Mirae Asset Global Investments Co. Ltd. Makes New Investment in Teck Resources Limited (NYSE:TECK)

Mirae Asset Global Investments Co. Ltd. acquired a new stake in shares of Teck Resources Limited (NYSE:TECK - Free Report) TSE: TECK during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm acquired 14,413 shares of the basic materials company's stock, valued at approximately $756,000.

A number of other hedge funds have also made changes to their positions in TECK. Vanguard Group Inc. lifted its position in shares of Teck Resources by 1.8% in the first quarter. Vanguard Group Inc. now owns 16,721,130 shares of the basic materials company's stock worth $765,493,000 after purchasing an additional 290,034 shares in the last quarter. Janus Henderson Group PLC boosted its holdings in Teck Resources by 2.4% during the first quarter. Janus Henderson Group PLC now owns 8,604,605 shares of the basic materials company's stock valued at $394,178,000 after acquiring an additional 203,607 shares during the period. CIBC Asset Management Inc raised its position in shares of Teck Resources by 1.4% during the second quarter. CIBC Asset Management Inc now owns 6,330,121 shares of the basic materials company's stock valued at $303,161,000 after buying an additional 90,089 shares during the last quarter. Principal Financial Group Inc. raised its position in shares of Teck Resources by 7.3% during the second quarter. Principal Financial Group Inc. now owns 6,103,740 shares of the basic materials company's stock valued at $292,441,000 after buying an additional 416,070 shares during the last quarter. Finally, Mackenzie Financial Corp raised its position in shares of Teck Resources by 10.3% during the second quarter. Mackenzie Financial Corp now owns 5,855,836 shares of the basic materials company's stock valued at $280,655,000 after buying an additional 546,801 shares during the last quarter. Institutional investors and hedge funds own 78.06% of the company's stock.

Teck Resources Price Performance

Shares of TECK traded up $0.26 during mid-day trading on Friday, hitting $46.75. 1,361,333 shares of the company traded hands, compared to its average volume of 3,169,363. Teck Resources Limited has a one year low of $34.38 and a one year high of $55.13. The stock has a market capitalization of $23.66 billion, a price-to-earnings ratio of 70.83 and a beta of 1.04. The company has a current ratio of 2.92, a quick ratio of 0.77 and a debt-to-equity ratio of 0.16. The business has a 50-day moving average of $48.58 and a 200 day moving average of $48.69.

Teck Resources (NYSE:TECK - Get Free Report) TSE: TECK last announced its quarterly earnings data on Thursday, October 24th. The basic materials company reported $0.60 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.36 by $0.24. Teck Resources had a net margin of 3.32% and a return on equity of 6.37%. The firm had revenue of $2.86 billion for the quarter, compared to analysts' expectations of $2.09 billion. During the same period last year, the firm earned $0.57 earnings per share. The business's revenue for the quarter was down 20.6% on a year-over-year basis. As a group, equities analysts expect that Teck Resources Limited will post 1.91 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several research analysts recently issued reports on TECK shares. Deutsche Bank Aktiengesellschaft lowered shares of Teck Resources from a "buy" rating to a "hold" rating and set a $50.00 price target for the company. in a research report on Friday, October 25th. TD Securities raised shares of Teck Resources to a "strong-buy" rating in a research note on Tuesday, July 16th. BMO Capital Markets initiated coverage on shares of Teck Resources in a research note on Monday, July 15th. They set an "outperform" rating on the stock. Benchmark reaffirmed a "buy" rating and set a $55.00 price objective on shares of Teck Resources in a research note on Thursday, July 25th. Finally, StockNews.com raised shares of Teck Resources from a "sell" rating to a "hold" rating in a research note on Thursday, October 24th. Four investment analysts have rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $65.29.

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.