International Assets Investment Management LLC Takes $10.82 Million Position in Teck Resources Limited (NYSE:TECK)

International Assets Investment Management LLC bought a new stake in shares of Teck Resources Limited (NYSE:TECK) (TSE:TECK) during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 207,079 shares of the basic materials company’s stock, valued at approximately $10,818,000.

Other hedge funds have also recently made changes to their positions in the company. Eastern Bank purchased a new position in shares of Teck Resources during the third quarter valued at approximately $39,000. Headlands Technologies LLC bought a new stake in shares of Teck Resources during the second quarter valued at approximately $38,000. Bruce G. Allen Investments LLC boosted its position in shares of Teck Resources by 77.4% during the third quarter. Bruce G. Allen Investments LLC now owns 878 shares of the basic materials company’s stock valued at $46,000 after purchasing an additional 383 shares in the last quarter. Massmutual Trust Co. FSB ADV boosted its position in shares of Teck Resources by 69.7% during the third quarter. Massmutual Trust Co. FSB ADV now owns 996 shares of the basic materials company’s stock valued at $52,000 after purchasing an additional 409 shares in the last quarter. Finally, Blue Trust Inc. boosted its position in shares of Teck Resources by 583.1% during the second quarter. Blue Trust Inc. now owns 1,052 shares of the basic materials company’s stock valued at $48,000 after purchasing an additional 898 shares in the last quarter. 78.06% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on TECK shares. JPMorgan Chase & Co. dropped their price target on Teck Resources from $57.00 to $55.00 and set an “overweight” rating on the stock in a research report on Friday, October 25th. Benchmark restated a “buy” rating and set a $55.00 price target on shares of Teck Resources in a research report on Thursday, July 25th. Eight Capital downgraded Teck Resources from a “strong-buy” rating to a “hold” rating in a report on Thursday, July 11th. Deutsche Bank Aktiengesellschaft downgraded Teck Resources from a “buy” rating to a “hold” rating and set a $50.00 target price on the stock. in a report on Friday, October 25th. Finally, Citigroup raised Teck Resources to a “hold” rating in a report on Wednesday, October 2nd. Four research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, Teck Resources presently has a consensus rating of “Moderate Buy” and a consensus price target of $65.29.

Teck Resources Stock Down 1.3 %

TECK stock opened at $47.19 on Thursday. Teck Resources Limited has a 1-year low of $34.38 and a 1-year high of $55.13. The business has a fifty day moving average price of $48.69 and a 200-day moving average price of $48.72. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.48 and a quick ratio of 0.77. The stock has a market capitalization of $23.88 billion, a P/E ratio of 72.09 and a beta of 1.02.

Teck Resources (NYSE:TECK) (TSE:TECK) last posted its quarterly earnings results on Thursday, October 24th. The basic materials company reported $0.60 earnings per share for the quarter, topping the consensus estimate of $0.36 by $0.24. Teck Resources had a return on equity of 6.14% and a net margin of 3.32%. The firm had revenue of $2.86 billion during the quarter, compared to analysts’ expectations of $2.09 billion. During the same quarter in the previous year, the business earned $0.57 earnings per share. The company’s revenue was down 20.6% on a year-over-year basis. Equities analysts forecast that Teck Resources Limited will post 1.93 earnings per share for the current fiscal year.

Teck Resources Profile

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.