Assetmark Inc. Buys Shares of 18,263 Teck Resources Limited (NYSE:TECK)

Assetmark Inc. purchased a new position in shares of Teck Resources Limited (NYSE:TECK) (TSE:TECK) during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm purchased 18,263 shares of the basic materials company’s stock, valued at approximately $954,000.

Other hedge funds have also recently modified their holdings of the company. Headlands Technologies LLC bought a new stake in Teck Resources during the second quarter valued at about $38,000. Eastern Bank purchased a new position in shares of Teck Resources during the 3rd quarter valued at about $39,000. Bruce G. Allen Investments LLC grew its stake in shares of Teck Resources by 77.4% during the 3rd quarter. Bruce G. Allen Investments LLC now owns 878 shares of the basic materials company’s stock valued at $46,000 after acquiring an additional 383 shares during the period. Blue Trust Inc. raised its stake in Teck Resources by 583.1% during the 2nd quarter. Blue Trust Inc. now owns 1,052 shares of the basic materials company’s stock worth $48,000 after acquiring an additional 898 shares during the period. Finally, Massmutual Trust Co. FSB ADV raised its stake in Teck Resources by 69.7% during the 3rd quarter. Massmutual Trust Co. FSB ADV now owns 996 shares of the basic materials company’s stock worth $52,000 after acquiring an additional 409 shares during the period. Institutional investors own 78.06% of the company’s stock.

Wall Street Analysts Forecast Growth

TECK has been the subject of a number of analyst reports. Scotiabank increased their price objective on shares of Teck Resources from $78.00 to $79.00 and gave the stock a “sector outperform” rating in a research note on Tuesday, October 8th. Deutsche Bank Aktiengesellschaft lowered Teck Resources from a “buy” rating to a “hold” rating and set a $50.00 price target for the company. in a research note on Friday, October 25th. Paradigm Capital upgraded Teck Resources to a “moderate buy” rating in a research report on Friday, July 26th. JPMorgan Chase & Co. cut their target price on Teck Resources from $57.00 to $55.00 and set an “overweight” rating for the company in a research report on Friday, October 25th. Finally, UBS Group cut Teck Resources from a “buy” rating to a “neutral” rating in a report on Monday. Five equities research analysts have rated the stock with a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $65.29.

Teck Resources Stock Up 1.1 %

Shares of TECK opened at $45.39 on Friday. The company has a debt-to-equity ratio of 0.16, a current ratio of 2.92 and a quick ratio of 2.35. The stock has a market capitalization of $22.88 billion, a price-to-earnings ratio of 68.77 and a beta of 1.04. Teck Resources Limited has a 1 year low of $34.56 and a 1 year high of $55.13. The business’s 50 day simple moving average is $48.70 and its 200-day simple moving average is $48.70.

Teck Resources (NYSE:TECK) (TSE:TECK) last released its quarterly earnings data on Thursday, October 24th. The basic materials company reported $0.60 EPS for the quarter, beating the consensus estimate of $0.36 by $0.24. Teck Resources had a net margin of 3.32% and a return on equity of 6.37%. The business had revenue of $2.86 billion during the quarter, compared to analyst estimates of $2.09 billion. During the same quarter last year, the business earned $0.57 earnings per share. Teck Resources’s quarterly revenue was down 20.6% compared to the same quarter last year. As a group, equities analysts expect that Teck Resources Limited will post 1.84 earnings per share for the current fiscal year.

About Teck Resources

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