Assetmark Inc. Grows Stock Position in Teck Resources Ltd $TECK

Assetmark Inc. raised its position in shares of Teck Resources Ltd (NYSE:TECK) (TSE:TECK) by 238.8% in the third quarter, Holdings Channel.com reports. The fund owned 68,986 shares of the basic materials company’s stock after buying an additional 48,626 shares during the quarter. Assetmark Inc.’s holdings in Teck Resources were worth $3,028,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also modified their holdings of the company. AQR Capital Management LLC boosted its stake in shares of Teck Resources by 11.1% in the first quarter. AQR Capital Management LLC now owns 34,705 shares of the basic materials company’s stock valued at $1,264,000 after purchasing an additional 3,458 shares during the period. Jones Financial Companies Lllp lifted its holdings in Teck Resources by 453.0% in the 1st quarter. Jones Financial Companies Lllp now owns 9,721 shares of the basic materials company’s stock worth $354,000 after buying an additional 7,963 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in Teck Resources by 1.8% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 465,861 shares of the basic materials company’s stock valued at $16,971,000 after buying an additional 8,146 shares during the last quarter. Yousif Capital Management LLC grew its stake in shares of Teck Resources by 8.8% during the second quarter. Yousif Capital Management LLC now owns 6,129 shares of the basic materials company’s stock valued at $247,000 after acquiring an additional 495 shares in the last quarter. Finally, Stephens Inc. AR increased its position in shares of Teck Resources by 4.8% during the second quarter. Stephens Inc. AR now owns 7,189 shares of the basic materials company’s stock worth $290,000 after acquiring an additional 329 shares during the last quarter. 78.06% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on the stock. Veritas upgraded shares of Teck Resources from a “strong sell” rating to a “strong-buy” rating in a research note on Thursday, January 15th. UBS Group restated a “buy” rating on shares of Teck Resources in a research note on Tuesday, January 27th. National Bank Financial cut shares of Teck Resources from a “strong-buy” rating to a “hold” rating in a research report on Friday, December 5th. Benchmark reissued a “buy” rating on shares of Teck Resources in a report on Thursday, October 23rd. Finally, JPMorgan Chase & Co. increased their target price on Teck Resources from $43.00 to $51.00 and gave the stock a “neutral” rating in a report on Friday, December 5th. One equities research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and twelve have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $53.33.

Teck Resources Trading Up 2.6%

Teck Resources stock opened at $59.39 on Thursday. The firm has a market cap of $28.59 billion, a price-to-earnings ratio of 33.37, a price-to-earnings-growth ratio of 0.54 and a beta of 0.80. Teck Resources Ltd has a 1 year low of $28.32 and a 1 year high of $60.75. The firm’s 50 day moving average price is $51.44 and its two-hundred day moving average price is $43.74. The company has a debt-to-equity ratio of 0.15, a quick ratio of 2.08 and a current ratio of 2.78.

About Teck Resources

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.