Independent Advisor Alliance acquired a new position in Teck Resources Limited (NYSE:TECK – Get Rating) (TSE:TECK) during the third quarter, according to the company in its most recent filing with the SEC. The fund acquired 6,580 shares of the basic materials company’s stock, valued at approximately $200,000.
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A number of other institutional investors have also recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its holdings in Teck Resources by 2.2% in the 1st quarter. Vanguard Group Inc. now owns 14,801,956 shares of the basic materials company’s stock worth $597,851,000 after buying an additional 318,294 shares in the last quarter. Egerton Capital UK LLP lifted its holdings in Teck Resources by 274.3% in the 2nd quarter. Egerton Capital UK LLP now owns 10,301,465 shares of the basic materials company’s stock worth $314,916,000 after buying an additional 7,549,057 shares in the last quarter. FMR LLC lifted its holdings in Teck Resources by 594.7% in the 2nd quarter. FMR LLC now owns 9,630,011 shares of the basic materials company’s stock worth $294,466,000 after buying an additional 8,243,806 shares in the last quarter. Bank of Nova Scotia lifted its holdings in Teck Resources by 1.0% in the 2nd quarter. Bank of Nova Scotia now owns 4,115,694 shares of the basic materials company’s stock worth $125,839,000 after buying an additional 41,287 shares in the last quarter. Finally, Grantham Mayo Van Otterloo & Co. LLC lifted its holdings in Teck Resources by 100.0% in the 2nd quarter. Grantham Mayo Van Otterloo & Co. LLC now owns 3,800,618 shares of the basic materials company’s stock worth $116,058,000 after buying an additional 1,900,718 shares in the last quarter. Institutional investors and hedge funds own 56.15% of the company’s stock.
Wall Street Analysts Forecast Growth
A number of equities analysts have commented on the stock. Barclays boosted their price objective on shares of Teck Resources from C$40.00 to C$47.00 in a report on Monday, October 17th. BMO Capital Markets downgraded shares of Teck Resources from an “outperform” rating to a “market perform” rating and dropped their target price for the stock from $49.00 to $46.00 in a research report on Friday, October 28th. TD Securities downgraded shares of Teck Resources to a “buy” rating in a research report on Friday, October 28th. Scotiabank dropped their target price on shares of Teck Resources from C$55.00 to C$53.00 in a research report on Friday, October 28th. Finally, Benchmark boosted their target price on shares of Teck Resources from $40.00 to $46.00 and gave the stock a “buy” rating in a research report on Friday, January 13th. Six investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $52.00.
Teck Resources Price Performance
NYSE TECK opened at $41.34 on Friday. Teck Resources Limited has a 52 week low of $24.72 and a 52 week high of $45.90. The company has a current ratio of 1.65, a quick ratio of 1.08 and a debt-to-equity ratio of 0.26. The stock has a market cap of $20.92 billion, a price-to-earnings ratio of 6.29, a price-to-earnings-growth ratio of 1.63 and a beta of 1.07. The company has a 50-day moving average price of $38.16 and a two-hundred day moving average price of $34.10.
Teck Resources (NYSE:TECK – Get Rating) (TSE:TECK) last posted its earnings results on Thursday, October 27th. The basic materials company reported $1.33 EPS for the quarter, topping the consensus estimate of $1.31 by $0.02. Teck Resources had a net margin of 22.99% and a return on equity of 22.53%. The firm had revenue of $3.58 billion during the quarter, compared to analysts’ expectations of $3.36 billion. Analysts forecast that Teck Resources Limited will post 6.86 EPS for the current year.
Teck Resources Cuts Dividend
The company also recently announced a quarterly dividend, which was paid on Friday, December 30th. Shareholders of record on Thursday, December 15th were given a $0.0939 dividend. This represents a $0.38 annualized dividend and a yield of 0.91%. The ex-dividend date was Wednesday, December 14th. Teck Resources’s dividend payout ratio (DPR) is 5.63%.
Teck Resources Profile
Teck Resources Limited engages in exploring for, acquiring, developing, and producing natural resources in Asia, Europe, and North America. It operates through Steelmaking Coal, Copper, Zinc, and Energy segments. The company’s principal products include copper, zinc, steelmaking coal, and blended bitumen.
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