Connor Clark & Lunn Investment Management Ltd. Has $13.40 Million Holdings in Turquoise Hill Resources Ltd. (NYSE:TRQ)

Connor Clark & Lunn Investment Management Ltd. lowered its position in shares of Turquoise Hill Resources Ltd. (NYSE:TRQ) (TSE:TRQ) by 28.6% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 794,430 shares of the basic materials company’s stock after selling 318,888 shares during the quarter. Connor Clark & Lunn Investment Management Ltd.’s holdings in Turquoise Hill Resources were worth $13,398,000 as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. CIBC Asset Management Inc acquired a new stake in shares of Turquoise Hill Resources during the first quarter valued at approximately $1,137,000. Dimensional Fund Advisors LP grew its position in Turquoise Hill Resources by 255.1% during the first quarter. Dimensional Fund Advisors LP now owns 134,374 shares of the basic materials company’s stock valued at $2,162,000 after purchasing an additional 96,536 shares in the last quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp grew its position in Turquoise Hill Resources by 48.2% during the second quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 162,931 shares of the basic materials company’s stock valued at $2,748,000 after purchasing an additional 52,997 shares in the last quarter. Kopernik Global Investors LLC grew its position in Turquoise Hill Resources by 8.3% during the first quarter. Kopernik Global Investors LLC now owns 8,860,499 shares of the basic materials company’s stock valued at $142,565,000 after purchasing an additional 677,825 shares in the last quarter. Finally, Franklin Resources Inc. grew its position in Turquoise Hill Resources by 424.0% during the first quarter. Franklin Resources Inc. now owns 72,784 shares of the basic materials company’s stock valued at $1,172,000 after purchasing an additional 58,894 shares in the last quarter. Institutional investors and hedge funds own 36.35% of the company’s stock.

TRQ stock opened at $14.61 on Friday. The company has a quick ratio of 1.38, a current ratio of 1.89 and a debt-to-equity ratio of 0.47. The company has a market capitalization of $2.94 billion, a price-to-earnings ratio of 4.73 and a beta of 2.14. Turquoise Hill Resources Ltd. has a 12 month low of $7.49 and a 12 month high of $21.89. The firm has a 50 day moving average of $14.92 and a two-hundred day moving average of $16.46.

Turquoise Hill Resources (NYSE:TRQ) (TSE:TRQ) last posted its earnings results on Thursday, July 29th. The basic materials company reported $0.48 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.61 by ($0.13). The business had revenue of $317.80 million during the quarter. Turquoise Hill Resources had a return on equity of 7.26% and a net margin of 41.09%.

A number of brokerages recently commented on TRQ. Macquarie raised shares of Turquoise Hill Resources from a “neutral” rating to an “outperform” rating and boosted their price objective for the company from $21.00 to $24.00 in a research report on Friday, September 17th. Scotiabank lowered their price objective on shares of Turquoise Hill Resources from C$31.00 to C$30.00 and set an “outperform” rating on the stock in a research report on Tuesday, August 3rd. Canaccord Genuity lowered their price objective on shares of Turquoise Hill Resources from C$24.00 to C$21.00 and set a “hold” rating on the stock in a research report on Thursday, July 15th. BMO Capital Markets lowered their price objective on shares of Turquoise Hill Resources from C$20.00 to C$19.00 and set a “market perform” rating on the stock in a research report on Friday, July 16th. Finally, TD Securities decreased their target price on shares of Turquoise Hill Resources from C$31.00 to C$29.00 and set a “buy” rating for the company in a research report on Tuesday, August 3rd. Three investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat.com, Turquoise Hill Resources has a consensus rating of “Buy” and an average price target of $25.00.

About Turquoise Hill Resources

Turquoise Hill Resources Ltd. engages in the exploration and development of mineral properties. It focuses on Oyu Tolgoi Copper-Gold Mine. The company was founded by Robert Martin Friedland on January 25, 1994 and is headquartered in Montreal, Canada.

Further Reading: Earnings Reports

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Institutional Ownership by Quarter for Turquoise Hill Resources (NYSE:TRQ)

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