Drummond Knight Asset Management Pty Ltd Buys 557,470 Shares of Teck Resources Ltd $TECK

Drummond Knight Asset Management Pty Ltd lifted its stake in Teck Resources Ltd (NYSE:TECK) (TSE:TECK) by 172.8% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 880,000 shares of the basic materials company’s stock after purchasing an additional 557,470 shares during the period. Teck Resources comprises about 11.8% of Drummond Knight Asset Management Pty Ltd’s holdings, making the stock its 3rd largest holding. Drummond Knight Asset Management Pty Ltd’s holdings in Teck Resources were worth $38,623,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors also recently bought and sold shares of the company. Union Bancaire Privee UBP SA boosted its stake in shares of Teck Resources by 4.3% in the 2nd quarter. Union Bancaire Privee UBP SA now owns 6,402 shares of the basic materials company’s stock valued at $259,000 after buying an additional 264 shares during the period. Stephens Inc. AR raised its holdings in Teck Resources by 4.8% in the second quarter. Stephens Inc. AR now owns 7,189 shares of the basic materials company’s stock valued at $290,000 after acquiring an additional 329 shares in the last quarter. Smartleaf Asset Management LLC raised its holdings in Teck Resources by 69.2% in the first quarter. Smartleaf Asset Management LLC now owns 856 shares of the basic materials company’s stock valued at $32,000 after acquiring an additional 350 shares in the last quarter. Assetmark Inc. lifted its stake in Teck Resources by 2.1% in the second quarter. Assetmark Inc. now owns 20,360 shares of the basic materials company’s stock worth $822,000 after acquiring an additional 415 shares during the last quarter. Finally, VestGen Advisors LLC grew its holdings in Teck Resources by 7.9% during the 2nd quarter. VestGen Advisors LLC now owns 6,353 shares of the basic materials company’s stock worth $257,000 after acquiring an additional 467 shares in the last quarter. Hedge funds and other institutional investors own 78.06% of the company’s stock.

Wall Street Analysts Forecast Growth

TECK has been the subject of several recent analyst reports. JPMorgan Chase & Co. lifted their price objective on shares of Teck Resources from $43.00 to $51.00 and gave the stock a “neutral” rating in a research report on Friday, December 5th. Raymond James Financial reaffirmed an “outperform” rating on shares of Teck Resources in a report on Friday, October 10th. Weiss Ratings raised Teck Resources from a “sell (d+)” rating to a “hold (c)” rating in a research report on Friday, October 24th. UBS Group upgraded Teck Resources from a “neutral” rating to a “buy” rating in a research note on Wednesday, September 3rd. Finally, Benchmark reiterated a “buy” rating on shares of Teck Resources in a research note on Thursday, October 23rd. One analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, thirteen have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, Teck Resources presently has a consensus rating of “Hold” and a consensus price target of $55.71.

Teck Resources Stock Up 3.4%

Shares of NYSE TECK opened at $46.71 on Wednesday. The business has a 50-day moving average price of $42.87 and a 200 day moving average price of $39.44. The stock has a market cap of $22.45 billion, a PE ratio of 26.24, a price-to-earnings-growth ratio of 0.65 and a beta of 0.83. The company has a quick ratio of 2.08, a current ratio of 2.78 and a debt-to-equity ratio of 0.15. Teck Resources Ltd has a 52-week low of $28.32 and a 52-week high of $47.06.

Teck Resources (NYSE:TECK) (TSE:TECK) last issued its quarterly earnings data on Wednesday, October 22nd. The basic materials company reported $0.55 earnings per share for the quarter, beating analysts’ consensus estimates of $0.39 by $0.16. The company had revenue of $2.43 billion during the quarter, compared to analysts’ expectations of $2.93 billion. Teck Resources had a return on equity of 4.14% and a net margin of 11.93%.The firm’s revenue for the quarter was up 18.4% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.60 earnings per share. Equities research analysts forecast that Teck Resources Ltd will post 1.53 earnings per share for the current year.

Teck Resources Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 31st. Shareholders of record on Monday, December 15th will be paid a $0.125 dividend. This is a boost from Teck Resources’s previous quarterly dividend of $0.09. This represents a $0.50 dividend on an annualized basis and a yield of 1.1%. The ex-dividend date is Monday, December 15th. Teck Resources’s dividend payout ratio (DPR) is presently 20.22%.

Teck Resources Profile

Teck Resources Ltd. is a diversified natural resource company headquartered in Canada that explores for, develops and produces a portfolio of metallic and energy commodities. Its core businesses center on copper, steelmaking (metallurgical) coal and zinc, with related smelting and refining activities. Teck supplies raw materials and intermediate products to global steelmakers, metals markets and industrial customers, and operates integrated mining and processing facilities as well as earlier-stage exploration and development projects.

The company’s operations and projects are located across multiple geographies, with a significant presence in western Canada and North America and additional exploration and development activities in Latin America.