Franklin Resources Inc. Purchases 33,235 Shares of Teck Resources Limited (NYSE:TECK)

Franklin Resources Inc. grew its position in Teck Resources Limited (NYSE:TECK - Free Report) TSE: TECK by 11.4% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 324,870 shares of the basic materials company's stock after buying an additional 33,235 shares during the period. Franklin Resources Inc. owned approximately 0.06% of Teck Resources worth $16,724,000 at the end of the most recent quarter.

Other large investors have also made changes to their positions in the company. Klein Pavlis & Peasley Financial Inc. lifted its holdings in shares of Teck Resources by 233.3% in the second 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 in the last quarter. Forest Avenue Capital Management LP increased its position in Teck Resources by 3.7% during the third quarter. Forest Avenue Capital Management LP now owns 720,920 shares of the basic materials company's stock worth $37,661,000 after buying an additional 25,430 shares during the last quarter. CIBC Asset Management Inc raised its stake 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 buying an additional 165,759 shares during the period. Intech Investment Management LLC boosted its stake in shares of Teck Resources by 20.9% during the 3rd 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 bought a new position in Teck Resources during the third quarter worth $20,896,000. Institutional investors own 78.06% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on TECK shares. Citigroup upgraded shares of Teck Resources to a "hold" rating in a research report on Wednesday, October 2nd. UBS Group lowered shares of Teck Resources from a "buy" rating to a "neutral" rating in a research report on Monday, November 11th. National Bank Financial downgraded shares of Teck Resources from an "outperform" rating to a "sector perform" rating in a research report on Tuesday, December 10th. Scotiabank upped their price objective on Teck Resources from $78.00 to $79.00 and gave the stock a "sector outperform" rating in a research report on Tuesday, October 8th. Finally, JPMorgan Chase & Co. decreased their target price on Teck Resources from $57.00 to $55.00 and set an "overweight" rating on the stock in a research report on Friday, October 25th. Six research analysts have rated the stock with a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, Teck Resources has an average rating of "Moderate Buy" and a consensus target price of $65.29.

Teck Resources Trading Up 2.4 %

Shares of Teck Resources stock opened at $40.94 on Friday. The stock has a market capitalization of $20.97 billion, a PE ratio of 62.03 and a beta of 1.03. Teck Resources Limited has a 52 week low of $36.50 and a 52 week high of $55.13. The stock has a 50 day moving average price of $46.67 and a two-hundred day moving average price of $47.60. The company has a debt-to-equity ratio of 0.16, a quick ratio of 2.35 and a current ratio of 2.92.

Teck Resources (NYSE:TECK - Get Free Report) TSE: TECK last posted its quarterly earnings results on Thursday, October 24th. The basic materials company reported $0.60 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.36 by $0.24. Teck Resources had a net margin of 3.32% and a return on equity of 6.37%. The business had revenue of $2.86 billion during the quarter, compared to the consensus estimate of $2.09 billion. During the same quarter last year, the firm posted $0.57 EPS. Teck Resources's revenue was down 20.6% compared to the same quarter last year. As a group, equities analysts anticipate that Teck Resources Limited will post 1.81 earnings per share for the current fiscal year.

Teck Resources Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Friday, December 13th will be issued a $0.0895 dividend. The ex-dividend date is Friday, December 13th. This represents a $0.36 annualized dividend and a dividend yield of 0.87%. Teck Resources's dividend payout ratio is currently 56.06%.

Teck Resources Company 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.