Teck Resources (NYSE:TECK) Reaches New 52-Week Low – Here’s What Happened

Teck Resources Limited (NYSE:TECK) (TSE:TECK)’s stock price hit a new 52-week low during trading on Monday . The company traded as low as $28.35 and last traded at $29.71, with a volume of 2447247 shares traded. The stock had previously closed at $29.96.

Analysts Set New Price Targets

A number of brokerages have weighed in on TECK. Raymond James decreased their target price on Teck Resources from $75.00 to $70.00 and set an “outperform” rating for the company in a research report on Wednesday, January 22nd. National Bankshares restated a “sector perform” rating on shares of Teck Resources in a report on Wednesday, April 2nd. Desjardins began coverage on shares of Teck Resources in a report on Friday, April 4th. They set a “buy” rating on the stock. JPMorgan Chase & Co. cut their target price on shares of Teck Resources from $55.00 to $51.00 and set an “overweight” rating on the stock in a research report on Thursday, January 16th. Finally, National Bank Financial cut shares of Teck Resources from an “outperform” rating to a “sector perform” rating in a research report on Tuesday, December 10th. Seven investment analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, Teck Resources presently has an average rating of “Moderate Buy” and a consensus target price of $65.22.

Teck Resources Stock Up 15.2 %

The firm has a market capitalization of $16.56 billion, a price-to-earnings ratio of 60.86 and a beta of 0.81. The company has a debt-to-equity ratio of 0.16, a current ratio of 2.92 and a quick ratio of 2.35. The business has a fifty day moving average price of $39.69 and a two-hundred day moving average price of $43.67.

Teck Resources (NYSE:TECK) (TSE:TECK) last issued its quarterly earnings results on Thursday, February 20th. The basic materials company reported $0.33 earnings per share for the quarter, topping the consensus estimate of $0.26 by $0.07. Teck Resources had a net margin of 2.96% and a return on equity of 4.59%. The company had revenue of $1.99 billion for the quarter, compared to the consensus estimate of $2.58 billion. On average, equities analysts expect that Teck Resources Limited will post 1.53 earnings per share for the current year.

Teck Resources Cuts Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Friday, March 14th were paid a $0.0879 dividend. The ex-dividend date was Friday, March 14th. This represents a $0.35 dividend on an annualized basis and a dividend yield of 1.05%. Teck Resources’s payout ratio is currently 61.82%.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in TECK. Vanguard Group Inc. grew its position in Teck Resources by 0.3% during the 4th quarter. Vanguard Group Inc. now owns 19,316,132 shares of the basic materials company’s stock worth $783,153,000 after purchasing an additional 58,985 shares during the period. Amundi boosted its stake in shares of Teck Resources by 5.6% in the fourth quarter. Amundi now owns 14,949,233 shares of the basic materials company’s stock worth $619,765,000 after buying an additional 791,725 shares during the last quarter. Norges Bank acquired a new stake in Teck Resources during the fourth quarter worth about $470,101,000. Invesco Ltd. raised its position in Teck Resources by 4.7% during the fourth quarter. Invesco Ltd. now owns 7,711,727 shares of the basic materials company’s stock valued at $312,556,000 after acquiring an additional 347,235 shares in the last quarter. Finally, Principal Financial Group Inc. lifted its holdings in Teck Resources by 21.7% in the third quarter. Principal Financial Group Inc. now owns 7,429,981 shares of the basic materials company’s stock valued at $388,507,000 after acquiring an additional 1,326,241 shares during the period. 78.06% of the stock is currently owned by institutional investors and hedge funds.

Teck Resources Company 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.