Regent Investment Management LLC acquired a new position in shares of Teck Resources Limited (NYSE:TECK – Get Rating) (TSE:TECK) in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm acquired 14,110 shares of the basic materials company’s stock, valued at approximately $431,000.
Other hedge funds also recently modified their holdings of the company. Achmea Investment Management B.V. purchased a new stake in Teck Resources in the 1st quarter valued at $37,000. Optimum Investment Advisors bought a new stake in Teck Resources in the 1st quarter worth about $40,000. Kistler Tiffany Companies LLC grew its position in Teck Resources by 95.9% in the 1st quarter. Kistler Tiffany Companies LLC now owns 1,056 shares of the basic materials company’s stock worth $43,000 after purchasing an additional 517 shares in the last quarter. DeDora Capital Inc. purchased a new stake in Teck Resources in the 1st quarter valued at about $45,000. Finally, Cornerstone Advisory LLC purchased a new position in shares of Teck Resources in the 4th quarter worth approximately $46,000. Institutional investors own 55.01% of the company’s stock.
Wall Street Analyst Weigh In
A number of brokerages recently commented on TECK. Canaccord Genuity Group raised Teck Resources from a “hold” rating to a “buy” rating and increased their price target for the company from C$42.00 to C$46.00 in a research report on Thursday, July 28th. Royal Bank of Canada cut their price target on shares of Teck Resources from C$67.00 to C$60.00 in a report on Thursday, July 28th. Morgan Stanley upgraded shares of Teck Resources from an “equal weight” rating to an “overweight” rating and raised their price objective for the stock from $41.00 to $51.00 in a report on Friday, September 16th. TheStreet upgraded shares of Teck Resources from a “c+” rating to a “b-” rating in a research note on Friday, May 27th. Finally, TD Securities reduced their target price on shares of Teck Resources from C$57.00 to C$55.00 in a research report on Thursday, July 28th. One equities research analyst has rated the stock with a hold rating and fifteen have given a buy rating to the company. According to MarketBeat, Teck Resources presently has an average rating of “Moderate Buy” and an average price target of $50.86.
Teck Resources Price Performance
Teck Resources (NYSE:TECK – Get Rating) (TSE:TECK) last posted its earnings results on Wednesday, July 27th. The basic materials company reported $3.25 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.01 by $1.24. The business had revenue of $5.79 billion for the quarter, compared to analysts’ expectations of $5.59 billion. Teck Resources had a net margin of 28.90% and a return on equity of 23.73%. The business’s revenue for the quarter was up 126.2% compared to the same quarter last year. During the same period in the prior year, the company posted $0.51 EPS. As a group, research analysts anticipate that Teck Resources Limited will post 6.87 EPS for the current year.
Teck Resources Cuts Dividend
The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 29th. Shareholders of record on Thursday, September 15th will be issued a $0.097 dividend. The ex-dividend date of this dividend is Wednesday, September 14th. This represents a $0.39 annualized dividend and a dividend yield of 1.34%. Teck Resources’s payout ratio is currently 4.72%.
Teck Resources Profile
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.
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