CIBC Asset Management Inc Purchases 165,759 Shares of Teck Resources Limited (NYSE:TECK)

CIBC Asset Management Inc grew its position in shares of Teck Resources Limited (NYSE:TECK - Free Report) TSE: TECK by 2.6% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 6,495,880 shares of the basic materials company's stock after buying an additional 165,759 shares during the period. Teck Resources comprises 1.1% of CIBC Asset Management Inc's portfolio, making the stock its 23rd largest position. CIBC Asset Management Inc owned 1.28% of Teck Resources worth $341,337,000 at the end of the most recent quarter.

A number of other institutional investors have also made changes to their positions in the company. Headlands Technologies LLC acquired a new position in Teck Resources during the 2nd quarter valued at about $38,000. Eastern Bank bought a new position in Teck Resources in the 3rd quarter worth approximately $39,000. Bruce G. Allen Investments LLC increased its position in Teck Resources by 77.4% in the 3rd quarter. Bruce G. Allen Investments LLC now owns 878 shares of the basic materials company's stock valued at $46,000 after acquiring an additional 383 shares during the period. Blue Trust Inc. raised its stake in Teck Resources by 583.1% during the 2nd quarter. Blue Trust Inc. now owns 1,052 shares of the basic materials company's stock valued at $48,000 after acquiring an additional 898 shares in the last quarter. Finally, Massmutual Trust Co. FSB ADV boosted its position in Teck Resources by 69.7% during the 3rd quarter. Massmutual Trust Co. FSB ADV now owns 996 shares of the basic materials company's stock worth $52,000 after acquiring an additional 409 shares during the period. 78.06% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on the stock. UBS Group cut shares of Teck Resources from a "buy" rating to a "neutral" rating in a research note on Monday. JPMorgan Chase & Co. dropped their target price on Teck Resources from $57.00 to $55.00 and set an "overweight" rating on the stock in a report on Friday, October 25th. Scotiabank increased their price target on Teck Resources from $78.00 to $79.00 and gave the company a "sector outperform" rating in a research note on Tuesday, October 8th. StockNews.com upgraded Teck Resources from a "sell" rating to a "hold" rating in a report on Thursday, October 24th. Finally, Benchmark reaffirmed a "buy" rating and set a $55.00 target price on shares of Teck Resources in a report on Thursday, July 25th. Five investment analysts have rated the stock with a hold rating, five have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $65.29.

Teck Resources Stock Down 1.0 %

NYSE:TECK traded down $0.46 during trading hours on Friday, reaching $44.92. The company's stock had a trading volume of 1,767,031 shares, compared to its average volume of 3,405,282. The company has a debt-to-equity ratio of 0.16, a current ratio of 2.92 and a quick ratio of 2.35. The company has a market cap of $22.65 billion, a price-to-earnings ratio of 68.77 and a beta of 1.04. Teck Resources Limited has a one year low of $34.56 and a one year high of $55.13. The business's 50-day moving average is $48.70 and its 200-day moving average is $48.70.

Teck Resources (NYSE:TECK - Get Free Report) TSE: TECK last announced its quarterly earnings results on Thursday, October 24th. The basic materials company reported $0.60 EPS for the quarter, beating the consensus estimate of $0.36 by $0.24. Teck Resources had a return on equity of 6.37% and a net margin of 3.32%. The company had revenue of $2.86 billion for the quarter, compared to the consensus estimate of $2.09 billion. During the same quarter last year, the company posted $0.57 earnings per share. The company's revenue for the quarter was down 20.6% compared to the same quarter last year. Equities research analysts predict that Teck Resources Limited will post 1.84 EPS for the current year.

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.