Zacks Investment Research cut shares of Teck Resources (NYSE:TECK) (TSE:TECK) from a buy rating to a hold rating in a research note published on Tuesday, November 14th.
According to Zacks, “Teck Resources Limited is a diversified resource company committed to responsible mining and mineral development with major business units focused on copper, metallurgical coal, zinc, gold and energy. It is a world leader in the production of copper, metallurgical coal and zinc, a significant producer of gold, molybdenum and specialty metals, with interests in several oil sands development assets. Headquartered in Vancouver, Canada, the company has expertise across the full range of activities related to mining, including exploration, development, smelting, refining, safety, environmental protection, product stewardship, recycling and research. The Company is actively exploring in countries throughout the Americas, Asia Pacific, Europe and Africa. Teck Resources Limited, formerly Teck Cominco Limited, is headquartered in Vancouver, Canada. “
A number of other equities research analysts have also recently commented on the stock. B. Riley reissued a buy rating on shares of Teck Resources in a research note on Wednesday, November 1st. Berenberg Bank reaffirmed a buy rating and set a $27.50 price target on shares of Teck Resources in a research note on Tuesday, October 31st. BidaskClub cut shares of Teck Resources from a strong-buy rating to a buy rating in a research note on Saturday, October 28th. ValuEngine cut shares of Teck Resources from a strong-buy rating to a buy rating in a research note on Wednesday, October 18th. Finally, Bank of America raised their target price on shares of Teck Resources from $27.00 to $29.00 and gave the stock a buy rating in a research report on Wednesday, October 4th. One investment analyst has rated the stock with a sell rating, one has given a hold rating and twenty have assigned a buy rating to the company. The company has an average rating of Buy and an average price target of $30.65.
The firm also recently disclosed a special dividend, which will be paid on Friday, December 29th. Shareholders of record on Friday, December 15th will be issued a $0.3141 dividend. This represents a yield of 0.72%. The ex-dividend date is Thursday, December 14th. Teck Resources’s dividend payout ratio is presently 2.53%.
A number of institutional investors have recently added to or reduced their stakes in the business. Bank of Nova Scotia acquired a new position in shares of Teck Resources during the second quarter valued at $27,111,000. American Century Companies Inc. acquired a new position in shares of Teck Resources during the second quarter valued at $6,823,000. The Manufacturers Life Insurance Company acquired a new position in shares of Teck Resources during the second quarter valued at $73,078,000. NN Investment Partners Holdings N.V. acquired a new position in shares of Teck Resources during the second quarter valued at $623,000. Finally, Shell Asset Management Co. boosted its holdings in shares of Teck Resources by 175.3% during the third quarter. Shell Asset Management Co. now owns 152,720 shares of the basic materials company’s stock valued at $3,239,000 after acquiring an additional 97,242 shares during the period. 54.26% of the stock is owned by hedge funds and other institutional investors.
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Teck Resources Company Profile
Teck Resources Ltd is engaged in the business of exploring for, acquiring, developing and producing natural resources. The Company’s activities are organized into business units that are focused on steelmaking coal, copper, zinc and energy. It operates in five segments: steelmaking coal, copper, zinc, energy and corporate.
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