35,114 Teck Resources Ltd $TECK Shares Sold by Douglas Lane & Associates LLC

Douglas Lane & Associates LLC trimmed its holdings in shares of Teck Resources Ltd (NYSE:TECK) (TSE:TECK) by 3.1% during the third quarter, HoldingsChannel reports. The fund owned 1,083,002 shares of the basic materials company’s stock after selling 35,114 shares during the quarter. Douglas Lane & Associates LLC’s holdings in Teck Resources were worth $71,251,000 at the end of the most recent quarter.

Other large investors have also recently modified their holdings of the company. HBK Investments L P lifted its holdings in shares of Teck Resources by 264.2% during the second quarter. HBK Investments L P now owns 5,773,121 shares of the basic materials company’s stock worth $343,270,000 after purchasing an additional 4,188,029 shares during the period. Arrowstreet Capital Limited Partnership bought a new position in Teck Resources during the 4th quarter worth $169,999,000. Principal Financial Group Inc. lifted its holdings in Teck Resources by 17.1% during the 1st quarter. Principal Financial Group Inc. now owns 22,044,284 shares of the basic materials company’s stock worth $1,139,051,000 after buying an additional 3,211,985 shares during the period. Hancock Prospecting Pty Ltd lifted its holdings in Teck Resources by 31.7% during the 4th quarter. Hancock Prospecting Pty Ltd now owns 10,298,293 shares of the basic materials company’s stock worth $493,185,000 after buying an additional 2,477,344 shares during the period. Finally, Magnetar Financial LLC grew its position in shares of Teck Resources by 126.4% in the 4th quarter. Magnetar Financial LLC now owns 1,881,954 shares of the basic materials company’s stock valued at $90,127,000 after buying an additional 1,050,640 shares during the last quarter. Institutional investors own 78.06% of the company’s stock.

Analysts Set New Price Targets

TECK has been the subject of several recent research reports. Deutsche Bank Aktiengesellschaft increased their price target on Teck Resources from $64.00 to $68.00 and gave the company a “buy” rating in a research note on Thursday, July 2nd. Raymond James Financial upgraded shares of Teck Resources from a “market perform” rating to an “outperform” rating in a research report on Thursday, July 23rd. JPMorgan Chase & Co. lifted their target price on shares of Teck Resources from $46.00 to $47.00 and gave the stock a “neutral” rating in a research note on Tuesday, July 28th. Weiss Ratings upgraded Teck Resources from a “hold (c+)” rating to a “buy (b-)” rating in a report on Tuesday, August 4th. Finally, Scotiabank reaffirmed a “sector perform” rating on shares of Teck Resources in a research note on Monday, June 15th. Six investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $62.25.

Teck Resources Stock Up 3.5%

Shares of TECK traded up $2.25 during trading hours on Friday, reaching $67.07. The stock had a trading volume of 1,305,470 shares, compared to its average volume of 3,569,737. The firm has a 50-day simple moving average of $66.65 and a 200 day simple moving average of $62.04. Teck Resources Ltd has a 12 month low of $38.00 and a 12 month high of $72.56. The company has a current ratio of 3.12, a quick ratio of 2.33 and a debt-to-equity ratio of 0.12. The company has a market capitalization of $32.40 billion, a price-to-earnings ratio of 18.24, a P/E/G ratio of 1.97 and a beta of 1.01.

Teck Resources (NYSE:TECK) (TSE:TECK) last issued its quarterly earnings data on Thursday, July 23rd. The basic materials company reported $1.35 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.95 by $0.40. The firm had revenue of $2.54 billion during the quarter, compared to analysts’ expectations of $2.38 billion. Teck Resources had a net margin of 17.85% and a return on equity of 10.42%. The business’s revenue was up 78.2% on a year-over-year basis. During the same period last year, the company earned $0.38 earnings per share. Equities research analysts predict that Teck Resources Ltd will post 4.15 earnings per share for the current fiscal year.

Teck Resources Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 29th. Stockholders of record on Tuesday, September 15th were paid a C$0.12 dividend. The ex-dividend date of this dividend was Tuesday, September 15th. This represents a $0.50 annualized dividend and a dividend yield of 0.7%. Teck Resources’s dividend payout ratio is 9.76%.

Teck Resources Profile

Teck Resources Limited is a Canadian mining and metals company headquartered in Vancouver, British Columbia. The company focuses primarily on the exploration, development and production of copper and zinc, which are used in construction, infrastructure, manufacturing and the global energy transition.

Teck’s copper operations include the Highland Valley Copper mine in British Columbia, the Carmen de Andacollo mine in Chile and the Quebrada Blanca operation in northern Chile. Its zinc business includes the Red Dog mine in Alaska, one of the world’s significant zinc-producing operations.