TD Asset Management Inc. reduced its holdings in Teck Resources Limited (NYSE:TECK) (TSE:TECK) by 3.1% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 4,441,445 shares of the basic materials company’s stock after selling 142,883 shares during the period. TD Asset Management Inc.’s holdings in Teck Resources were worth $61,647,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also recently bought and sold shares of TECK. Bank of America Corp DE raised its stake in shares of Teck Resources by 164.0% during the 2nd quarter. Bank of America Corp DE now owns 2,833,062 shares of the basic materials company’s stock worth $29,520,000 after purchasing an additional 1,760,100 shares in the last quarter. Key Square Capital Management LLC acquired a new position in shares of Teck Resources during the 3rd quarter valued at about $21,783,000. Contrarius Investment Management Ltd increased its holdings in shares of Teck Resources by 13.5% during the 3rd quarter. Contrarius Investment Management Ltd now owns 7,441,244 shares of the basic materials company’s stock valued at $103,582,000 after acquiring an additional 886,529 shares during the last quarter. Alberta Investment Management Corp increased its holdings in shares of Teck Resources by 99.2% during the 3rd quarter. Alberta Investment Management Corp now owns 1,636,617 shares of the basic materials company’s stock valued at $22,716,000 after acquiring an additional 814,900 shares during the last quarter. Finally, Toronto Dominion Bank increased its holdings in shares of Teck Resources by 79.4% during the 2nd quarter. Toronto Dominion Bank now owns 1,765,669 shares of the basic materials company’s stock valued at $18,492,000 after acquiring an additional 781,410 shares during the last quarter. 45.84% of the stock is owned by institutional investors.
Shares of NYSE:TECK opened at $15.06 on Friday. Teck Resources Limited has a 1-year low of $5.60 and a 1-year high of $17.77. The firm has a market capitalization of $8.00 billion, a PE ratio of -11.07, a PEG ratio of 4.79 and a beta of 1.31. The business’s 50 day moving average is $13.92 and its 200-day moving average is $11.75. The company has a current ratio of 1.52, a quick ratio of 0.64 and a debt-to-equity ratio of 0.28.
Teck Resources (NYSE:TECK) (TSE:TECK) last announced its quarterly earnings data on Tuesday, October 27th. The basic materials company reported $0.24 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.17 by $0.07. Teck Resources had a positive return on equity of 3.65% and a negative net margin of 10.04%. The company had revenue of $2.29 billion for the quarter, compared to analyst estimates of $2.33 billion. During the same quarter last year, the firm earned $0.72 EPS. Teck Resources’s revenue for the quarter was down 24.5% compared to the same quarter last year. On average, sell-side analysts predict that Teck Resources Limited will post 0.69 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Thursday, December 31st. Investors of record on Tuesday, December 15th will be given a dividend of $0.0382 per share. This represents a $0.15 annualized dividend and a dividend yield of 1.01%. The ex-dividend date of this dividend is Monday, December 14th. This is an increase from Teck Resources’s previous quarterly dividend of $0.04. Teck Resources’s dividend payout ratio (DPR) is 6.76%.
A number of research analysts have recently commented on the company. National Bank Financial raised Teck Resources from a “sector perform” rating to an “outperform” rating in a report on Monday, September 28th. The Goldman Sachs Group assumed coverage on Teck Resources in a report on Wednesday, November 11th. They set a “neutral” rating and a $14.00 price objective on the stock. Benchmark lowered their price objective on Teck Resources from $18.00 to $17.00 and set a “buy” rating on the stock in a report on Wednesday, October 28th. Morgan Stanley increased their price objective on Teck Resources from $12.50 to $17.00 and gave the company an “overweight” rating in a report on Thursday, September 24th. Finally, Scotiabank increased their price objective on Teck Resources from $23.00 to $25.00 and gave the company an “outperform” rating in a report on Tuesday, October 13th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and twelve have issued a buy rating to the stock. The company currently has an average rating of “Buy” and a consensus target price of $20.06.
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 Steelmaking Coal, Copper, Zinc, and Energy segments. 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 and molybdenum concentrates.
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