Teck Resources (NYSE:TECK) Cut to Buy at Wall Street Zen

Wall Street Zen lowered shares of Teck Resources (NYSE:TECK) (TSE:TECK) from a strong-buy rating to a buy rating in a research note published on Sunday.

A number of other analysts have also recently issued reports on TECK. Zacks Research cut Teck Resources from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, April 22nd. JPMorgan Chase & Co. dropped their price target on Teck Resources from $48.00 to $46.00 and set a “neutral” rating on the stock in a research note on Thursday, July 9th. Raymond James Financial raised Teck Resources from a “market perform” rating to an “outperform” rating in a report on Thursday, July 23rd. TD Securities reaffirmed a “hold” rating on shares of Teck Resources in a research report on Friday, April 24th. Finally, Deutsche Bank Aktiengesellschaft upped their price objective on shares of Teck Resources from $64.00 to $68.00 and gave the company a “buy” rating in a report on Thursday, July 2nd. Five research analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $62.25.

Teck Resources Trading Down 1.8%

Shares of NYSE:TECK opened at $58.70 on Friday. Teck Resources has a 52-week low of $30.98 and a 52-week high of $71.25. The company has a debt-to-equity ratio of 0.12, a quick ratio of 2.16 and a current ratio of 3.12. The company has a market capitalization of $28.35 billion, a P/E ratio of 15.91, a price-to-earnings-growth ratio of 1.77 and a beta of 0.92. The company has a 50-day simple moving average of $61.43 and a 200 day simple moving average of $57.66.

Teck Resources Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 29th. Stockholders of record on Tuesday, September 15th will be given a $0.125 dividend. The ex-dividend date of this dividend is Tuesday, September 15th. This represents a $0.50 annualized dividend and a dividend yield of 0.9%. Teck Resources’s dividend payout ratio is presently 9.76%.

Hedge Funds Weigh In On Teck Resources

A number of large investors have recently made changes to their positions in TECK. Norges Bank bought a new position in Teck Resources during the fourth quarter worth about $404,880,000. Wellington Management Group LLP boosted its holdings in Teck Resources by 264.5% in the 3rd quarter. Wellington Management Group LLP now owns 5,781,060 shares of the basic materials company’s stock valued at $253,695,000 after purchasing an additional 4,194,868 shares during the period. Pentwater Capital Management LP boosted its holdings in Teck Resources by 124.1% in the 4th quarter. Pentwater Capital Management LP now owns 6,500,000 shares of the basic materials company’s stock valued at $311,285,000 after purchasing an additional 3,600,000 shares during the period. Arrowstreet Capital Limited Partnership acquired a new position in shares of Teck Resources during the 4th quarter worth approximately $169,999,000. Finally, Principal Financial Group Inc. grew its position in shares of Teck Resources by 17.1% during the 1st quarter. Principal Financial Group Inc. now owns 22,044,284 shares of the basic materials company’s stock worth $1,139,051,000 after purchasing an additional 3,211,985 shares in the last quarter. Institutional investors own 78.06% of the company’s stock.

About Teck Resources

Teck Resources Ltd. is a diversified natural resource company headquartered in Canada that explores for, develops and produces a portfolio of metallic and energy commodities. Its core businesses center on copper, steelmaking (metallurgical) coal and zinc, with related smelting and refining activities. Teck supplies raw materials and intermediate products to global steelmakers, metals markets and industrial customers, and operates integrated mining and processing facilities as well as earlier-stage exploration and development projects.

The company’s operations and projects are located across multiple geographies, with a significant presence in western Canada and North America and additional exploration and development activities in Latin America.