Teck Resources (TECK) Trading Down 5.2%
Teck Resources Ltd (NYSE:TECK) (TSE:TECK)’s share price was down 5.2% during trading on Wednesday . The stock traded as low as $22.38 and last traded at $22.54. Approximately 4,413,533 shares changed hands during trading, an increase of 48% from the average daily volume of 2,977,225 shares. The stock had previously closed at $23.78.
Several equities analysts recently commented on TECK shares. Deutsche Bank set a $34.00 target price on shares of Teck Resources and gave the company a “buy” rating in a research note on Saturday, September 22nd. MKM Partners cut their target price on shares of Teck Resources to $30.00 and set a “buy” rating for the company in a research note on Wednesday, September 12th. Clarkson Capital upgraded shares of Teck Resources from a “neutral” rating to a “buy” rating in a research note on Tuesday, September 11th. Raymond James reiterated a “buy” rating on shares of Teck Resources in a research note on Sunday, October 7th. Finally, Morgan Stanley upped their target price on shares of Teck Resources from $27.00 to $29.00 and gave the company an “equal weight” rating in a research note on Friday, June 29th. One investment analyst has rated the stock with a sell rating, six have given a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Teck Resources has an average rating of “Buy” and a consensus target price of $31.07.
The company has a market cap of $13.66 billion, a PE ratio of 6.89, a price-to-earnings-growth ratio of 0.66 and a beta of 1.43. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.51 and a current ratio of 2.38.
The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 28th. Stockholders of record on Friday, September 14th were paid a $0.038 dividend. This represents a $0.15 dividend on an annualized basis and a dividend yield of 0.65%. The ex-dividend date of this dividend was Thursday, September 13th. Teck Resources’s dividend payout ratio is 4.37%.
Several hedge funds have recently made changes to their positions in TECK. Advisors Asset Management Inc. raised its stake in shares of Teck Resources by 71,409.9% in the 2nd quarter. Advisors Asset Management Inc. now owns 107,980 shares of the basic materials company’s stock valued at $107,000 after buying an additional 107,829 shares in the last quarter. NumerixS Investment Technologies Inc bought a new stake in shares of Teck Resources in the 2nd quarter worth about $111,000. Regentatlantic Capital LLC bought a new stake in shares of Teck Resources in the 2nd quarter worth about $200,000. Bayesian Capital Management LP bought a new stake in shares of Teck Resources in the 1st quarter worth about $247,000. Finally, Daiwa SB Investments Ltd. grew its holdings in shares of Teck Resources by 207.2% in the 2nd quarter. Daiwa SB Investments Ltd. now owns 9,860 shares of the basic materials company’s stock worth $251,000 after purchasing an additional 6,650 shares during the last quarter. Institutional investors own 54.56% of the company’s stock.
About Teck Resources (NYSE:TECK)
Teck Resources Limited researches, explores for, develops, and produces natural resources in the Americas, the Asia Pacific, and Europe. It operates through five segments: Steelmaking Coal, Copper, Zinc, Energy, and Corporate. The company's principal products comprise steelmaking coal; copper concentrates and refined copper cathodes; refined zinc and zinc concentrates; energy products, such as bitumen; and lead concentrates.
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