Zurcher Kantonalbank Zurich Cantonalbank Buys 10,162 Shares of Teck Resources Limited (NYSE:TECK)

Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in Teck Resources Limited (NYSE:TECK) (TSE:TECK) by 5.3% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 203,250 shares of the basic materials company’s stock after purchasing an additional 10,162 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Teck Resources were worth $10,628,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also added to or reduced their stakes in the company. Headlands Technologies LLC purchased a new stake in shares of Teck Resources in the second quarter worth about $38,000. Eastern Bank purchased a new stake in Teck Resources in the 3rd quarter worth approximately $39,000. Bruce G. Allen Investments LLC boosted its holdings in Teck Resources by 77.4% in the 3rd quarter. Bruce G. Allen Investments LLC now owns 878 shares of the basic materials company’s stock valued at $46,000 after purchasing an additional 383 shares during the period. Blue Trust Inc. grew its position in shares of Teck Resources by 583.1% during the 2nd quarter. Blue Trust Inc. now owns 1,052 shares of the basic materials company’s stock valued at $48,000 after purchasing an additional 898 shares in the last quarter. Finally, Massmutual Trust Co. FSB ADV increased its holdings in shares of Teck Resources by 69.7% in the third quarter. Massmutual Trust Co. FSB ADV now owns 996 shares of the basic materials company’s stock worth $52,000 after purchasing an additional 409 shares during the period. Hedge funds and other institutional investors own 78.06% of the company’s stock.

Teck Resources Trading Up 1.0 %

TECK stock opened at $46.68 on Friday. 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 $23.91 billion, a PE ratio of 70.73 and a beta of 1.04. The company’s 50 day moving average price is $48.77 and its two-hundred day moving average price is $48.43. The company has a debt-to-equity ratio of 0.16, a quick ratio of 2.35 and a current ratio of 2.92.

Teck Resources (NYSE:TECK) (TSE:TECK) last posted its quarterly earnings results on Thursday, October 24th. The basic materials company reported $0.60 earnings per share for the quarter, topping the consensus estimate of $0.36 by $0.24. Teck Resources had a net margin of 3.32% and a return on equity of 6.37%. The business had revenue of $2.86 billion during the quarter, compared to the consensus estimate of $2.09 billion. During the same period in the previous year, the firm posted $0.57 earnings per share. The firm’s revenue for the quarter was down 20.6% on a year-over-year basis. As a group, analysts predict that Teck Resources Limited will post 1.82 earnings per share for the current fiscal year.

Teck Resources Cuts Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Investors 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 0.77%. The ex-dividend date of this dividend is Friday, December 13th. Teck Resources’s dividend payout ratio is presently 56.06%.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on TECK shares. UBS Group downgraded Teck Resources from a “buy” rating to a “neutral” rating in a research report on Monday, November 11th. Deutsche Bank Aktiengesellschaft cut Teck Resources from a “buy” rating to a “hold” rating and set a $50.00 price target on the stock. in a report on Friday, October 25th. Scotiabank boosted their price objective on Teck Resources from $78.00 to $79.00 and gave the stock a “sector outperform” rating in a report on Tuesday, October 8th. Citigroup raised shares of Teck Resources to a “hold” rating in a research note on Wednesday, October 2nd. Finally, JPMorgan Chase & Co. cut their price target on shares of Teck Resources from $57.00 to $55.00 and set an “overweight” rating for the company in a research note on Friday, October 25th. Five investment analysts have rated the stock with a hold rating, five have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $65.29.

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.