Sanctuary Advisors LLC Increases Stock Position in Teck Resources Limited (NYSE:TECK)

Sanctuary Advisors LLC lifted its stake in Teck Resources Limited (NYSE:TECK) (TSE:TECK) by 187.8% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 30,840 shares of the basic materials company’s stock after acquiring an additional 20,124 shares during the quarter. Sanctuary Advisors LLC’s holdings in Teck Resources were worth $1,611,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently made changes to their positions in the stock. SkyView Investment Advisors LLC grew its position in Teck Resources by 4.7% in the 3rd quarter. SkyView Investment Advisors LLC now owns 14,958 shares of the basic materials company’s stock worth $781,000 after purchasing an additional 675 shares during the period. TCW Group Inc. bought a new stake in shares of Teck Resources in the third quarter worth $577,000. TD Private Client Wealth LLC grew its holdings in shares of Teck Resources by 154.8% in the third quarter. TD Private Client Wealth LLC now owns 19,385 shares of the basic materials company’s stock worth $1,013,000 after acquiring an additional 11,776 shares during the period. Toronto Dominion Bank increased its position in Teck Resources by 40.1% during the third quarter. Toronto Dominion Bank now owns 903,132 shares of the basic materials company’s stock valued at $47,180,000 after acquiring an additional 258,455 shares during the last quarter. Finally, Geode Capital Management LLC lifted its holdings in Teck Resources by 11.3% in the third quarter. Geode Capital Management LLC now owns 2,078,789 shares of the basic materials company’s stock valued at $109,753,000 after acquiring an additional 211,856 shares during the period. 78.06% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research firms have issued reports on TECK. UBS Group downgraded Teck Resources from a “buy” rating to a “neutral” rating in a research note on Monday, November 11th. Scotiabank boosted their target price 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. National Bank Financial downgraded shares of Teck Resources from an “outperform” rating to a “sector perform” rating in a research report on Tuesday, December 10th. Deutsche Bank Aktiengesellschaft downgraded 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. Finally, JPMorgan Chase & Co. reduced their price target on Teck Resources from $57.00 to $55.00 and set an “overweight” rating for the company in a research report on Friday, October 25th. Six equities research analysts have rated the stock with a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, Teck Resources currently has a consensus rating of “Moderate Buy” and a consensus price target of $65.29.

Teck Resources Price Performance

TECK stock opened at $39.99 on Friday. The company has a debt-to-equity ratio of 0.16, a quick ratio of 2.35 and a current ratio of 2.92. The company’s fifty day moving average price is $46.88 and its 200-day moving average price is $47.67. Teck Resources Limited has a one year low of $36.50 and a one year high of $55.13. The company has a market capitalization of $20.49 billion, a PE ratio of 60.59 and a beta of 1.03.

Teck Resources (NYSE:TECK) (TSE:TECK) last announced its quarterly earnings results on Thursday, October 24th. The basic materials company reported $0.60 EPS for the quarter, topping the consensus estimate of $0.36 by $0.24. The business had revenue of $2.86 billion for the quarter, compared to analysts’ expectations of $2.09 billion. Teck Resources had a net margin of 3.32% and a return on equity of 6.37%. The business’s quarterly revenue was down 20.6% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.57 EPS. On average, equities analysts anticipate that Teck Resources Limited will post 1.81 EPS for the current fiscal year.

Teck Resources Cuts Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Friday, December 13th will be issued a dividend of $0.0895 per share. This represents a $0.36 annualized dividend and a yield of 0.90%. The ex-dividend date is Friday, December 13th. Teck Resources’s dividend payout ratio is presently 56.06%.

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.