Teck Resources Limited (NYSE:TECK) Stock Holdings Increased by Truist Financial Corp

Truist Financial Corp increased its holdings in Teck Resources Limited (NYSE:TECK – Get Rating) (TSE:TECK) by 32.6% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 79,595 shares of the basic materials company’s stock after purchasing an additional 19,574 shares during the quarter. Truist Financial Corp’s holdings in Teck Resources were worth $2,421,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Assetmark Inc. bought a new stake in shares of Teck Resources in the 2nd quarter worth approximately $26,000. Optiver Holding B.V. bought a new stake in shares of Teck Resources in the 2nd quarter worth approximately $33,000. Achmea Investment Management B.V. bought a new stake in shares of Teck Resources in the 1st quarter worth approximately $37,000. Janiczek Wealth Management LLC raised its holdings in shares of Teck Resources by 67.7% in the 2nd quarter. Janiczek Wealth Management LLC now owns 1,541 shares of the basic materials company’s stock worth $45,000 after purchasing an additional 622 shares in the last quarter. Finally, EverSource Wealth Advisors LLC raised its holdings in shares of Teck Resources by 2,579.4% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,688 shares of the basic materials company’s stock worth $52,000 after purchasing an additional 1,625 shares in the last quarter. 56.15% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on TECK shares. Stifel Nicolaus boosted their price target on shares of Teck Resources from C$61.00 to C$64.00 in a report on Thursday. B. Riley cut their price target on shares of Teck Resources from C$53.00 to C$48.00 in a report on Monday, October 31st. National Bank Financial boosted their price target on shares of Teck Resources from C$56.00 to C$65.00 in a report on Monday, January 9th. Morgan Stanley cut their price target on shares of Teck Resources from $51.00 to $47.00 and set an “overweight” rating on the stock in a report on Monday, October 31st. Finally, Raymond James dropped their price objective on shares of Teck Resources from C$53.00 to C$51.00 in a research note on Friday, October 28th. Five research analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat.com, Teck Resources presently has a consensus rating of “Moderate Buy” and an average target price of $52.00.

Teck Resources Price Performance

NYSE:TECK opened at $42.01 on Monday. Teck Resources Limited has a one year low of $24.72 and a one year high of $45.90. The stock has a market cap of $21.20 billion, a P/E ratio of 6.39, a PEG ratio of 1.92 and a beta of 1.07. The company has a debt-to-equity ratio of 0.26, a current ratio of 1.65 and a quick ratio of 1.08. The company has a fifty day moving average price of $36.56 and a 200 day moving average price of $33.19.

Teck Resources (NYSE:TECK – Get Rating) (TSE:TECK) last announced its quarterly earnings data on Thursday, October 27th. The basic materials company reported $1.33 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.31 by $0.02. Teck Resources had a net margin of 22.99% and a return on equity of 22.53%. The company had revenue of $3.58 billion during the quarter, compared to analysts’ expectations of $3.36 billion. Analysts anticipate that Teck Resources Limited will post 6.86 earnings per share for the current year.

Teck Resources Cuts Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, December 30th. Stockholders of record on Thursday, December 15th were paid a $0.0939 dividend. This represents a $0.38 dividend on an annualized basis and a dividend yield of 0.89%. The ex-dividend date of this dividend was Wednesday, December 14th. Teck Resources’s dividend payout ratio is 5.63%.

About Teck Resources

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Teck Resources Limited engages in exploring for, acquiring, developing, and producing natural resources in Asia, Europe, and North America. It operates through Steelmaking Coal, Copper, Zinc, and Energy segments. The company's principal products include copper, zinc, steelmaking coal, and blended bitumen.