Franklin Resources Inc. Buys 33,235 Shares of Teck Resources Limited (NYSE:TECK)

Franklin Resources Inc. increased its stake in shares of Teck Resources Limited (NYSE:TECK) (TSE:TECK) by 11.4% in the 3rd quarter, Holdings Channel.com reports. The institutional investor owned 324,870 shares of the basic materials company’s stock after acquiring an additional 33,235 shares during the period. Franklin Resources Inc.’s holdings in Teck Resources were worth $16,724,000 at the end of the most recent reporting period.

Several other institutional investors have also bought and sold shares of TECK. Eastern Bank acquired a new position in Teck Resources in the third quarter valued at about $39,000. Wilmington Savings Fund Society FSB bought a new position in shares of Teck Resources in the third quarter valued at approximately $40,000. Headlands Technologies LLC acquired a new position in shares of Teck Resources in the 2nd quarter worth approximately $38,000. Bruce G. Allen Investments LLC grew its position in Teck Resources by 77.4% during the 3rd quarter. Bruce G. Allen Investments LLC now owns 878 shares of the basic materials company’s stock worth $46,000 after acquiring an additional 383 shares during the last quarter. Finally, Massmutual Trust Co. FSB ADV increased its holdings in Teck Resources by 69.7% during the 3rd quarter. Massmutual Trust Co. FSB ADV now owns 996 shares of the basic materials company’s stock valued at $52,000 after purchasing an additional 409 shares in the last quarter. Institutional investors and hedge funds own 78.06% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have commented on the company. Scotiabank boosted their price objective on Teck Resources from $78.00 to $79.00 and gave the stock a “sector outperform” rating in a research note on Tuesday, October 8th. Deutsche Bank Aktiengesellschaft lowered shares of Teck Resources from a “buy” rating to a “hold” rating and set a $50.00 price objective on the stock. in a report on Friday, October 25th. Citigroup raised shares of Teck Resources to a “hold” rating in a research note on Wednesday, October 2nd. StockNews.com raised shares of Teck Resources from a “sell” rating to a “hold” rating in a research note on Thursday, October 24th. Finally, UBS Group lowered shares of Teck Resources from a “buy” rating to a “neutral” rating in a report on Monday, November 11th. Six research analysts have rated the stock with a hold rating, five have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, Teck Resources has an average rating of “Moderate Buy” and a consensus target price of $65.29.

Teck Resources Trading Up 2.4 %

TECK opened at $40.94 on Friday. The firm has a 50 day simple moving average of $46.67 and a 200 day simple moving average of $47.60. Teck Resources Limited has a fifty-two week low of $36.50 and a fifty-two week high of $55.13. The company has a market cap of $20.97 billion, a price-to-earnings ratio of 62.03 and a beta of 1.03. The company has a debt-to-equity ratio of 0.16, a current ratio of 2.92 and a quick ratio of 2.35.

Teck Resources (NYSE:TECK) (TSE:TECK) last released its earnings results 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. The firm 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 business’s quarterly revenue was down 20.6% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.57 EPS. On average, sell-side analysts anticipate that Teck Resources Limited will post 1.81 earnings per share for the current year.

Teck Resources Cuts Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Friday, December 13th will be paid a $0.0895 dividend. This represents a $0.36 annualized dividend and a yield of 0.87%. The ex-dividend date of this dividend is Friday, December 13th. Teck Resources’s payout ratio is 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.