Short Interest in Teck Resources Ltd. (TCK) Decreases By 7.6%
Teck Resources Ltd. (NYSE:TCK) saw a large decline in short interest in September. As of September 15th, there was short interest totalling 46,010,335 shares, a decline of 7.6% from the August 31st total of 49,816,769 shares. Approximately 8.1% of the company’s shares are short sold. Based on an average trading volume of 9,279,276 shares, the days-to-cover ratio is presently 5.0 days.
TCK has been the subject of several research analyst reports. Sanford C. Bernstein reiterated a “sell” rating and issued a $10.00 price objective on shares of Teck Resources in a research note on Friday, August 19th. TD Securities restated a “buy” rating and set a $24.00 price target on shares of Teck Resources in a research note on Thursday, August 25th. Berenberg Bank initiated coverage on shares of Teck Resources in a research note on Friday, August 19th. They set a “sell” rating and a $10.00 price target for the company. Zacks Investment Research upgraded shares of Teck Resources from a “hold” rating to a “buy” rating and set a $15.00 price target for the company in a research note on Saturday, July 9th. Finally, BMO Capital Markets restated a “hold” rating and set a $16.00 price target on shares of Teck Resources in a research note on Wednesday, August 31st. Seven investment analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and six have issued a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average target price of $14.81.
Large investors have recently added to or reduced their stakes in the company. Aperio Group LLC increased its stake in Teck Resources by 51.5% in the first quarter. Aperio Group LLC now owns 930,425 shares of the company’s stock valued at $7,081,000 after buying an additional 316,288 shares during the last quarter. NN Investment Partners Holdings N.V. acquired a new stake in Teck Resources during the first quarter valued at approximately $527,000. Contrarius Investment Management Ltd increased its stake in Teck Resources by 36.9% in the first quarter. Contrarius Investment Management Ltd now owns 9,403,002 shares of the company’s stock valued at $71,557,000 after buying an additional 2,533,800 shares during the last quarter. Investec Asset Management LTD acquired a new stake in Teck Resources during the first quarter valued at approximately $4,590,000. Finally, Canada Pension Plan Investment Board increased its stake in Teck Resources by 190.3% in the first quarter. Canada Pension Plan Investment Board now owns 153,615 shares of the company’s stock valued at $1,170,000 after buying an additional 100,700 shares during the last quarter. Institutional investors own 47.23% of the company’s stock.
Shares of Teck Resources (NYSE:TCK) opened at 18.03 on Friday. The stock’s 50 day moving average price is $17.07 and its 200 day moving average price is $12.68. Teck Resources has a 12 month low of $2.56 and a 12 month high of $19.08. The company’s market capitalization is $10.39 billion.
Teck Resources (NYSE:TCK) last issued its quarterly earnings results on Thursday, July 28th. The company reported $0.01 earnings per share for the quarter, beating the consensus estimate of ($0.01) by $0.02. Teck Resources had a positive return on equity of 0.39% and a negative net margin of 32.87%. The firm earned $1.74 billion during the quarter, compared to the consensus estimate of $1.33 billion. During the same period last year, the company earned $0.14 earnings per share. The company’s revenue was down 13.0% on a year-over-year basis. On average, analysts forecast that Teck Resources will post $0.56 EPS for the current year.
About Teck Resources
Teck Resources Limited is engaged in the business of exploring for, acquiring, developing and producing natural resources. The Company operates through five segments: steelmaking coal, copper, zinc, energy and corporate. Through its interests in mining and processing operations in Canada, the United States, Chile and Peru, the Company exports seaborne steelmaking coal and produces mined zinc.
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