Assetmark Inc. Takes Position in Teck Resources Limited (NYSE:TECK)

Assetmark Inc. purchased a new position in shares of Teck Resources Limited (NYSE:TECK) (TSE:TECK) in the third quarter, HoldingsChannel.com reports. The institutional investor purchased 18,263 shares of the basic materials company’s stock, valued at approximately $954,000.

Other hedge funds also recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its position in shares of Teck Resources by 1.8% during the first quarter. Vanguard Group Inc. now owns 16,721,130 shares of the basic materials company’s stock valued at $765,493,000 after buying an additional 290,034 shares during the period. Country Club Bank bought a new position in Teck Resources in the 2nd quarter valued at $1,747,000. Atria Investments Inc purchased a new stake in Teck Resources in the first quarter worth $1,141,000. Intech Investment Management LLC bought a new stake in shares of Teck Resources during the first quarter worth $1,086,000. Finally, Klein Pavlis & Peasley Financial Inc. boosted its stake in shares of Teck Resources by 233.3% during the second quarter. Klein Pavlis & Peasley Financial Inc. now owns 28,000 shares of the basic materials company’s stock valued at $1,341,000 after purchasing an additional 19,600 shares during the period. 78.06% of the stock is currently owned by institutional investors.

Teck Resources Trading Up 1.1 %

TECK opened at $45.39 on Friday. Teck Resources Limited has a 12 month low of $34.56 and a 12 month high of $55.13. The stock has a fifty day moving average price of $48.70 and a 200-day moving average price of $48.70. The firm has a market cap of $22.88 billion, a price-to-earnings ratio of 68.77 and a beta of 1.04. The company has a current ratio of 2.92, a quick ratio of 2.35 and a debt-to-equity ratio of 0.16.

Teck Resources (NYSE:TECK) (TSE:TECK) last released its quarterly earnings results on Thursday, October 24th. The basic materials company reported $0.60 earnings per share for the quarter, beating analysts’ consensus estimates of $0.36 by $0.24. The business had revenue of $2.86 billion for the quarter, compared to analysts’ expectations of $2.09 billion. Teck Resources had a net margin of 3.32% and a return on equity of 6.37%. The company’s revenue was down 20.6% compared to the same quarter last year. During the same period last year, the business earned $0.57 EPS. As a group, equities research analysts anticipate that Teck Resources Limited will post 1.84 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

TECK has been the topic of several recent analyst reports. Citigroup raised shares of Teck Resources to a “hold” rating in a research note on Wednesday, October 2nd. Scotiabank lifted their price target on shares of Teck Resources from $78.00 to $79.00 and gave the company a “sector outperform” rating in a research note on Tuesday, October 8th. StockNews.com raised Teck Resources from a “sell” rating to a “hold” rating in a research note on Thursday, October 24th. Deutsche Bank Aktiengesellschaft lowered Teck Resources from a “buy” rating to a “hold” rating and set a $50.00 target price for the company. in a research report on Friday, October 25th. Finally, JPMorgan Chase & Co. dropped their price target on Teck Resources from $57.00 to $55.00 and set an “overweight” rating on the stock in a research report on Friday, October 25th. Five investment analysts have rated the stock with a hold rating, five have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, Teck Resources presently has an average rating of “Moderate Buy” and an average target price of $65.29.

Teck Resources Profile

Teck Resources Limited engages in exploring for, acquiring, developing, and producing natural resources in Asia, Europe, and North America. The company operates through Steelmaking Coal, Copper, Zinc, and Energy segments. Its principal products include copper, zinc, steelmaking coal, and blended bitumen.