Drive Wealth Management LLC Takes $272,000 Position in Teck Resources Limited (NYSE:TECK)

Drive Wealth Management LLC bought a new position in Teck Resources Limited (NYSE:TECK - Free Report) TSE: TECK in the 4th quarter, according to the company in its most recent disclosure with the SEC. The institutional investor bought 6,701 shares of the basic materials company's stock, valued at approximately $272,000.

Other institutional investors have also bought and sold shares of the company. Global Trust Asset Management LLC bought a new position in shares of Teck Resources during the fourth quarter worth $27,000. Eastern Bank bought a new position in shares of Teck Resources during the 3rd quarter valued at about $39,000. Wilmington Savings Fund Society FSB purchased a new position in shares of Teck Resources during the third quarter valued at about $40,000. Bruce G. Allen Investments LLC increased its holdings in shares of Teck Resources by 77.4% in the third quarter. Bruce G. Allen Investments LLC now owns 878 shares of the basic materials company's stock worth $46,000 after purchasing an additional 383 shares during the last quarter. Finally, Massmutual Trust Co. FSB ADV lifted its position in shares of Teck Resources by 69.7% in the third quarter. Massmutual Trust Co. FSB ADV now owns 996 shares of the basic materials company's stock worth $52,000 after buying an additional 409 shares in the last quarter. Hedge funds and other institutional investors own 78.06% of the company's stock.

Teck Resources Trading Down 2.1 %

Shares of TECK stock traded down $0.87 on Friday, reaching $40.84. 1,401,830 shares of the company's stock were exchanged, compared to its average volume of 2,727,392. The company's fifty day simple moving average is $43.06 and its 200 day simple moving average is $46.22. The stock has a market capitalization of $20.37 billion, a PE ratio of 62.07 and a beta of 1.05. The company has a current ratio of 2.92, a quick ratio of 2.35 and a debt-to-equity ratio of 0.16. Teck Resources Limited has a 52 week low of $36.50 and a 52 week high of $55.13.

Teck Resources Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, December 31st. Investors of record on Friday, December 13th were paid a $0.0895 dividend. This represents a $0.36 annualized dividend and a yield of 0.88%. The ex-dividend date was Friday, December 13th. Teck Resources's dividend payout ratio is presently 53.03%.

Analyst Ratings Changes

A number of research firms have issued reports on TECK. Deutsche Bank Aktiengesellschaft downgraded Teck Resources from a "buy" rating to a "hold" rating and set a $50.00 price objective on the stock. in a research note on Friday, October 25th. Raymond James decreased their price target on shares of Teck Resources from $75.00 to $70.00 and set an "outperform" rating on the stock in a research note on Wednesday, January 22nd. UBS Group cut shares of Teck Resources from a "buy" rating to a "neutral" rating in a research note on Monday, November 11th. JPMorgan Chase & Co. decreased their target price on shares of Teck Resources from $55.00 to $51.00 and set an "overweight" rating on the stock in a research report on Thursday, January 16th. Finally, StockNews.com upgraded Teck Resources from a "sell" rating to a "hold" rating in a research report on Thursday, October 24th. Six equities research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $65.38.

Teck Resources Profile

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.