Teck Resources (NYSE:TECK) Shares Gap Down to $45.86

Shares of Teck Resources Limited (NYSE:TECK) (TSE:TECK) gapped down prior to trading on Tuesday . The stock had previously closed at $45.86, but opened at $44.63. Teck Resources shares last traded at $45.18, with a volume of 990,018 shares.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on TECK. Morgan Stanley reissued an “overweight” rating and issued a $55.00 price target on shares of Teck Resources in a research note on Thursday, April 11th. UBS Group assumed coverage on shares of Teck Resources in a report on Tuesday, January 16th. They set a “buy” rating on the stock. JPMorgan Chase & Co. increased their price target on shares of Teck Resources from $44.00 to $50.00 and gave the company an “overweight” rating in a report on Wednesday, April 17th. Finally, Benchmark increased their price target on shares of Teck Resources from $50.00 to $52.00 and gave the company a “buy” rating in a report on Monday, April 8th. Two investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $62.80.

Teck Resources Stock Down 1.4 %

The stock has a market capitalization of $23.08 billion, a P/E ratio of 13.37, a P/E/G ratio of 6.85 and a beta of 1.15. The company’s 50-day moving average price is $43.16 and its 200 day moving average price is $40.21. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.60 and a current ratio of 1.10.

Teck Resources (NYSE:TECK) (TSE:TECK) last announced its quarterly earnings data on Thursday, February 22nd. The basic materials company reported $1.02 EPS for the quarter, beating the consensus estimate of $1.01 by $0.01. The firm had revenue of $3.02 billion for the quarter, compared to the consensus estimate of $3.11 billion. Teck Resources had a net margin of 16.21% and a return on equity of 9.67%. As a group, equities analysts expect that Teck Resources Limited will post 3.33 earnings per share for the current year.

Teck Resources Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, March 28th. Stockholders of record on Friday, March 15th were given a dividend of $0.0925 per share. The ex-dividend date of this dividend was Thursday, March 14th. This represents a $0.37 annualized dividend and a dividend yield of 0.82%. Teck Resources’s payout ratio is 10.79%.

Institutional Trading of Teck Resources

Several institutional investors and hedge funds have recently modified their holdings of the company. Ninety One SA PTY Ltd increased its holdings in Teck Resources by 45.1% in the 4th quarter. Ninety One SA PTY Ltd now owns 147,093 shares of the basic materials company’s stock valued at $6,236,000 after acquiring an additional 45,750 shares during the last quarter. Mackenzie Financial Corp increased its position in Teck Resources by 45.7% in the fourth quarter. Mackenzie Financial Corp now owns 6,632,418 shares of the basic materials company’s stock worth $280,491,000 after purchasing an additional 2,080,295 shares during the last quarter. Douglas Lane & Associates LLC increased its position in Teck Resources by 54.3% in the fourth quarter. Douglas Lane & Associates LLC now owns 663,366 shares of the basic materials company’s stock worth $28,040,000 after purchasing an additional 233,361 shares during the last quarter. Pantechnicon Advisors LLP increased its position in Teck Resources by 40.1% in the third quarter. Pantechnicon Advisors LLP now owns 465,000 shares of the basic materials company’s stock worth $20,037,000 after purchasing an additional 133,000 shares during the last quarter. Finally, DekaBank Deutsche Girozentrale increased its position in Teck Resources by 4.6% in the fourth quarter. DekaBank Deutsche Girozentrale now owns 120,841 shares of the basic materials company’s stock worth $5,191,000 after purchasing an additional 5,304 shares during the last quarter. 78.06% of the stock is currently owned by institutional investors.

About Teck Resources

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.