Zurcher Kantonalbank Zurich Cantonalbank Takes $4.08 Million Position in Teck Resources Ltd (TECK)
Zurcher Kantonalbank Zurich Cantonalbank bought a new stake in shares of Teck Resources Ltd (NYSE:TECK) (TSE:TECK) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm bought 235,636 shares of the basic materials company’s stock, valued at approximately $4,079,000.
Other institutional investors and hedge funds have also modified their holdings of the company. Winslow Evans & Crocker Inc. bought a new stake in Teck Resources during the 2nd quarter valued at approximately $108,000. Financial Architects Inc bought a new stake in Teck Resources during the 2nd quarter valued at approximately $123,000. Nexus Investment Management Inc. bought a new stake in Teck Resources during the 2nd quarter valued at approximately $182,000. Candriam Luxembourg S.C.A. bought a new stake in Teck Resources during the 2nd quarter valued at approximately $188,000. Finally, Atria Investments LLC bought a new stake in Teck Resources during the 2nd quarter valued at approximately $231,000. 46.68% of the stock is currently owned by institutional investors.
TECK has been the topic of several recent analyst reports. J P Morgan Chase & Co raised Teck Resources from a “neutral” rating to an “overweight” rating in a research note on Tuesday, May 30th. Bank of America Corporation raised Teck Resources from a “neutral” rating to a “buy” rating in a research note on Friday, June 30th. Zacks Investment Research downgraded Teck Resources from a “hold” rating to a “sell” rating in a research note on Tuesday, August 1st. Royal Bank Of Canada reissued an “outperform” rating and set a $38.00 target price (down previously from $39.00) on shares of Teck Resources in a research note on Friday, June 16th. Finally, MKM Partners reaffirmed a “buy” rating and issued a $28.00 price objective (up previously from $25.00) on shares of Teck Resources in a research note on Thursday, August 24th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and twenty-two have given a buy rating to the stock. Teck Resources currently has an average rating of “Buy” and a consensus target price of $29.39.
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Teck Resources Ltd (NYSE TECK) opened at 25.46 on Monday. The company has a market cap of $14.71 billion, a P/E ratio of 9.14 and a beta of 1.25. Teck Resources Ltd has a 52-week low of $14.56 and a 52-week high of $33.76. The stock’s 50 day moving average price is $22.32 and its 200 day moving average price is $20.36.
Teck Resources (NYSE:TECK) (TSE:TECK) last posted its quarterly earnings results on Thursday, July 27th. The basic materials company reported $0.73 EPS for the quarter, beating the consensus estimate of $0.71 by $0.02. Teck Resources had a return on equity of 13.01% and a net margin of 17.93%. The firm had revenue of $2.82 billion during the quarter, compared to analysts’ expectations of $2.75 billion. The business’s quarterly revenue was up 62.0% on a year-over-year basis. Analysts expect that Teck Resources Ltd will post $3.34 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Friday, September 29th. Investors of record on Friday, September 15th will be issued a $0.0399 dividend. The ex-dividend date is Thursday, September 14th. This represents a $0.16 annualized dividend and a dividend yield of 0.63%. Teck Resources’s dividend payout ratio is presently 5.64%.
About Teck Resources
Teck Resources Ltd is engaged in the business of exploring for, acquiring, developing and producing natural resources. The Company’s activities are organized into business units that are focused on steelmaking coal, copper, zinc and energy. It operates in five segments: steelmaking coal, copper, zinc, energy and corporate.
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