Morgan Stanley reissued their overweight rating on shares of Teck Resources (NYSE:TECK – Free Report) (TSE:TECK) in a research note published on Thursday morning, Benzinga reports. Morgan Stanley currently has a $55.00 price target on the basic materials company’s stock.
Other research analysts have also recently issued reports about the company. Benchmark lifted their price target on Teck Resources from $50.00 to $52.00 and gave the company a buy rating in a report on Monday, April 8th. UBS Group began coverage on Teck Resources in a report on Tuesday, January 16th. They issued a buy rating for the company. Two investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Teck Resources has an average rating of Moderate Buy and a consensus target price of $65.21.
Get Our Latest Stock Analysis on TECK
Teck Resources Stock Down 1.4 %
Teck Resources (NYSE:TECK – Get Free Report) (TSE:TECK) last issued its quarterly earnings data on Thursday, February 22nd. The basic materials company reported $1.02 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.01 by $0.01. The company had revenue of $3.02 billion during the quarter, compared to analysts’ expectations of $3.11 billion. Teck Resources had a return on equity of 9.67% and a net margin of 16.21%. As a group, equities research analysts expect that Teck Resources will post 3.55 earnings per share for the current fiscal year.
Teck Resources Cuts Dividend
The firm also recently disclosed a quarterly dividend, which was paid on Thursday, March 28th. Investors of record on Friday, March 15th were issued a $0.0925 dividend. The ex-dividend date was Thursday, March 14th. This represents a $0.37 annualized dividend and a yield of 0.77%. Teck Resources’s dividend payout ratio is currently 10.79%.
Hedge Funds Weigh In On Teck Resources
Several large investors have recently bought and sold shares of TECK. Money Concepts Capital Corp acquired a new position in Teck Resources in the fourth quarter valued at approximately $29,000. Baystate Wealth Management LLC bought a new stake in Teck Resources in the third quarter valued at approximately $31,000. Creekmur Asset Management LLC bought a new stake in Teck Resources in the fourth quarter valued at approximately $35,000. JFS Wealth Advisors LLC increased its stake in Teck Resources by 249.0% in the third quarter. JFS Wealth Advisors LLC now owns 841 shares of the basic materials company’s stock valued at $36,000 after purchasing an additional 600 shares in the last quarter. Finally, Achmea Investment Management B.V. bought a new stake in Teck Resources in the first quarter valued at approximately $37,000. 78.06% of the stock is currently owned by institutional investors and hedge funds.
Teck Resources Company 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.
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