Teck Resources Ltd. (TCK) Sees Large Decrease in Short Interest
Teck Resources Ltd. (NYSE:TCK) saw a significant decrease in short interest during the month of September. As of September 30th, there was short interest totalling 34,935,070 shares, a decrease of 24.1% from the September 15th total of 46,010,335 shares. Currently, 6.2% of the company’s shares are sold short. Based on an average daily trading volume, of 9,864,048 shares, the days-to-cover ratio is presently 3.5 days.
Hedge funds have recently modified their holdings of the company. Dodge & Cox raised its position in Teck Resources by 0.9% in the first quarter. Dodge & Cox now owns 58,085,503 shares of the company’s stock valued at $442,031,000 after buying an additional 501,242 shares during the period. Capital Research Global Investors raised its position in Teck Resources by 822.8% in the second quarter. Capital Research Global Investors now owns 28,054,000 shares of the company’s stock valued at $369,363,000 after buying an additional 25,014,000 shares during the period. Impala Asset Management LLC raised its position in Teck Resources by 8.8% in the second quarter. Impala Asset Management LLC now owns 9,350,097 shares of the company’s stock valued at $123,141,000 after buying an additional 758,846 shares during the period. Vanguard Group Inc. raised its position in Teck Resources by 11.7% in the second quarter. Vanguard Group Inc. now owns 9,181,132 shares of the company’s stock valued at $120,916,000 after buying an additional 962,100 shares during the period. Finally, Mackenzie Financial Corp bought a new position in Teck Resources during the second quarter valued at approximately $84,610,000. Institutional investors and hedge funds own 47.23% of the company’s stock.
Teck Resources (NYSE:TCK) opened at 18.77 on Monday. Teck Resources has a 12 month low of $2.56 and a 12 month high of $19.08. The stock’s 50 day moving average is $17.61 and its 200-day moving average is $13.36. The stock’s market capitalization is $10.82 billion.
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Teck Resources (NYSE:TCK) last issued its earnings results on Thursday, July 28th. The company reported $0.01 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($0.01) by $0.02. Teck Resources had a positive return on equity of 0.39% and a negative net margin of 32.87%. The business earned $1.74 billion during the quarter, compared to analysts’ expectations of $1.33 billion. During the same quarter in the previous year, the business earned $0.14 EPS. The company’s revenue for the quarter was down 13.0% on a year-over-year basis. On average, equities research analysts expect that Teck Resources will post $0.63 earnings per share for the current year.
A number of research analysts have commented on TCK shares. Raymond James Financial Inc. reaffirmed a “market perform” rating and issued a $21.00 target price (up previously from $19.00) on shares of Teck Resources in a research report on Thursday, August 25th. Sanford C. Bernstein reaffirmed a “sell” rating and issued a $10.00 target price on shares of Teck Resources in a research report on Friday, August 19th. Royal Bank Of Canada cut shares of Teck Resources from an “outperform” rating to a “sector perform” rating and upped their target price for the company from $16.00 to $23.00 in a research report on Friday, August 12th. RBC Capital Markets reaffirmed an “outperform” rating and issued a $16.00 target price on shares of Teck Resources in a research report on Tuesday, July 19th. Finally, Clarkson Capital raised shares of Teck Resources from a “neutral” rating to a “buy” rating in a research report on Monday, July 18th. Six research analysts have rated the stock with a sell rating, twelve have given a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company. The stock presently has an average rating of “Hold” and an average target price of $15.88.
About Teck Resources
Teck Resources Limited is engaged in the business of exploring for, acquiring, developing and producing natural resources. The Company operates through five segments: steelmaking coal, copper, zinc, energy and corporate. Through its interests in mining and processing operations in Canada, the United States, Chile and Peru, the Company exports seaborne steelmaking coal and produces mined zinc.
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