Envestnet Asset Management Inc. Trims Position in Teck Resources Ltd $TECK

Envestnet Asset Management Inc. trimmed its holdings in shares of Teck Resources Ltd (NYSE:TECK) (TSE:TECK) by 6.6% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 512,559 shares of the basic materials company’s stock after selling 36,173 shares during the period. Envestnet Asset Management Inc.’s holdings in Teck Resources were worth $22,496,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in TECK. Versant Capital Management Inc acquired a new position in shares of Teck Resources during the third quarter valued at approximately $26,000. Tobam acquired a new position in Teck Resources in the 2nd quarter valued at $62,000. Mirae Asset Global Investments Co. Ltd. raised its stake in Teck Resources by 43.1% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,741 shares of the basic materials company’s stock valued at $76,000 after purchasing an additional 524 shares during the last quarter. CWM LLC lifted its holdings in Teck Resources by 22.7% in the 3rd quarter. CWM LLC now owns 2,078 shares of the basic materials company’s stock valued at $91,000 after purchasing an additional 384 shares in the last quarter. Finally, Allworth Financial LP lifted its holdings in Teck Resources by 38.7% in the 2nd quarter. Allworth Financial LP now owns 3,263 shares of the basic materials company’s stock valued at $132,000 after purchasing an additional 910 shares in the last quarter. Institutional investors and hedge funds own 78.06% of the company’s stock.

Teck Resources Trading Up 0.7%

Shares of Teck Resources stock opened at $58.97 on Friday. The stock has a 50 day moving average of $50.57 and a 200 day moving average of $43.11. The company has a debt-to-equity ratio of 0.15, a quick ratio of 2.08 and a current ratio of 2.78. The firm has a market capitalization of $28.39 billion, a price-to-earnings ratio of 33.13, a PEG ratio of 0.55 and a beta of 0.80. Teck Resources Ltd has a fifty-two week low of $28.32 and a fifty-two week high of $60.75.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on TECK. Scotiabank reiterated a “sector perform” rating on shares of Teck Resources in a research report on Monday, January 26th. Natl Bk Canada cut shares of Teck Resources from a “strong-buy” rating to a “hold” rating in a research note on Friday, December 5th. TD Securities lowered shares of Teck Resources from a “buy” rating to a “hold” rating in a research note on Thursday, January 22nd. Raymond James Financial cut Teck Resources from an “outperform” rating to a “market perform” rating in a report on Wednesday, January 14th. Finally, UBS Group reaffirmed a “buy” rating on shares of Teck Resources in a report on Tuesday, January 27th. Two equities research analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating and twelve have issued a Hold rating to the stock. According to MarketBeat, Teck Resources presently has an average rating of “Moderate Buy” and a consensus price target of $53.33.

Teck Resources Company 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.