TD Asset Management Inc Has $226.67 Million Stake in Teck Resources Ltd $TECK

TD Asset Management Inc trimmed its stake in shares of Teck Resources Ltd (NYSE:TECK) (TSE:TECK) by 14.4% in the third quarter, Holdings Channel.com reports. The fund owned 5,166,032 shares of the basic materials company’s stock after selling 866,322 shares during the quarter. TD Asset Management Inc’s holdings in Teck Resources were worth $226,668,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Versant Capital Management Inc bought a new position in shares of Teck Resources during the 3rd quarter worth approximately $26,000. Smartleaf Asset Management LLC raised its holdings in shares of Teck Resources by 72.4% in the third quarter. Smartleaf Asset Management LLC now owns 836 shares of the basic materials company’s stock valued at $37,000 after purchasing an additional 351 shares during the last quarter. SouthState Bank Corp purchased a new position in Teck Resources during the third quarter worth about $50,000. Tobam bought a new stake in Teck Resources in the 2nd quarter worth about $62,000. Finally, Mirae Asset Global Investments Co. Ltd. increased its stake in Teck Resources by 43.1% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,741 shares of the basic materials company’s stock valued at $76,000 after buying an additional 524 shares during the last quarter. 78.06% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

TECK has been the topic of a number of research analyst reports. Weiss Ratings restated a “hold (c)” rating on shares of Teck Resources in a research note on Wednesday, January 21st. Truist Financial set a $67.00 price objective on Teck Resources in a research report on Monday. Raymond James Financial lowered Teck Resources from an “outperform” rating to a “market perform” rating in a research report on Wednesday, January 14th. Deutsche Bank Aktiengesellschaft reissued a “buy” rating and issued a $46.00 price target on shares of Teck Resources in a report on Wednesday, November 26th. Finally, Citigroup upgraded shares of Teck Resources from a “neutral” rating to a “buy” rating in a report on Monday, February 2nd. One analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and twelve have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $58.00.

Teck Resources Stock Up 1.2%

Shares of NYSE TECK opened at $59.82 on Wednesday. The company has a quick ratio of 1.91, a current ratio of 2.54 and a debt-to-equity ratio of 0.13. The company has a market cap of $28.80 billion, a P/E ratio of 29.62, a P/E/G ratio of 0.55 and a beta of 0.80. Teck Resources Ltd has a 52 week low of $28.32 and a 52 week high of $60.75. The business has a 50-day simple moving average of $52.71 and a two-hundred day simple moving average of $44.57.

Teck Resources (NYSE:TECK) (TSE:TECK) last announced its quarterly earnings results on Thursday, February 19th. The basic materials company reported $0.98 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.59 by $0.39. Teck Resources had a net margin of 12.98% and a return on equity of 5.90%. The firm had revenue of $2.23 billion for the quarter, compared to the consensus estimate of $2.28 billion. During the same period in the prior year, the firm posted $0.45 earnings per share. The company’s revenue for the quarter was up 9.8% on a year-over-year basis. Research analysts anticipate that Teck Resources Ltd will post 1.53 earnings per share for the current fiscal year.

Teck Resources Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, March 31st. Shareholders of record on Friday, March 13th will be paid a $0.125 dividend. The ex-dividend date is Friday, March 13th. This represents a $0.50 annualized dividend and a yield of 0.8%. Teck Resources’s dividend payout ratio is currently 17.82%.

Teck Resources Profile

Teck Resources Ltd. is a diversified natural resource company headquartered in Canada that explores for, develops and produces a portfolio of metallic and energy commodities. Its core businesses center on copper, steelmaking (metallurgical) coal and zinc, with related smelting and refining activities. Teck supplies raw materials and intermediate products to global steelmakers, metals markets and industrial customers, and operates integrated mining and processing facilities as well as earlier-stage exploration and development projects.

The company’s operations and projects are located across multiple geographies, with a significant presence in western Canada and North America and additional exploration and development activities in Latin America.