Zacks Investment Research lowered shares of Teck Resources Ltd (NYSE:TECK) (TSE:TECK) from a buy rating to a hold rating in a research note issued to investors on Tuesday.
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. “
Several other equities analysts have also issued reports on TECK. ValuEngine lowered Teck Resources from a strong-buy rating to a buy rating in a research report on Wednesday, October 18th. Deutsche Bank AG restated a buy rating and issued a $26.00 price target (up previously from $24.00) on shares of Teck Resources in a research note on Monday, September 25th. MKM Partners reaffirmed a buy rating and issued a $30.00 price objective on shares of Teck Resources in a report on Wednesday, September 20th. Bank of America Corporation boosted their price target on Teck Resources from $27.00 to $29.00 and gave the company a buy rating in a report on Wednesday, October 4th. Finally, BidaskClub lowered Teck Resources from a strong-buy rating to a buy rating in a report on Friday, September 15th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and twenty have given a buy rating to the stock. The stock currently has an average rating of Buy and a consensus target price of $30.65.
Teck Resources (NYSE:TECK) opened at $21.93 on Tuesday. The company has a debt-to-equity ratio of 0.32, a current ratio of 2.17 and a quick ratio of 1.42. The stock has a market capitalization of $12,680.00, a price-to-earnings ratio of 5.76, a price-to-earnings-growth ratio of 0.81 and a beta of 1.27. Teck Resources has a 12 month low of $14.56 and a 12 month high of $33.76.
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The firm also recently announced a special dividend, which will be paid on Friday, December 29th. Investors of record on Friday, December 15th will be issued a $0.3141 dividend. The ex-dividend date is Thursday, December 14th. This represents a dividend yield of 0.72%. Teck Resources’s payout ratio is currently 2.41%.
Institutional investors have recently added to or reduced their stakes in the company. Capital Analysts LLC purchased a new position in Teck Resources during the second quarter valued at approximately $100,000. Winslow Evans & Crocker Inc. acquired a new stake in shares of Teck Resources in the second quarter worth $108,000. Financial Architects Inc acquired a new stake in shares of Teck Resources in the second quarter worth $123,000. PNC Financial Services Group Inc. acquired a new position in Teck Resources during the 2nd quarter valued at $124,000. Finally, Tower Research Capital LLC TRC bought a new stake in Teck Resources in the 2nd quarter valued at $164,000. 45.80% of the stock is currently owned by institutional investors and hedge funds.
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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