Raymond James Financial Services Advisors Inc. lowered its stake in Teck Resources Limited (NYSE:TECK – Get Rating) (TSE:TECK) by 2.6% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 34,804 shares of the basic materials company’s stock after selling 919 shares during the period. Raymond James Financial Services Advisors Inc.’s holdings in Teck Resources were worth $1,058,000 at the end of the most recent reporting period.
Several other large investors have also added to or reduced their stakes in the stock. Vanguard Group Inc. boosted its holdings in Teck Resources by 2.2% in the first quarter. Vanguard Group Inc. now owns 14,801,956 shares of the basic materials company’s stock valued at $597,851,000 after acquiring an additional 318,294 shares in the last quarter. Egerton Capital UK LLP boosted its holdings in Teck Resources by 274.3% in the second quarter. Egerton Capital UK LLP now owns 10,301,465 shares of the basic materials company’s stock valued at $314,916,000 after acquiring an additional 7,549,057 shares in the last quarter. FMR LLC boosted its holdings in Teck Resources by 594.7% in the second quarter. FMR LLC now owns 9,630,011 shares of the basic materials company’s stock valued at $294,466,000 after acquiring an additional 8,243,806 shares in the last quarter. Bank of Nova Scotia boosted its holdings in shares of Teck Resources by 1.0% during the 2nd quarter. Bank of Nova Scotia now owns 4,115,694 shares of the basic materials company’s stock valued at $125,839,000 after buying an additional 41,287 shares in the last quarter. Finally, Grantham Mayo Van Otterloo & Co. LLC boosted its holdings in shares of Teck Resources by 100.0% during the 2nd quarter. Grantham Mayo Van Otterloo & Co. LLC now owns 3,800,618 shares of the basic materials company’s stock valued at $116,058,000 after buying an additional 1,900,718 shares in the last quarter. Institutional investors own 56.15% of the company’s stock.
Wall Street Analysts Forecast Growth
A number of analysts have recently commented on the stock. Raymond James dropped their target price on shares of Teck Resources from C$53.00 to C$51.00 in a report on Friday, October 28th. Barclays boosted their target price on shares of Teck Resources from C$40.00 to C$47.00 in a report on Monday, October 17th. BMO Capital Markets cut shares of Teck Resources from an “outperform” rating to a “market perform” rating and dropped their target price for the company from $49.00 to $46.00 in a report on Friday, October 28th. Benchmark boosted their target price on shares of Teck Resources from $40.00 to $46.00 and gave the company a “buy” rating in a report on Friday, January 13th. Finally, Stifel Nicolaus lifted their price target on Teck Resources from C$61.00 to C$64.00 in a research report on Thursday, January 12th. Six investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $52.00.
Teck Resources Price Performance
Teck Resources (NYSE:TECK – Get Rating) (TSE:TECK) last released its quarterly earnings data on Thursday, October 27th. The basic materials company reported $1.33 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.31 by $0.02. The business had revenue of $3.58 billion during the quarter, compared to analysts’ expectations of $3.36 billion. Teck Resources had a return on equity of 22.53% and a net margin of 22.99%. On average, sell-side analysts anticipate that Teck Resources Limited will post 6.86 EPS for the current year.
Teck Resources Cuts Dividend
The company also recently disclosed a quarterly dividend, which was paid on Friday, December 30th. Stockholders of record on Thursday, December 15th were issued a $0.0939 dividend. This represents a $0.38 annualized dividend and a dividend yield of 0.89%. The ex-dividend date of this dividend was Wednesday, December 14th. Teck Resources’s payout ratio is currently 5.63%.
About Teck Resources
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.
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