BNP Paribas Financial Markets Increases Stock Position in Teck Resources Limited (NYSE:TECK)

BNP Paribas Financial Markets boosted its position in Teck Resources Limited (NYSE:TECK) (TSE:TECK) by 194.2% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 141,593 shares of the basic materials company’s stock after acquiring an additional 93,459 shares during the period. BNP Paribas Financial Markets’ holdings in Teck Resources were worth $7,397,000 at the end of the most recent reporting period.

Other hedge funds have also recently modified their holdings of the company. Principal Financial Group Inc. grew its stake in shares of Teck Resources by 21.7% in the third quarter. Principal Financial Group Inc. now owns 7,429,981 shares of the basic materials company’s stock worth $388,507,000 after purchasing an additional 1,326,241 shares during the last quarter. CIBC Asset Management Inc lifted its holdings in Teck Resources by 2.6% in the 3rd quarter. CIBC Asset Management Inc now owns 6,495,880 shares of the basic materials company’s stock worth $341,337,000 after buying an additional 165,759 shares during the period. Mackenzie Financial Corp increased its stake in shares of Teck Resources by 10.3% during the second quarter. Mackenzie Financial Corp now owns 5,855,836 shares of the basic materials company’s stock valued at $280,655,000 after buying an additional 546,801 shares during the period. TD Asset Management Inc raised its holdings in shares of Teck Resources by 49.0% during the second quarter. TD Asset Management Inc now owns 4,950,816 shares of the basic materials company’s stock valued at $237,202,000 after acquiring an additional 1,629,149 shares in the last quarter. Finally, Cibc World Market Inc. lifted its stake in Teck Resources by 26.1% in 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 acquiring an additional 989,612 shares during the period. Hedge funds and other institutional investors own 78.06% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have issued reports on TECK. StockNews.com raised shares of Teck Resources from a “sell” rating to a “hold” rating in a research report on Thursday, October 24th. Deutsche Bank Aktiengesellschaft downgraded shares of 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. Scotiabank lifted their price objective on Teck Resources from $78.00 to $79.00 and gave the company a “sector outperform” rating in a research report on Tuesday, October 8th. JPMorgan Chase & Co. decreased 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 lowered Teck Resources from a “buy” rating to a “neutral” rating in a research report on Monday, November 11th. Five equities research analysts have rated the stock with a hold rating, five have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $65.29.

Teck Resources Stock Down 1.2 %

Shares of NYSE:TECK opened at $46.12 on Tuesday. Teck Resources Limited has a 12-month low of $36.50 and a 12-month high of $55.13. The stock has a market capitalization of $23.63 billion, a price-to-earnings ratio of 69.88 and a beta of 1.04. The stock has a fifty day simple moving average of $48.71 and a two-hundred day simple moving average of $48.34. The company has a current ratio of 2.92, a quick ratio of 2.35 and a debt-to-equity ratio of 0.16.

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

Teck Resources Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Friday, December 13th will be issued a $0.0895 dividend. This represents a $0.36 dividend on an annualized basis and a dividend yield of 0.78%. The ex-dividend date is Friday, December 13th. Teck Resources’s payout ratio is 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.