Bruce G. Allen Investments LLC Grows Stake in Teck Resources Limited (NYSE:TECK)

Bruce G. Allen Investments LLC increased its holdings in shares of Teck Resources Limited (NYSE:TECK) (TSE:TECK) by 77.4% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 878 shares of the basic materials company’s stock after purchasing an additional 383 shares during the quarter. Bruce G. Allen Investments LLC’s holdings in Teck Resources were worth $46,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in TECK. Daymark Wealth Partners LLC lifted its stake in Teck Resources by 2.8% in the third quarter. Daymark Wealth Partners LLC now owns 8,774 shares of the basic materials company’s stock valued at $458,000 after buying an additional 242 shares during the last quarter. First Hawaiian Bank raised its stake in Teck Resources by 6.0% during the 1st quarter. First Hawaiian Bank now owns 5,552 shares of the basic materials company’s stock valued at $254,000 after acquiring an additional 313 shares during the last quarter. Cigna Investments Inc. New lifted its position in Teck Resources by 3.8% during the 2nd quarter. Cigna Investments Inc. New now owns 8,762 shares of the basic materials company’s stock worth $420,000 after acquiring an additional 317 shares during the period. Candriam S.C.A. increased its holdings in shares of Teck Resources by 4.0% in the second quarter. Candriam S.C.A. now owns 8,897 shares of the basic materials company’s stock valued at $426,000 after purchasing an additional 343 shares during the period. Finally, Evergreen Capital Management LLC raised its holdings in Teck Resources by 7.8% during the second quarter. Evergreen Capital Management LLC now owns 5,064 shares of the basic materials company’s stock worth $243,000 after purchasing an additional 365 shares in the last quarter. 78.06% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on TECK. JPMorgan Chase & Co. dropped their price objective on Teck Resources from $56.00 to $54.00 and set an “overweight” rating on the stock in a report on Thursday, July 25th. Benchmark reiterated a “buy” rating and issued a $55.00 price objective on shares of Teck Resources in a research note on Thursday, July 25th. Citigroup upgraded shares of Teck Resources to a “hold” rating in a research report on Wednesday, October 2nd. Morgan Stanley lifted their price target on shares of Teck Resources from $55.00 to $60.00 and gave the company an “overweight” rating in a research report on Friday, June 21st. Finally, CIBC raised their price objective on Teck Resources from $70.00 to $80.00 and gave the company an “outperformer” rating in a research note on Friday, July 12th. Three investment analysts have rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $67.00.

Teck Resources Stock Up 2.4 %

NYSE TECK opened at $50.42 on Friday. The stock has a market cap of $25.65 billion, a PE ratio of 24.72 and a beta of 1.02. The business has a 50 day moving average price of $47.92 and a two-hundred day moving average price of $48.42. Teck Resources Limited has a fifty-two week low of $34.38 and a fifty-two week high of $55.13. The company has a quick ratio of 0.77, a current ratio of 1.48 and a debt-to-equity ratio of 0.19.

Teck Resources (NYSE:TECK) (TSE:TECK) last issued its quarterly earnings results on Wednesday, July 24th. The basic materials company reported $0.79 EPS for the quarter, beating analysts’ consensus estimates of $0.47 by $0.32. Teck Resources had a return on equity of 6.52% and a net margin of 9.40%. The firm had revenue of $3.87 billion during the quarter, compared to the consensus estimate of $2.67 billion. During the same quarter in the prior year, the business posted $0.91 earnings per share. Teck Resources’s revenue for the quarter was up 10.1% on a year-over-year basis. As a group, sell-side analysts predict that Teck Resources Limited will post 2 EPS for the current fiscal year.

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.