Teck Resources (NYSE:TECK) Cut to “Hold” at Canaccord Genuity Group

Canaccord Genuity Group downgraded shares of Teck Resources (NYSE:TECK) (TSE:TECK) from a buy rating to a hold rating in a report issued on Wednesday morning, Marketbeat.com reports.

Other equities analysts have also issued reports about the company. Deutsche Bank Aktiengesellschaft raised Teck Resources from a “hold” rating to a “buy” rating and set a $42.00 price target on the stock in a research note on Monday, September 8th. JPMorgan Chase & Co. reissued a “neutral” rating and issued a $41.00 price target (down from $46.00) on shares of Teck Resources in a research note on Friday, July 25th. Benchmark lowered their target price on Teck Resources from $55.00 to $48.00 and set a “buy” rating on the stock in a research report on Monday, July 28th. Citigroup reaffirmed a “neutral” rating on shares of Teck Resources in a research report on Wednesday. Finally, CIBC lowered Teck Resources from a “sector outperform” rating to a “neutral” rating in a research report on Friday, July 25th. One equities research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, eleven have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $54.00.

Teck Resources Price Performance

Shares of TECK opened at $41.90 on Wednesday. Teck Resources has a 52-week low of $28.32 and a 52-week high of $51.58. The company has a debt-to-equity ratio of 0.15, a quick ratio of 2.45 and a current ratio of 3.47. The business’s 50 day moving average price is $37.04 and its two-hundred day moving average price is $36.62. The firm has a market cap of $20.13 billion, a PE ratio of 110.28, a price-to-earnings-growth ratio of 0.56 and a beta of 0.92.

Teck Resources (NYSE:TECK) (TSE:TECK) last issued its quarterly earnings results on Thursday, July 24th. The basic materials company reported $0.27 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.20 by $0.07. Teck Resources had a return on equity of 3.91% and a net margin of 2.51%.The firm had revenue of $1.49 billion for the quarter, compared to analyst estimates of $2.25 billion. During the same period in the previous year, the firm earned $0.79 earnings per share. The company’s revenue was up 12.3% compared to the same quarter last year. On average, equities analysts anticipate that Teck Resources will post 1.53 EPS for the current year.

Teck Resources Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, September 29th. Investors of record on Monday, September 15th were given a $0.0918 dividend. This represents a $0.37 dividend on an annualized basis and a yield of 0.9%. The ex-dividend date of this dividend was Monday, September 15th. This is an increase from Teck Resources’s previous quarterly dividend of $0.09. Teck Resources’s payout ratio is currently 94.74%.

Institutional Investors Weigh In On Teck Resources

A number of institutional investors and hedge funds have recently bought and sold shares of TECK. Smartleaf Asset Management LLC raised its position in Teck Resources by 69.2% in the 1st quarter. Smartleaf Asset Management LLC now owns 856 shares of the basic materials company’s stock valued at $32,000 after buying an additional 350 shares during the last quarter. Costello Asset Management INC purchased a new stake in Teck Resources in the 1st quarter valued at $33,000. Banque Cantonale Vaudoise purchased a new stake in Teck Resources in the 1st quarter valued at $36,000. Golden State Wealth Management LLC raised its position in Teck Resources by 7,560.0% in the 1st quarter. Golden State Wealth Management LLC now owns 1,149 shares of the basic materials company’s stock valued at $42,000 after buying an additional 1,134 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. purchased a new stake in Teck Resources in the 2nd quarter valued at $49,000. 78.06% of the stock is owned by hedge funds and other institutional investors.

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.