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

CIBC Asset Management Inc boosted its position in Teck Resources Limited (NYSE:TECK) (TSE:TECK) by 2.6% in the 3rd quarter, according to the company in its most recent 13F filing with the 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 comprises approximately 1.1% of CIBC Asset Management Inc’s investment portfolio, making the stock its 23rd largest position. CIBC Asset Management Inc owned about 1.28% of Teck Resources worth $341,337,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in TECK. AMF Tjanstepension AB lifted its position in Teck Resources by 846.6% during the second quarter. AMF Tjanstepension AB now owns 4,383,031 shares of the basic materials company’s stock worth $210,034,000 after buying an additional 3,919,984 shares in the last quarter. Asia Research & Capital Management Ltd purchased a new stake in shares of Teck Resources in the first quarter valued at about $158,976,000. Castle Hook Partners LP purchased a new position in Teck Resources during the first quarter worth about $90,980,000. TD Asset Management Inc boosted its holdings in Teck Resources by 49.0% in the 2nd quarter. TD Asset Management Inc now owns 4,950,816 shares of the basic materials company’s stock valued at $237,202,000 after purchasing an additional 1,629,149 shares during the last quarter. Finally, Principal Financial Group Inc. increased its holdings in shares of Teck Resources by 21.7% during the 3rd quarter. Principal Financial Group Inc. now owns 7,429,981 shares of the basic materials company’s stock worth $388,507,000 after buying an additional 1,326,241 shares during the last quarter. Hedge funds and other institutional investors own 78.06% of the company’s stock.

Teck Resources Price Performance

Shares of NYSE:TECK opened at $45.39 on Friday. The company has a quick ratio of 2.35, a current ratio of 2.92 and a debt-to-equity ratio of 0.16. The company has a 50-day moving average price of $48.70 and a 200 day moving average price of $48.70. Teck Resources Limited has a 52 week low of $34.56 and a 52 week high of $55.13. The company has a market cap of $22.88 billion, a P/E ratio of 68.77 and a beta of 1.04.

Teck Resources (NYSE:TECK) (TSE:TECK) last announced its quarterly earnings results on Thursday, October 24th. The basic materials company reported $0.60 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.36 by $0.24. Teck Resources had a net margin of 3.32% and a return on equity of 6.37%. The business had revenue of $2.86 billion during the quarter, compared to the consensus estimate of $2.09 billion. During the same quarter last year, the firm posted $0.57 EPS. The business’s revenue was down 20.6% compared to the same quarter last year. Research analysts predict that Teck Resources Limited will post 1.84 earnings per share for the current year.

Analysts Set New Price Targets

A number of equities research analysts have commented on the company. UBS Group downgraded Teck Resources from a “buy” rating to a “neutral” rating in a research report on Monday. StockNews.com raised shares of Teck Resources from a “sell” rating to a “hold” rating in a research note on Thursday, October 24th. Deutsche Bank Aktiengesellschaft downgraded shares of Teck Resources from a “buy” rating to a “hold” rating and set a $50.00 target price for the company. in a report on Friday, October 25th. Paradigm Capital raised Teck Resources to a “moderate buy” rating in a research note on Friday, July 26th. Finally, Citigroup raised Teck Resources to a “hold” rating in a research report on Wednesday, October 2nd. Five analysts have rated the stock with a hold rating, five have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $65.29.

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.