Teck Resources (NYSE:TECK) Shares Gap Down to $45.86

Teck Resources Limited (NYSE:TECK) (TSE:TECK) shares gapped down prior to trading on Tuesday . The stock had previously closed at $45.86, but opened at $44.63. Teck Resources shares last traded at $45.18, with a volume of 990,018 shares trading hands.

Analysts Set New Price Targets

Several analysts have commented on the company. JPMorgan Chase & Co. lifted their price target on Teck Resources from $44.00 to $50.00 and gave the company an “overweight” rating in a report on Wednesday, April 17th. UBS Group assumed coverage on Teck Resources in a report on Tuesday, January 16th. They issued a “buy” rating for the company. Morgan Stanley restated an “overweight” rating and issued a $55.00 price target on shares of Teck Resources in a report on Thursday, April 11th. Finally, Benchmark lifted their price target on Teck Resources from $50.00 to $52.00 and gave the company a “buy” rating in a report on Monday, April 8th. Two equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat, Teck Resources currently has an average rating of “Moderate Buy” and an average price target of $62.80.

Teck Resources Stock Down 0.2 %

The firm has a 50 day moving average price of $43.33 and a two-hundred day moving average price of $40.24. The firm has a market capitalization of $23.19 billion, a price-to-earnings ratio of 13.24, a price-to-earnings-growth ratio of 6.61 and a beta of 1.15. The company has a current ratio of 1.10, a quick ratio of 0.60 and a debt-to-equity ratio of 0.21.

Teck Resources (NYSE:TECK) (TSE:TECK) last released its quarterly earnings results on Thursday, February 22nd. The basic materials company reported $1.02 EPS for the quarter, topping the consensus estimate of $1.01 by $0.01. The firm had revenue of $3.02 billion for the quarter, compared to analyst estimates of $3.11 billion. Teck Resources had a return on equity of 9.67% and a net margin of 16.21%. On average, equities analysts expect that Teck Resources Limited will post 3.33 earnings per share for the current fiscal year.

Teck Resources Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, March 28th. Investors of record on Friday, March 15th were given a dividend of $0.0925 per share. This represents a $0.37 annualized dividend and a yield of 0.81%. The ex-dividend date of this dividend was Thursday, March 14th. Teck Resources’s dividend payout ratio (DPR) is presently 10.79%.

Hedge Funds Weigh In On Teck Resources

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Vanguard Group Inc. raised its position in shares of Teck Resources by 2.9% in the 4th quarter. Vanguard Group Inc. now owns 16,431,096 shares of the basic materials company’s stock valued at $694,542,000 after purchasing an additional 457,592 shares in the last quarter. FIL Ltd raised its position in shares of Teck Resources by 98.8% in the 4th quarter. FIL Ltd now owns 11,937,233 shares of the basic materials company’s stock valued at $504,588,000 after purchasing an additional 5,933,226 shares in the last quarter. Boston Partners raised its position in shares of Teck Resources by 28.8% in the 4th quarter. Boston Partners now owns 10,881,781 shares of the basic materials company’s stock valued at $484,995,000 after purchasing an additional 2,432,378 shares in the last quarter. Mackenzie Financial Corp raised its position in shares of Teck Resources by 45.7% in the 4th quarter. Mackenzie Financial Corp now owns 6,632,418 shares of the basic materials company’s stock valued at $280,491,000 after purchasing an additional 2,080,295 shares in the last quarter. Finally, CIBC Asset Management Inc raised its position in shares of Teck Resources by 2.8% in the 4th quarter. CIBC Asset Management Inc now owns 6,388,652 shares of the basic materials company’s stock valued at $270,918,000 after purchasing an additional 174,492 shares in the last quarter. 78.06% of the stock is owned by institutional investors and hedge funds.

About Teck Resources

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.