D.A. Davidson & CO. Boosts Holdings in Teck Resources Limited (NYSE:TECK)

D.A. Davidson & CO. increased its holdings in shares of Teck Resources Limited (NYSE:TECK) (TSE:TECK) by 85.0% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 17,031 shares of the basic materials company’s stock after buying an additional 7,826 shares during the period. D.A. Davidson & CO.’s holdings in Teck Resources were worth $890,000 at the end of the most recent quarter.

A number of other hedge funds also recently added to or reduced their stakes in TECK. Daymark Wealth Partners LLC increased its position in shares of Teck Resources by 2.8% during the third quarter. Daymark Wealth Partners LLC now owns 8,774 shares of the basic materials company’s stock worth $458,000 after acquiring an additional 242 shares during the period. Cigna Investments Inc. New increased its holdings in Teck Resources by 3.8% during the 2nd quarter. Cigna Investments Inc. New now owns 8,762 shares of the basic materials company’s stock worth $420,000 after purchasing an additional 317 shares during the period. Candriam S.C.A. raised its position in Teck Resources by 4.0% in the 2nd quarter. Candriam S.C.A. now owns 8,897 shares of the basic materials company’s stock valued at $426,000 after purchasing an additional 343 shares in the last quarter. Evergreen Capital Management LLC boosted its stake in shares of Teck Resources by 7.8% in the 2nd quarter. Evergreen Capital Management LLC now owns 5,064 shares of the basic materials company’s stock valued at $243,000 after buying an additional 365 shares during the period. Finally, Bruce G. Allen Investments LLC grew its position in shares of Teck Resources by 77.4% during the third quarter. Bruce G. Allen Investments LLC now owns 878 shares of the basic materials company’s stock worth $46,000 after buying an additional 383 shares in the last quarter. 78.06% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

TECK has been the topic of several analyst reports. UBS Group cut shares of Teck Resources from a “buy” rating to a “neutral” rating in a report on Monday, November 11th. JPMorgan Chase & Co. reduced their price objective on shares of Teck Resources from $57.00 to $55.00 and set an “overweight” rating on the stock in a report on Friday, October 25th. Scotiabank lifted 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 report on Tuesday, October 8th. Deutsche Bank Aktiengesellschaft lowered Teck Resources from a “buy” rating to a “hold” rating and set a $50.00 target price on the stock. in a report on Friday, October 25th. Finally, Citigroup raised Teck Resources to a “hold” rating in a report on Wednesday, October 2nd. Five equities research analysts have rated the stock with a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $65.29.

Teck Resources Stock Performance

Shares of TECK stock opened at $46.68 on Monday. Teck Resources Limited has a 1 year low of $36.50 and a 1 year high of $55.13. The company has a debt-to-equity ratio of 0.16, a quick ratio of 2.35 and a current ratio of 2.92. The firm has a market cap of $23.91 billion, a price-to-earnings ratio of 70.73 and a beta of 1.04. The stock’s 50-day moving average is $48.77 and its two-hundred day moving average is $48.38.

Teck Resources (NYSE:TECK) (TSE:TECK) last released its quarterly earnings results on Thursday, October 24th. The basic materials company reported $0.60 EPS for the quarter, topping the consensus estimate of $0.36 by $0.24. The company had revenue of $2.86 billion for the quarter, compared to analyst estimates of $2.09 billion. Teck Resources had a return on equity of 6.37% and a net margin of 3.32%. The firm’s revenue was down 20.6% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.57 earnings per share. Analysts predict that Teck Resources Limited will post 1.82 earnings per share for the current year.

Teck Resources Cuts Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Friday, December 13th will be given a dividend of $0.0895 per share. This represents a $0.36 annualized dividend and a yield of 0.77%. The ex-dividend date of this dividend is Friday, December 13th. Teck Resources’s payout ratio is currently 56.06%.

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.