Assetmark Inc. Acquires 48,626 Shares of Teck Resources Ltd $TECK

Assetmark Inc. boosted its stake in shares of Teck Resources Ltd (NYSE:TECK) (TSE:TECK) by 238.8% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 68,986 shares of the basic materials company’s stock after acquiring an additional 48,626 shares during the quarter. Assetmark Inc.’s holdings in Teck Resources were worth $3,028,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors also recently modified their holdings of the company. Principal Financial Group Inc. lifted its holdings in shares of Teck Resources by 36.1% in the third quarter. Principal Financial Group Inc. now owns 16,879,229 shares of the basic materials company’s stock worth $740,604,000 after buying an additional 4,474,637 shares in the last quarter. Norges Bank purchased a new stake in shares of Teck Resources during the 2nd quarter valued at about $437,657,000. Northwest & Ethical Investments L.P. boosted its holdings in shares of Teck Resources by 16.1% in the 2nd quarter. Northwest & Ethical Investments L.P. now owns 157,645 shares of the basic materials company’s stock worth $6,402,000 after purchasing an additional 21,900 shares during the period. Alps Advisors Inc. raised its stake in shares of Teck Resources by 37.3% in the third quarter. Alps Advisors Inc. now owns 166,334 shares of the basic materials company’s stock valued at $7,300,000 after acquiring an additional 45,194 shares during the period. Finally, Swiss National Bank boosted its position in shares of Teck Resources by 6.0% during the second quarter. Swiss National Bank now owns 1,428,679 shares of the basic materials company’s stock valued at $57,555,000 after buying an additional 80,300 shares during the period. 78.06% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on the stock. Citigroup upgraded shares of Teck Resources from a “neutral” rating to a “buy” rating in a report on Monday, February 2nd. UBS Group restated a “buy” rating on shares of Teck Resources in a research report on Tuesday, January 27th. Raymond James Financial downgraded Teck Resources from an “outperform” rating to a “market perform” rating in a report on Wednesday, January 14th. National Bank Financial lowered Teck Resources from a “strong-buy” rating to a “hold” rating in a research note on Friday, December 5th. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of Teck Resources in a report on Wednesday, January 21st. One equities research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and twelve have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $53.33.

Teck Resources Stock Performance

Shares of Teck Resources stock opened at $59.39 on Thursday. Teck Resources Ltd has a one year low of $28.32 and a one year high of $60.75. The business has a 50-day simple moving average of $51.44 and a 200-day simple moving average of $43.74. The company has a market cap of $28.59 billion, a PE ratio of 33.37, a P/E/G ratio of 0.54 and a beta of 0.80. The company has a debt-to-equity ratio of 0.15, a quick ratio of 2.08 and a current ratio of 2.78.

Teck Resources Company Profile

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.