Shares of Teck Resources Limited (NYSE:TECK – Get Rating) (TSE:TECK) were down 6.7% on Friday after Scotiabank lowered their price target on the stock from C$55.00 to C$53.00. The stock traded as low as $31.58 and last traded at $31.64. Approximately 108,931 shares traded hands during mid-day trading, a decline of 97% from the average daily volume of 3,627,685 shares. The stock had previously closed at $33.90.
Several other brokerages also recently commented on TECK. Barclays boosted their target price on Teck Resources from C$40.00 to C$47.00 in a report on Monday, October 17th. BMO Capital Markets downgraded Teck Resources from an “outperform” rating to a “market perform” rating in a report on Friday. Citigroup downgraded Teck Resources from a “buy” rating to a “neutral” rating in a report on Friday. Royal Bank of Canada reduced their target price on Teck Resources from C$67.00 to C$60.00 in a report on Thursday, July 28th. Finally, Jefferies Financial Group assumed coverage on Teck Resources in a report on Wednesday, September 28th. They issued a “buy” rating on the stock. Three analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. According to MarketBeat.com, Teck Resources presently has a consensus rating of “Moderate Buy” and an average target price of $51.66.
Institutional Inflows and Outflows
A number of large investors have recently made changes to their positions in TECK. FMR LLC increased its position in shares of Teck Resources by 594.7% in the 2nd quarter. FMR LLC now owns 9,630,011 shares of the basic materials company’s stock valued at $294,466,000 after buying an additional 8,243,806 shares in the last quarter. Egerton Capital UK LLP increased its position in shares of Teck Resources by 274.3% in the 2nd quarter. Egerton Capital UK LLP now owns 10,301,465 shares of the basic materials company’s stock valued at $314,916,000 after buying an additional 7,549,057 shares in the last quarter. ANTIPODES PARTNERS Ltd increased its holdings in Teck Resources by 330.9% during the 1st quarter. ANTIPODES PARTNERS Ltd now owns 3,962,472 shares of the basic materials company’s stock worth $160,044,000 after purchasing an additional 3,042,942 shares in the last quarter. Cowa LLC increased its holdings in Teck Resources by 9,975.4% during the 1st quarter. Cowa LLC now owns 2,008,935 shares of the basic materials company’s stock worth $811,000 after purchasing an additional 1,988,996 shares in the last quarter. Finally, Grantham Mayo Van Otterloo & Co. LLC increased its holdings in Teck Resources by 100.0% during the 2nd quarter. Grantham Mayo Van Otterloo & Co. LLC now owns 3,800,618 shares of the basic materials company’s stock worth $116,058,000 after purchasing an additional 1,900,718 shares in the last quarter. Institutional investors and hedge funds own 55.01% of the company’s stock.
Teck Resources Stock Performance
The stock has a fifty day simple moving average of $32.97 and a 200-day simple moving average of $34.69. The stock has a market cap of $15.85 billion, a P/E ratio of 3.89, a PEG ratio of 1.21 and a beta of 1.10. The company has a debt-to-equity ratio of 0.25, a quick ratio of 1.25 and a current ratio of 1.82.
Teck Resources (NYSE:TECK – Get Rating) (TSE:TECK) last released its earnings results on Tuesday, July 26th. The basic materials company reported $2.55 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.32 by $0.23. The firm had revenue of $5.79 billion during the quarter, compared to analysts’ expectations of $5.59 billion. Teck Resources had a return on equity of 23.73% and a net margin of 28.90%. The company’s revenue was up 126.2% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.51 EPS. On average, equities analysts expect that Teck Resources Limited will post 7.08 earnings per share for the current year.
About Teck Resources
Teck Resources Limited engages in exploring for, acquiring, developing, and producing natural resources in Asia, Europe, and North America. It operates through Steelmaking Coal, Copper, Zinc, and Energy segments. The company’s principal products include copper, zinc, steelmaking coal, and blended bitumen.