CIBC Asset Management Inc Lowers Position in Teck Resources Ltd $TECK

CIBC Asset Management Inc cut its stake in shares of Teck Resources Ltd (NYSE:TECK) (TSE:TECK) by 7.9% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 5,455,778 shares of the basic materials company’s stock after selling 469,510 shares during the period. CIBC Asset Management Inc owned approximately 1.14% of Teck Resources worth $240,380,000 as of its most recent SEC filing.

A number of other institutional investors have also modified their holdings of the company. Versant Capital Management Inc acquired a new position in Teck Resources in the 3rd quarter valued at about $26,000. Mirae Asset Global Investments Co. Ltd. purchased a new position in Teck Resources in the second quarter valued at approximately $49,000. Tobam purchased a new position in shares of Teck Resources in the 2nd quarter valued at $62,000. CWM LLC grew its holdings in shares of Teck Resources by 22.7% during the third quarter. CWM LLC now owns 2,078 shares of the basic materials company’s stock worth $91,000 after purchasing an additional 384 shares during the last quarter. Finally, Allworth Financial LP increased its position in Teck Resources by 38.7% during the second quarter. Allworth Financial LP now owns 3,263 shares of the basic materials company’s stock worth $132,000 after buying an additional 910 shares during the period. 78.06% of the stock is owned by institutional investors and hedge funds.

Teck Resources Stock Performance

Teck Resources stock opened at $53.04 on Friday. Teck Resources Ltd has a 12 month low of $28.32 and a 12 month high of $54.00. The stock’s 50-day moving average is $46.12 and its 200-day moving average is $41.10. The company has a debt-to-equity ratio of 0.15, a current ratio of 2.78 and a quick ratio of 2.08. The company has a market cap of $25.50 billion, a price-to-earnings ratio of 29.80, a price-to-earnings-growth ratio of 0.56 and a beta of 0.79.

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

Wall Street Analysts Forecast Growth

A number of research analysts have commented on TECK shares. Raymond James Financial lowered shares of Teck Resources from an “outperform” rating to a “market perform” rating in a research note on Wednesday, January 14th. JPMorgan Chase & Co. increased their price objective on Teck Resources from $43.00 to $51.00 and gave the stock a “neutral” rating in a research report on Friday, December 5th. Benchmark reaffirmed a “buy” rating on shares of Teck Resources in a report on Thursday, October 23rd. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Teck Resources in a research note on Wednesday. Finally, Canaccord Genuity Group downgraded Teck Resources from a “buy” rating to a “hold” rating in a research report on Wednesday, October 8th. Two research analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating and fourteen have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $53.33.

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.