Teck Resources Ltd (NYSE:TECK) (TSE:TECK) was the target of a significant decrease in short interest during the month of October. As of October 15th, there was short interest totalling 7,990,000 shares, a decrease of 30.2% from the September 15th total of 11,450,000 shares. Currently, 1.5% of the shares of the company are short sold. Based on an average daily trading volume, of 2,880,000 shares, the short-interest ratio is currently 2.8 days.
A number of analysts have recently issued reports on the stock. Royal Bank of Canada cut shares of Teck Resources to a “buy” rating and set a $35.00 price objective for the company. in a research note on Friday. Macquarie assumed coverage on shares of Teck Resources in a research note on Wednesday, July 10th. They issued a “neutral” rating for the company. TD Securities cut shares of Teck Resources to a “buy” rating in a research note on Monday, July 22nd. B. Riley set a $39.00 price objective on shares of Teck Resources and gave the stock a “buy” rating in a research note on Wednesday, October 9th. Finally, Barclays set a $33.00 price objective on shares of Teck Resources and gave the stock a “buy” rating in a research note on Tuesday, October 15th. Four analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. The stock has an average rating of “Buy” and a consensus price target of $31.63.
TECK traded up $0.34 during trading on Monday, hitting $17.03. 2,806,713 shares of the company traded hands, compared to its average volume of 2,740,463. The company has a market cap of $8.76 billion, a PE ratio of 5.42 and a beta of 1.42. The stock’s 50-day simple moving average is $16.77 and its two-hundred day simple moving average is $19.84. Teck Resources has a 1 year low of $14.51 and a 1 year high of $25.75. The company has a current ratio of 2.47, a quick ratio of 1.58 and a debt-to-equity ratio of 0.20.
Teck Resources (NYSE:TECK) (TSE:TECK) last posted its earnings results on Thursday, October 24th. The basic materials company reported $0.72 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.61 by $0.11. The company had revenue of $2.30 billion during the quarter, compared to analysts’ expectations of $2.31 billion. Teck Resources had a net margin of 13.28% and a return on equity of 8.12%. During the same period last year, the company posted $0.80 earnings per share. Equities analysts expect that Teck Resources will post 2.53 EPS for the current year.
The business also recently announced a — dividend, which was paid on Monday, September 30th. Investors of record on Friday, September 13th were paid a dividend of $0.0376 per share. The ex-dividend date was Thursday, September 12th. This represents a yield of 0.9%. Teck Resources’s payout ratio is 4.78%.
A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. grew its stake in Teck Resources by 2.7% during the second quarter. Vanguard Group Inc. now owns 14,611,874 shares of the basic materials company’s stock valued at $336,950,000 after acquiring an additional 388,362 shares in the last quarter. CIBC Asset Management Inc lifted its position in Teck Resources by 1.6% during the second quarter. CIBC Asset Management Inc now owns 7,966,013 shares of the basic materials company’s stock valued at $183,825,000 after purchasing an additional 127,161 shares during the last quarter. BlackRock Inc. lifted its position in Teck Resources by 28.8% during the second quarter. BlackRock Inc. now owns 4,549,382 shares of the basic materials company’s stock valued at $104,909,000 after purchasing an additional 1,016,448 shares during the last quarter. JPMorgan Chase & Co. lifted its position in Teck Resources by 207.9% during the second quarter. JPMorgan Chase & Co. now owns 3,354,771 shares of the basic materials company’s stock valued at $76,555,000 after purchasing an additional 2,265,350 shares during the last quarter. Finally, Renaissance Technologies LLC lifted its position in Teck Resources by 30.9% during the second quarter. Renaissance Technologies LLC now owns 3,019,800 shares of the basic materials company’s stock valued at $69,639,000 after purchasing an additional 712,400 shares during the last quarter. 53.62% of the stock is owned by institutional investors.
Teck Resources Company Profile
Teck Resources Limited researches, explores for, develops, and produces natural resources in the Asia Pacific, the Americas, and Europe. It operates through five segments: Steelmaking, Coal, Copper, Zinc, Energy, and Corporate. The company's principal products include steelmaking coal; copper concentrates and refined copper cathodes; refined zinc and zinc concentrates; energy products, such as bitumen; and lead concentrates.
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