Teck Resources Limited (NYSE:TECK) Shares Bought by Douglas Lane & Associates LLC

Douglas Lane & Associates LLC increased its position in Teck Resources Limited (NYSE:TECK) (TSE:TECK) by 10.6% during the fourth quarter, Holdings Channel reports. The fund owned 950,612 shares of the basic materials company’s stock after purchasing an additional 91,370 shares during the quarter. Douglas Lane & Associates LLC’s holdings in Teck Resources were worth $38,528,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently bought and sold shares of TECK. Forest Avenue Capital Management LP increased its position in shares of Teck Resources by 3.7% during the 3rd quarter. Forest Avenue Capital Management LP now owns 720,920 shares of the basic materials company’s stock valued at $37,661,000 after purchasing an additional 25,430 shares during the period. Public Employees Retirement System of Ohio bought a new stake in Teck Resources during the third quarter worth approximately $1,937,000. CIBC Asset Management Inc boosted its holdings in Teck Resources by 2.6% during the third quarter. CIBC Asset Management Inc now owns 6,495,880 shares of the basic materials company’s stock worth $341,337,000 after buying an additional 165,759 shares in the last quarter. Intech Investment Management LLC grew its position in Teck Resources by 20.9% in the third quarter. Intech Investment Management LLC now owns 98,145 shares of the basic materials company’s stock worth $5,132,000 after buying an additional 16,981 shares during the last quarter. Finally, Paloma Partners Management Co bought a new position in shares of Teck Resources in the third quarter valued at $20,896,000. 78.06% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on the company. StockNews.com raised Teck Resources from a “sell” rating to a “hold” rating in a research note on Thursday, October 24th. JPMorgan Chase & Co. decreased their price target on Teck Resources from $57.00 to $55.00 and set an “overweight” rating for the company in a research report on Friday, October 25th. Deutsche Bank Aktiengesellschaft downgraded Teck Resources from a “buy” rating to a “hold” rating and set a $50.00 price objective on the stock. in a report on Friday, October 25th. UBS Group cut shares of Teck Resources from a “buy” rating to a “neutral” rating in a report on Monday, November 11th. Finally, National Bank Financial lowered shares of Teck Resources from an “outperform” rating to a “sector perform” rating in a report on Tuesday, December 10th. Six investment analysts have rated the stock with a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, Teck Resources currently has a consensus rating of “Moderate Buy” and a consensus target price of $65.29.

Teck Resources Stock Up 0.5 %

TECK stock traded up $0.19 during midday trading on Wednesday, reaching $41.36. The company had a trading volume of 1,091,288 shares, compared to its average volume of 1,693,518. The company has a 50 day moving average of $44.68 and a two-hundred day moving average of $46.96. The company has a market capitalization of $20.73 billion, a P/E ratio of 62.67 and a beta of 1.05. Teck Resources Limited has a 1 year low of $36.50 and a 1 year high of $55.13. The company has a current ratio of 2.92, a quick ratio of 2.35 and a debt-to-equity ratio of 0.16.

Teck Resources (NYSE:TECK) (TSE:TECK) last announced its quarterly earnings data on Thursday, October 24th. The basic materials company reported $0.60 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.36 by $0.24. Teck Resources had a return on equity of 6.37% and a net margin of 3.32%. The business had revenue of $2.86 billion during the quarter, compared to analyst estimates of $2.09 billion. During the same period last year, the company earned $0.57 earnings per share. Teck Resources’s quarterly revenue was down 20.6% compared to the same quarter last year. On average, equities research analysts expect that Teck Resources Limited will post 1.81 earnings per share for the current fiscal year.

Teck Resources Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, December 31st. Stockholders of record on Friday, December 13th were issued a dividend of $0.0895 per share. The ex-dividend date of this dividend was Friday, December 13th. This represents a $0.36 annualized dividend and a dividend yield of 0.87%. Teck Resources’s dividend payout ratio is 56.06%.

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.