Envestnet Asset Management Inc. Lowers Holdings in Teck Resources Ltd $TECK

Envestnet Asset Management Inc. reduced its position in shares of Teck Resources Ltd (NYSE:TECK) (TSE:TECK) by 6.6% during the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 512,559 shares of the basic materials company’s stock after selling 36,173 shares during the quarter. Envestnet Asset Management Inc. owned about 0.11% of Teck Resources worth $22,496,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also bought and sold shares of the company. Norges Bank purchased a new position in shares of Teck Resources during the second quarter valued at $437,657,000. 1832 Asset Management L.P. lifted its stake in Teck Resources by 1,555.9% in the second quarter. 1832 Asset Management L.P. now owns 5,738,457 shares of the basic materials company’s stock worth $231,719,000 after acquiring an additional 5,391,907 shares during the period. Principal Financial Group Inc. grew its holdings in Teck Resources by 36.1% during the 3rd quarter. Principal Financial Group Inc. now owns 16,879,229 shares of the basic materials company’s stock worth $740,604,000 after acquiring an additional 4,474,637 shares in the last quarter. Picton Mahoney Asset Management purchased a new position in Teck Resources during the 2nd quarter valued at about $83,322,000. Finally, Mackenzie Financial Corp raised its holdings in shares of Teck Resources by 32.7% in the 2nd quarter. Mackenzie Financial Corp now owns 7,989,715 shares of the basic materials company’s stock valued at $323,311,000 after purchasing an additional 1,969,286 shares in the last quarter. 78.06% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on TECK shares. JPMorgan Chase & Co. increased their price objective on shares of Teck Resources from $43.00 to $51.00 and gave the company a “neutral” rating in a research note on Friday, December 5th. TD Securities cut Teck Resources from a “buy” rating to a “hold” rating in a research report on Thursday, January 22nd. UBS Group reiterated a “buy” rating on shares of Teck Resources in a report on Tuesday, January 27th. Veritas upgraded Teck Resources from a “strong sell” rating to a “strong-buy” rating in a research note on Thursday, January 15th. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of Teck Resources in a research note on Wednesday, January 21st. Two research analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating and twelve have assigned a Hold rating to the company. According to MarketBeat, Teck Resources currently has a consensus rating of “Moderate Buy” and a consensus target price of $53.33.

Teck Resources Price Performance

NYSE TECK opened at $58.97 on Friday. The company has a market cap of $28.39 billion, a price-to-earnings ratio of 33.13, a PEG ratio of 0.55 and a beta of 0.80. 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 stock’s fifty day moving average price is $50.57 and its 200 day moving average price is $43.11. Teck Resources Ltd has a 1 year low of $28.32 and a 1 year high of $60.75.

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.