Turquoise Hill Resources Ltd (TRQ) Sees Large Drop in Short Interest

Turquoise Hill Resources Ltd (NYSE:TRQ) (TSE:TRQ) saw a significant decrease in short interest in the month of September. As of September 28th, there was short interest totalling 10,374,412 shares, a decrease of 23.6% from the September 14th total of 13,581,924 shares. Based on an average daily trading volume, of 10,200,697 shares, the days-to-cover ratio is presently 1.0 days.

TRQ opened at $1.88 on Thursday. Turquoise Hill Resources has a twelve month low of $1.76 and a twelve month high of $3.59. The company has a quick ratio of 5.12, a current ratio of 5.61 and a debt-to-equity ratio of 0.50. The firm has a market cap of $4.27 billion, a PE ratio of 11.16 and a beta of 0.61.

Turquoise Hill Resources (NYSE:TRQ) (TSE:TRQ) last posted its quarterly earnings data on Tuesday, July 31st. The basic materials company reported $0.09 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.02 by $0.07. Turquoise Hill Resources had a net margin of 34.39% and a return on equity of 4.61%. The company had revenue of $341.74 million during the quarter.

Several institutional investors and hedge funds have recently bought and sold shares of TRQ. Legal & General Group Plc grew its holdings in Turquoise Hill Resources by 29.9% in the first quarter. Legal & General Group Plc now owns 4,795,042 shares of the basic materials company’s stock worth $14,602,000 after purchasing an additional 1,104,350 shares during the period. Unigestion Holding SA acquired a new stake in Turquoise Hill Resources in the second quarter worth $2,414,000. Royal Bank of Canada grew its holdings in Turquoise Hill Resources by 12.7% in the first quarter. Royal Bank of Canada now owns 6,861,758 shares of the basic materials company’s stock worth $21,065,000 after purchasing an additional 771,839 shares during the period. Tobam grew its holdings in Turquoise Hill Resources by 657.3% in the second quarter. Tobam now owns 678,500 shares of the basic materials company’s stock worth $1,919,000 after purchasing an additional 588,900 shares during the period. Finally, Millennium Management LLC grew its holdings in Turquoise Hill Resources by 18.7% in the second quarter. Millennium Management LLC now owns 3,273,588 shares of the basic materials company’s stock worth $9,297,000 after purchasing an additional 514,710 shares during the period. Institutional investors own 34.86% of the company’s stock.

Separately, ValuEngine upgraded shares of Turquoise Hill Resources from a “sell” rating to a “hold” rating in a research report on Tuesday, August 7th.

Turquoise Hill Resources Company Profile

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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