Cerity Partners LLC Raises Stock Holdings in Teck Resources Limited (NYSE:TECK)

Cerity Partners LLC increased its stake in shares of Teck Resources Limited (NYSE:TECK) (TSE:TECK) by 374.7% in the third quarter, HoldingsChannel reports. The firm owned 39,625 shares of the basic materials company’s stock after buying an additional 31,278 shares during the quarter. Cerity Partners LLC’s holdings in Teck Resources were worth $2,070,000 at the end of the most recent reporting period.

Several other institutional investors have also recently added to or reduced their stakes in TECK. AMF Tjanstepension AB grew its holdings in shares of Teck Resources by 846.6% during the second quarter. AMF Tjanstepension AB now owns 4,383,031 shares of the basic materials company’s stock worth $210,034,000 after buying an additional 3,919,984 shares in the last quarter. TD Asset Management Inc grew its stake in Teck Resources by 49.0% in the 2nd quarter. TD Asset Management Inc now owns 4,950,816 shares of the basic materials company’s stock worth $237,202,000 after acquiring an additional 1,629,149 shares during the period. Principal Financial Group Inc. raised its holdings in Teck Resources by 21.7% in the 3rd quarter. Principal Financial Group Inc. now owns 7,429,981 shares of the basic materials company’s stock valued at $388,507,000 after acquiring an additional 1,326,241 shares during the last quarter. National Bank of Canada FI lifted its stake in shares of Teck Resources by 48.4% during the 2nd quarter. National Bank of Canada FI now owns 3,934,663 shares of the basic materials company’s stock worth $188,111,000 after purchasing an additional 1,283,876 shares during the period. Finally, Cibc World Market Inc. boosted its holdings in shares of Teck Resources by 26.1% during the second quarter. Cibc World Market Inc. now owns 4,779,715 shares of the basic materials company’s stock worth $228,948,000 after purchasing an additional 989,612 shares during the last quarter. Institutional investors and hedge funds own 78.06% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts recently commented on TECK shares. Deutsche Bank Aktiengesellschaft lowered Teck Resources from a “buy” rating to a “hold” rating and set a $50.00 target price for the company. in a research note on Friday, October 25th. Scotiabank boosted their price objective on shares of Teck Resources from $78.00 to $79.00 and gave the company a “sector outperform” rating in a research note on Tuesday, October 8th. StockNews.com raised Teck Resources from a “sell” rating to a “hold” rating in a research report on Thursday, October 24th. UBS Group cut shares of Teck Resources from a “buy” rating to a “neutral” rating in a research report on Monday, November 11th. Finally, Citigroup raised shares of Teck Resources to a “hold” rating in a research report on Wednesday, October 2nd. Five 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’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $65.29.

Teck Resources Price Performance

TECK opened at $46.68 on Monday. Teck Resources Limited has a twelve month low of $36.50 and a twelve month high of $55.13. 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 company has a current ratio of 2.92, a quick ratio of 2.35 and a debt-to-equity ratio of 0.16. The company has a fifty day simple moving average of $48.77 and a 200 day simple moving average of $48.38.

Teck Resources (NYSE:TECK) (TSE:TECK) last issued its quarterly earnings results on Thursday, October 24th. The basic materials company reported $0.60 EPS for the quarter, beating analysts’ consensus estimates of $0.36 by $0.24. Teck Resources had a return on equity of 6.37% and a net margin of 3.32%. The firm had revenue of $2.86 billion during the quarter, compared to the consensus estimate of $2.09 billion. During the same quarter in the prior year, the business posted $0.57 earnings per share. Teck Resources’s revenue for the quarter was down 20.6% on a year-over-year basis. Equities research analysts expect that Teck Resources Limited will post 1.82 EPS for the current fiscal year.

Teck Resources Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Investors of record on Friday, December 13th will be issued a $0.0895 dividend. The ex-dividend date is Friday, December 13th. This represents a $0.36 annualized dividend and a yield of 0.77%. Teck Resources’s dividend payout ratio is presently 56.06%.

Teck Resources Company Profile

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.