter. PNC Financial Services Group Inc. now owns 26,906 shares of the basic materials company’s stock valued at $45,000 after purchasing an additional 9,257 shares in the last quarter. Finally, Ballentine Partners LLC purchased a new stake in shares of Turquoise Hill Resources in the fourth quarter valued at $48,000. 34.66% of the stock is owned by institutional investors and hedge funds.

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Turquoise Hill Resources Company Profile (NYSE:TRQ)

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

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