Teck Resources Limited (NYSE:TECK) Shares Bought by CIBC Asset Management Inc

CIBC Asset Management Inc grew its holdings in Teck Resources Limited (NYSE:TECK) (TSE:TECK) by 2.6% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 6,495,880 shares of the basic materials company’s stock after purchasing an additional 165,759 shares during the quarter. Teck Resources makes up approximately 1.1% of CIBC Asset Management Inc’s portfolio, making the stock its 23rd largest holding. CIBC Asset Management Inc’s holdings in Teck Resources were worth $341,337,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of the business. Vanguard Group Inc. increased its stake in Teck Resources by 1.8% in the first quarter. Vanguard Group Inc. now owns 16,721,130 shares of the basic materials company’s stock valued at $765,493,000 after purchasing an additional 290,034 shares during the last quarter. Country Club Bank acquired a new stake in Teck Resources during the second quarter worth about $1,747,000. Atria Investments Inc acquired a new position in shares of Teck Resources in the 1st quarter valued at about $1,141,000. Intech Investment Management LLC purchased a new position in Teck Resources in the first quarter valued at approximately $1,086,000. Finally, Klein Pavlis & Peasley Financial Inc. increased its position in shares of Teck Resources by 233.3% in the second quarter. Klein Pavlis & Peasley Financial Inc. now owns 28,000 shares of the basic materials company’s stock worth $1,341,000 after acquiring an additional 19,600 shares in the last quarter. 78.06% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on TECK shares. Scotiabank raised their target price on Teck Resources from $78.00 to $79.00 and gave the company a “sector outperform” rating in a report on Tuesday, October 8th. Citigroup raised Teck Resources to a “hold” rating in a report on Wednesday, October 2nd. JPMorgan Chase & Co. reduced their target price on Teck Resources from $57.00 to $55.00 and set an “overweight” rating for the company in a research note on Friday, October 25th. StockNews.com upgraded Teck Resources from a “sell” rating to a “hold” rating in a research note on Thursday, October 24th. Finally, Benchmark reaffirmed a “buy” rating and set a $55.00 target price on shares of Teck Resources in a report on Thursday, July 25th. Five research analysts have rated the stock with a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, Teck Resources has an average rating of “Moderate Buy” and an average target price of $65.29.

Teck Resources Trading Up 1.1 %

Teck Resources stock opened at $45.39 on Friday. Teck Resources Limited has a 12-month low of $34.56 and a 12-month high of $55.13. The company has a debt-to-equity ratio of 0.16, a current ratio of 2.92 and a quick ratio of 2.35. The stock has a market capitalization of $22.88 billion, a PE ratio of 68.77 and a beta of 1.04. The firm has a 50 day simple moving average of $48.70 and a 200-day simple moving average of $48.70.

Teck Resources (NYSE:TECK) (TSE:TECK) last posted its quarterly earnings data on Thursday, October 24th. The basic materials company reported $0.60 EPS for the quarter, topping analysts’ consensus estimates of $0.36 by $0.24. Teck Resources had a return on equity of 6.37% and a net margin of 3.32%. The company had revenue of $2.86 billion for the quarter, compared to the consensus estimate of $2.09 billion. During the same quarter in the previous year, the business earned $0.57 EPS. The company’s quarterly revenue was down 20.6% compared to the same quarter last year. As a group, equities research analysts expect that Teck Resources Limited will post 1.84 EPS 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.