AGF Management Ltd. lowered its stake in Teck Resources Limited (NYSE:TECK – Free Report) (TSE:TECK) by 15.8% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 60,381 shares of the basic materials company’s stock after selling 11,299 shares during the quarter. AGF Management Ltd.’s holdings in Teck Resources were worth $2,541,000 at the end of the most recent quarter.
A number of other large investors also recently bought and sold shares of TECK. Wetherby Asset Management Inc. increased its stake in shares of Teck Resources by 0.7% during the first quarter. Wetherby Asset Management Inc. now owns 39,655 shares of the basic materials company’s stock worth $1,447,000 after buying an additional 270 shares during the period. Private Trust Co. NA grew its position in Teck Resources by 29.9% in the 2nd quarter. Private Trust Co. NA now owns 1,215 shares of the basic materials company’s stock valued at $51,000 after buying an additional 280 shares during the last quarter. Optimum Investment Advisors boosted its position in shares of Teck Resources by 60.0% during the 2nd quarter. Optimum Investment Advisors now owns 800 shares of the basic materials company’s stock worth $34,000 after purchasing an additional 300 shares in the last quarter. Synergy Asset Management LLC boosted its position in shares of Teck Resources by 4.3% during the 2nd quarter. Synergy Asset Management LLC now owns 7,562 shares of the basic materials company’s stock worth $318,000 after purchasing an additional 309 shares in the last quarter. Finally, Intercontinental Wealth Advisors LLC boosted its position in shares of Teck Resources by 1.3% during the 1st quarter. Intercontinental Wealth Advisors LLC now owns 23,774 shares of the basic materials company’s stock worth $868,000 after purchasing an additional 312 shares in the last quarter. Institutional investors and hedge funds own 59.23% of the company’s stock.
Wall Street Analyst Weigh In
Several equities research analysts recently commented on the stock. Morgan Stanley decreased their price objective on shares of Teck Resources from $55.00 to $47.00 and set an “overweight” rating on the stock in a research report on Wednesday, October 25th. Scotiabank downgraded shares of Teck Resources from a “sector outperform” rating to a “sector perform” rating in a research note on Tuesday, October 17th. JPMorgan Chase & Co. assumed coverage on shares of Teck Resources in a research report on Tuesday, October 17th. They set an “overweight” rating and a $52.00 target price for the company. Wolfe Research raised shares of Teck Resources from a “peer perform” rating to an “outperform” rating in a research report on Friday, November 10th. Finally, TheStreet cut Teck Resources from a “b-” rating to a “c+” rating in a research note on Tuesday, October 24th. Two analysts have rated the stock with a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat, Teck Resources presently has an average rating of “Moderate Buy” and an average price target of $62.91.
Teck Resources Trading Down 0.9 %
NYSE TECK opened at $35.30 on Friday. The company has a market capitalization of $18.08 billion, a PE ratio of 11.24, a P/E/G ratio of 4.49 and a beta of 1.07. The company has a current ratio of 1.20, a quick ratio of 0.68 and a debt-to-equity ratio of 0.22. Teck Resources Limited has a 12 month low of $31.42 and a 12 month high of $49.34. The stock has a 50-day simple moving average of $39.15 and a 200 day simple moving average of $40.79.
Teck Resources (NYSE:TECK – Get Free Report) (TSE:TECK) last announced its quarterly earnings results on Tuesday, October 24th. The basic materials company reported $0.57 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.77 by ($0.20). Teck Resources had a return on equity of 9.11% and a net margin of 15.78%. The company had revenue of $2.68 billion for the quarter, compared to analyst estimates of $2.77 billion. Research analysts forecast that Teck Resources Limited will post 3.83 EPS for the current year.
Teck Resources Increases Dividend
The company also recently announced a quarterly dividend, which will be paid on Friday, December 29th. Investors of record on Friday, December 15th will be issued a $0.125 dividend. This is a boost from Teck Resources’s previous quarterly dividend of $0.09. This represents a $0.50 dividend on an annualized basis and a dividend yield of 1.42%. Teck Resources’s dividend payout ratio (DPR) is currently 11.78%.
Teck Resources Profile
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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