46,300 Shares in Teck Resources Limited (NYSE:TECK) Purchased by Point72 Italy S.r.l.

Point72 Italy S.r.l. acquired a new position in Teck Resources Limited (NYSE:TECK) (TSE:TECK) during the third quarter, according to the company in its most recent disclosure with the SEC. The firm acquired 46,300 shares of the basic materials company’s stock, valued at approximately $2,419,000. Teck Resources accounts for approximately 0.8% of Point72 Italy S.r.l.’s portfolio, making the stock its 26th largest holding.

A number of other large investors have also modified their holdings of TECK. Atria Investments Inc acquired a new stake in shares of Teck Resources in the 1st quarter worth about $1,141,000. Cetera Investment Advisers grew its position in Teck Resources by 486.8% in the 1st quarter. Cetera Investment Advisers now owns 36,972 shares of the basic materials company’s stock valued at $1,693,000 after buying an additional 30,671 shares in the last quarter. Cetera Advisors LLC bought a new position in Teck Resources in the 1st quarter valued at about $391,000. EverSource Wealth Advisors LLC grew its position in Teck Resources by 66.3% in the 1st quarter. EverSource Wealth Advisors LLC now owns 2,322 shares of the basic materials company’s stock valued at $114,000 after buying an additional 926 shares in the last quarter. Finally, First Hawaiian Bank grew its position in Teck Resources by 85.5% in the 2nd quarter. First Hawaiian Bank now owns 10,297 shares of the basic materials company’s stock valued at $493,000 after buying an additional 4,745 shares in the last quarter. Institutional investors and hedge funds own 78.06% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on the stock. StockNews.com upgraded shares of Teck Resources from a “sell” rating to a “hold” rating in a research report on Thursday, October 24th. Deutsche Bank Aktiengesellschaft lowered shares of Teck Resources from a “buy” rating to a “hold” rating and set a $50.00 price objective for the company. in a research report on Friday, October 25th. Citigroup upgraded shares of Teck Resources to a “hold” rating in a research report on Wednesday, October 2nd. JPMorgan Chase & Co. reduced their price objective on shares of Teck Resources from $57.00 to $55.00 and set an “overweight” rating for the company in a research report on Friday, October 25th. Finally, Scotiabank raised their price objective on shares of Teck Resources from $78.00 to $79.00 and gave the company a “sector outperform” rating in a research report on Tuesday, October 8th. Five research analysts have rated the stock with a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $65.29.

Teck Resources Price Performance

NYSE TECK opened at $46.12 on Wednesday. The company has a 50 day simple moving average of $48.62 and a 200-day simple moving average of $48.28. 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 firm has a market capitalization of $23.62 billion, a price-to-earnings ratio of 69.87 and a beta of 1.03. Teck Resources Limited has a 52-week low of $36.50 and a 52-week high of $55.13.

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 (EPS) for the quarter, topping analysts’ consensus estimates of $0.36 by $0.24. The business had revenue of $2.86 billion during the quarter, compared to analyst estimates of $2.09 billion. Teck Resources had a net margin of 3.32% and a return on equity of 6.37%. The firm’s revenue was down 20.6% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.57 earnings per share. Equities research analysts predict that Teck Resources Limited will post 1.82 earnings per share for the current fiscal year.

Teck Resources Cuts Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Investors of record on Friday, December 13th will be given a dividend of $0.0895 per share. This represents a $0.36 annualized dividend and a yield of 0.78%. The ex-dividend date of this dividend is Friday, December 13th. Teck Resources’s payout ratio is presently 56.06%.

Teck Resources Company 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.