Teck Resources Limited (NYSE:TECK) Stock Position Raised by Franklin Resources Inc.

Franklin Resources Inc. lifted its stake in shares of Teck Resources Limited (NYSE:TECK) (TSE:TECK) by 11.4% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 324,870 shares of the basic materials company’s stock after purchasing an additional 33,235 shares during the period. Franklin Resources Inc. owned approximately 0.06% of Teck Resources worth $16,724,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of the stock. Headlands Technologies LLC purchased a new position in shares of Teck Resources during the second quarter valued at $38,000. Eastern Bank purchased a new position in Teck Resources during the 3rd quarter valued at about $39,000. Wilmington Savings Fund Society FSB purchased a new position in Teck Resources during the 3rd quarter valued at about $40,000. Bruce G. Allen Investments LLC increased its holdings in shares of 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. Finally, Blue Trust Inc. lifted its position in shares of Teck Resources by 583.1% in the second quarter. Blue Trust Inc. now owns 1,052 shares of the basic materials company’s stock worth $48,000 after purchasing an additional 898 shares in the last quarter. 78.06% of the stock is owned by hedge funds and other institutional investors.

Teck Resources Trading Up 2.4 %

Shares of TECK opened at $40.94 on Friday. The stock’s 50-day moving average price is $46.67 and its 200 day moving average price is $47.60. The company has a quick ratio of 2.35, a current ratio of 2.92 and a debt-to-equity ratio of 0.16. The firm has a market capitalization of $20.97 billion, a price-to-earnings ratio of 62.03 and a beta of 1.03. Teck Resources Limited has a 12-month low of $36.50 and a 12-month high of $55.13.

Teck Resources (NYSE:TECK) (TSE:TECK) last released its quarterly earnings data on Thursday, October 24th. The basic materials company reported $0.60 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.36 by $0.24. The business had revenue of $2.86 billion for the quarter, compared to analysts’ expectations of $2.09 billion. Teck Resources had a return on equity of 6.37% and a net margin of 3.32%. Teck Resources’s quarterly revenue was down 20.6% on a year-over-year basis. During the same period in the previous year, the business posted $0.57 earnings per share. As a group, research analysts predict that Teck Resources Limited will post 1.81 earnings per share for the current year.

Teck Resources Cuts Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Friday, December 13th will be paid a $0.0895 dividend. This represents a $0.36 dividend on an annualized basis and a dividend yield of 0.87%. The ex-dividend date is Friday, December 13th. Teck Resources’s dividend payout ratio is 56.06%.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on TECK shares. Citigroup upgraded shares of Teck Resources to a “hold” rating in a report on Wednesday, October 2nd. StockNews.com upgraded Teck Resources from a “sell” rating to a “hold” rating in a report on Thursday, October 24th. National Bank Financial downgraded Teck Resources from an “outperform” rating to a “sector perform” rating in a research note on Tuesday, December 10th. JPMorgan Chase & Co. cut their price objective on Teck Resources from $57.00 to $55.00 and set an “overweight” rating on the stock in a research note on Friday, October 25th. Finally, Deutsche Bank Aktiengesellschaft lowered Teck Resources from a “buy” rating to a “hold” rating and set a $50.00 target price for the company. in a report on Friday, October 25th. Six analysts have rated the stock with a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $65.29.

Teck Resources 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.