Geode Capital Management LLC lifted its stake in Teck Resources Limited (NYSE:TECK - Free Report) TSE: TECK by 11.3% in the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 2,078,789 shares of the basic materials company's stock after purchasing an additional 211,856 shares during the quarter. Geode Capital Management LLC owned about 0.41% of Teck Resources worth $109,753,000 at the end of the most recent reporting period.
A number of other institutional investors have also recently added to or reduced their stakes in TECK. Klein Pavlis & Peasley Financial Inc. boosted its holdings in Teck Resources by 233.3% in the 2nd quarter. Klein Pavlis & Peasley Financial Inc. now owns 28,000 shares of the basic materials company's stock valued at $1,341,000 after purchasing an additional 19,600 shares during the last quarter. Forest Avenue Capital Management LP raised its position in shares of Teck Resources by 3.7% during the 3rd quarter. Forest Avenue Capital Management LP now owns 720,920 shares of the basic materials company's stock valued at $37,661,000 after buying an additional 25,430 shares during the period. CIBC Asset Management Inc lifted its holdings in Teck Resources by 2.6% in the third quarter. CIBC Asset Management Inc now owns 6,495,880 shares of the basic materials company's stock valued at $341,337,000 after acquiring an additional 165,759 shares during the last quarter. Intech Investment Management LLC grew its position in Teck Resources by 20.9% in the third quarter. Intech Investment Management LLC now owns 98,145 shares of the basic materials company's stock worth $5,132,000 after acquiring an additional 16,981 shares during the period. Finally, Paloma Partners Management Co acquired a new stake in Teck Resources during the third quarter worth $20,896,000. Hedge funds and other institutional investors own 78.06% of the company's stock.
Analyst Ratings Changes
TECK has been the topic of several recent analyst reports. Deutsche Bank Aktiengesellschaft lowered Teck Resources from a "buy" rating to a "hold" rating and set a $50.00 price target on the stock. in a research note on Friday, October 25th. JPMorgan Chase & Co. decreased their target price on shares of Teck Resources from $57.00 to $55.00 and set an "overweight" rating on the stock in a research report on Friday, October 25th. UBS Group cut shares of Teck Resources from a "buy" rating to a "neutral" rating in a research report on Monday, November 11th. Citigroup raised shares of Teck Resources to a "hold" rating in a research note on Wednesday, October 2nd. Finally, StockNews.com raised shares of 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, five have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $65.29.
Check Out Our Latest Research Report on Teck Resources
Teck Resources Stock Down 0.3 %
TECK stock traded down $0.13 during midday trading on Thursday, hitting $39.99. The company's stock had a trading volume of 2,373,373 shares, compared to its average volume of 3,316,377. Teck Resources Limited has a 52-week low of $36.50 and a 52-week high of $55.13. The firm has a 50-day simple moving average of $47.09 and a 200-day simple moving average of $47.73. The company has a quick ratio of 2.35, a current ratio of 2.92 and a debt-to-equity ratio of 0.16. The firm has a market capitalization of $20.49 billion, a P/E ratio of 60.59 and a beta of 1.03.
Teck Resources (NYSE:TECK - Get Free Report) TSE: TECK last released its earnings results 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. The firm had revenue of $2.86 billion during the quarter, compared to analyst estimates of $2.09 billion. Teck Resources had a return on equity of 6.37% and a net margin of 3.32%. Teck Resources's revenue was down 20.6% compared to the same quarter last year. During the same period last year, the business posted $0.57 earnings per share. As a group, equities analysts forecast that Teck Resources Limited will post 1.81 EPS for the current year.
Teck Resources Cuts Dividend
The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Investors of record on Friday, December 13th will be paid a dividend of $0.0895 per share. The ex-dividend date of this dividend is Friday, December 13th. This represents a $0.36 dividend on an annualized basis and a dividend yield of 0.90%. Teck Resources's payout ratio is 56.06%.
About Teck Resources
(
Free Report)
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.
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