Teck Resources Ltd (TECK) Short Interest Update
Teck Resources Ltd (NYSE:TECK) (TSE:TECK) was the recipient of a significant growth in short interest in December. As of December 29th, there was short interest totalling 13,265,140 shares, a growth of 12.7% from the December 15th total of 11,768,520 shares. Based on an average daily trading volume, of 3,556,222 shares, the short-interest ratio is currently 3.7 days. Currently, 2.3% of the shares of the stock are short sold.
A number of hedge funds and other institutional investors have recently modified their holdings of TECK. Capital Research Global Investors bought a new position in Teck Resources in the 2nd quarter valued at approximately $187,626,000. Vanguard Group Inc. bought a new position in Teck Resources in the 2nd quarter valued at approximately $182,655,000. Van ECK Associates Corp bought a new position in Teck Resources in the 2nd quarter valued at approximately $141,277,000. GMT Capital Corp bought a new position in Teck Resources in the 2nd quarter valued at approximately $97,588,000. Finally, The Manufacturers Life Insurance Company bought a new position in Teck Resources in the 2nd quarter valued at approximately $73,078,000. Institutional investors and hedge funds own 54.26% of the company’s stock.
A number of brokerages have issued reports on TECK. B. Riley reiterated a “buy” rating on shares of Teck Resources in a research note on Wednesday, November 1st. ValuEngine upgraded shares of Teck Resources from a “buy” rating to a “strong-buy” rating in a research note on Thursday, October 5th. Deutsche Bank reiterated a “buy” rating and set a $26.00 price objective (up from $24.00) on shares of Teck Resources in a research note on Monday, September 25th. BidaskClub downgraded shares of Teck Resources from a “strong-buy” rating to a “buy” rating in a research note on Saturday, October 28th. Finally, Zacks Investment Research downgraded shares of Teck Resources from a “buy” rating to a “hold” rating in a research note on Friday, October 6th. One research analyst has rated the stock with a sell rating, two have issued a hold rating, fifteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. The stock has an average rating of “Buy” and a consensus price target of $28.94.
Teck Resources (NYSE:TECK) (TSE:TECK) last posted its earnings results on Thursday, October 26th. The basic materials company reported $0.86 EPS for the quarter, missing analysts’ consensus estimates of $0.95 by ($0.09). Teck Resources had a return on equity of 15.16% and a net margin of 19.72%. equities research analysts forecast that Teck Resources will post 3.57 EPS for the current fiscal year.
The firm also recently disclosed a special dividend, which was paid on Friday, December 29th. Investors of record on Friday, December 15th were issued a $0.3141 dividend. The ex-dividend date was Thursday, December 14th. This represents a yield of 0.72%. Teck Resources’s dividend payout ratio (DPR) is presently 4.71%.
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About Teck Resources
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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