Teck Resources (NYSE:TECK) Cut to “Hold” at Wall Street Zen

Wall Street Zen downgraded shares of Teck Resources (NYSE:TECK) (TSE:TECK) from a buy rating to a hold rating in a report issued on Saturday,Wall Street Zen reports.

A number of other research firms also recently issued reports on TECK. Stifel Nicolaus increased their target price on shares of Teck Resources from $82.00 to $95.00 and gave the stock a “hold” rating in a research report on Tuesday, October 20th. Scotia raised their price target on shares of Teck Resources from $83.00 to $88.00 and gave the company a “sector perform” rating in a report on Friday. Weiss Ratings cut shares of Teck Resources from a “buy (b)” rating to a “buy (b-)” rating in a research report on Friday, October 23rd. JPMorgan Chase & Co. boosted their price objective on shares of Teck Resources from $47.00 to $63.00 and gave the stock a “neutral” rating in a research note on Friday. Finally, Raymond James Financial upgraded shares of Teck Resources from a “market perform” rating to an “outperform” rating in a research note on Thursday, July 23rd. Six research analysts have rated the stock with a Buy rating and ten have given a Hold rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $75.25.

Teck Resources Stock Performance

NYSE TECK opened at $62.66 on Friday. The firm has a market capitalization of $30.27 billion, a P/E ratio of 11.21, a P/E/G ratio of 2.01 and a beta of 1.01. Teck Resources has a 1-year low of $38.00 and a 1-year high of $72.56. The company has a debt-to-equity ratio of 0.12, a current ratio of 3.12 and a quick ratio of 2.33. The business’s 50-day simple moving average is $66.03 and its 200-day simple moving average is $60.51.

Teck Resources Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, December 31st. Shareholders of record on Tuesday, December 15th will be paid a dividend of C$0.12 per share. This represents a $0.50 dividend on an annualized basis and a dividend yield of 0.8%. The ex-dividend date is Tuesday, December 15th. Teck Resources’s payout ratio is currently 6.26%.

Institutional Investors Weigh In On Teck Resources

Several institutional investors and hedge funds have recently modified their holdings of TECK. Kestra Advisory Services LLC lifted its holdings in Teck Resources by 29.4% in the 3rd quarter. Kestra Advisory Services LLC now owns 6,604 shares of the basic materials company’s stock worth $434,000 after buying an additional 1,499 shares in the last quarter. Commonwealth Equity Services LLC boosted its position in Teck Resources by 8.5% in the 3rd quarter. Commonwealth Equity Services LLC now owns 8,182 shares of the basic materials company’s stock valued at $538,000 after buying an additional 642 shares during the last quarter. Pathway Financial Advisers LLC purchased a new position in Teck Resources in the 3rd quarter valued at about $106,000. Sumitomo Mitsui Trust Group Inc. grew its stake in shares of Teck Resources by 37.7% during the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 28,296 shares of the basic materials company’s stock valued at $1,862,000 after acquiring an additional 7,750 shares in the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. acquired a new stake in shares of Teck Resources during the third quarter valued at about $120,000. Hedge funds and other institutional investors own 78.06% of the company’s stock.

About Teck Resources

Teck Resources Limited is a Canadian mining and mineral development company focused primarily on copper and zinc, commodities used in electrification, infrastructure, manufacturing and other industrial applications. The company explores for, develops and operates mines, mineral processing facilities and related infrastructure.

Teck’s copper assets include Highland Valley Copper in British Columbia, Canada; Carmen de Andacollo in Chile; and Quebrada Blanca in northern Chile. Its zinc operations include the Red Dog mine in Alaska and the Trail Operations metallurgical complex in British Columbia, which produces refined metals, alloys and other related products.