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

Drummond Knight Asset Management Pty Ltd boosted its holdings in shares of Teck Resources Ltd (NYSE:TECK) (TSE:TECK) by 172.8% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 880,000 shares of the basic materials company’s stock after acquiring an additional 557,470 shares during the period. Teck Resources accounts for approximately 11.8% of Drummond Knight Asset Management Pty Ltd’s investment portfolio, making the stock its 3rd biggest position. Drummond Knight Asset Management Pty Ltd owned about 0.18% of Teck Resources worth $38,623,000 as of its most recent SEC filing.

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

Teck Resources Price Performance

Shares of TECK opened at $46.71 on Wednesday. The firm has a 50-day simple moving average of $42.87 and a two-hundred day simple moving average of $39.44. The stock has a market cap of $22.45 billion, a PE ratio of 26.24, a P/E/G ratio of 0.65 and a beta of 0.83. Teck Resources Ltd has a 1-year low of $28.32 and a 1-year high of $47.06. The company has a debt-to-equity ratio of 0.15, a current ratio of 2.78 and a quick ratio of 2.08.

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

Teck Resources Increases Dividend

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

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on TECK. Deutsche Bank Aktiengesellschaft reissued a “buy” rating and set a $46.00 price target on shares of Teck Resources in a research report on Wednesday, November 26th. Raymond James Financial reaffirmed an “outperform” rating on shares of Teck Resources in a research note on Friday, October 10th. Weiss Ratings raised shares of Teck Resources from a “sell (d+)” rating to a “hold (c)” rating in a research note on Friday, October 24th. Canaccord Genuity Group downgraded shares of Teck Resources from a “buy” rating to a “hold” rating in a report on Wednesday, October 8th. Finally, JPMorgan Chase & Co. upped their price objective on Teck Resources from $43.00 to $51.00 and gave the company a “neutral” rating in a report on Friday, December 5th. One research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, thirteen have given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $55.71.

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.