Alliancebernstein L.P. Acquires 798,996 Shares of Teck Resources Limited (NYSE:TECK)

Alliancebernstein L.P. increased its position in shares of Teck Resources Limited (NYSE:TECK - Free Report) TSE: TECK by 29.5% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 3,506,066 shares of the basic materials company's stock after buying an additional 798,996 shares during the period. Alliancebernstein L.P. owned 0.70% of Teck Resources worth $142,101,000 at the end of the most recent reporting period.

Several other institutional investors have also recently bought and sold shares of TECK. Stonebridge Financial Group LLC bought a new stake in shares of Teck Resources in the fourth quarter valued at approximately $25,000. FPC Investment Advisory Inc. bought a new stake in Teck Resources in the 4th quarter valued at $27,000. Global Trust Asset Management LLC acquired a new stake in Teck Resources in the 4th quarter worth $27,000. Wilmington Savings Fund Society FSB bought a new position in shares of Teck Resources during the 3rd quarter worth about $40,000. Finally, Community Bank N.A. acquired a new position in shares of Teck Resources during the fourth quarter valued at about $33,000. Institutional investors own 78.06% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on the company. Bank of America boosted their price target on Teck Resources from $62.00 to $64.00 and gave the company a "buy" rating in a research note on Monday, March 10th. Desjardins started coverage on Teck Resources in a research report on Friday. They issued a "buy" rating for the company. JPMorgan Chase & Co. dropped their price objective on shares of Teck Resources from $55.00 to $51.00 and set an "overweight" rating for the company in a research note on Thursday, January 16th. Raymond James decreased their target price on shares of Teck Resources from $75.00 to $70.00 and set an "outperform" rating on the stock in a research report on Wednesday, January 22nd. Finally, National Bank Financial lowered shares of Teck Resources from an "outperform" rating to a "sector perform" rating in a research report on Tuesday, December 10th. Six investment analysts have rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $65.22.

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Teck Resources Price Performance

Shares of NYSE:TECK traded down $4.11 during midday trading on Friday, reaching $29.97. The company's stock had a trading volume of 8,955,755 shares, compared to its average volume of 3,162,983. The business's fifty day simple moving average is $40.72 and its 200-day simple moving average is $44.25. The company has a debt-to-equity ratio of 0.16, a current ratio of 2.92 and a quick ratio of 2.35. Teck Resources Limited has a fifty-two week low of $29.26 and a fifty-two week high of $55.13. The company has a market capitalization of $14.83 billion, a P/E ratio of 54.48 and a beta of 0.81.

Teck Resources (NYSE:TECK - Get Free Report) TSE: TECK last posted its quarterly earnings data on Thursday, February 20th. The basic materials company reported $0.33 earnings per share for the quarter, beating the consensus estimate of $0.26 by $0.07. Teck Resources had a net margin of 2.96% and a return on equity of 4.59%. The firm had revenue of $1.99 billion during the quarter, compared to analysts' expectations of $2.58 billion. As a group, equities research analysts expect that Teck Resources Limited will post 1.53 EPS for the current fiscal year.

Teck Resources Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Friday, March 14th were given a $0.0879 dividend. The ex-dividend date of this dividend was Friday, March 14th. This represents a $0.35 dividend on an annualized basis and a yield of 1.17%. Teck Resources's payout ratio is 61.82%.

About Teck Resources

Teck Resources Limited engages in exploring for, acquiring, developing, and producing natural resources in Asia, Europe, and North America. The company operates through Steelmaking Coal, Copper, Zinc, and Energy segments. Its principal products include copper, zinc, steelmaking coal, and blended bitumen.