DekaBank Deutsche Girozentrale Trims Holdings in Teck Resources Limited (NYSE:TECK)

DekaBank Deutsche Girozentrale cut its position in shares of Teck Resources Limited (NYSE:TECK) (TSE:TECK) by 37.9% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 661,708 shares of the basic materials company’s stock after selling 404,055 shares during the quarter. DekaBank Deutsche Girozentrale’s holdings in Teck Resources were worth $34,393,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of TECK. AMF Tjanstepension AB grew its stake in Teck Resources by 846.6% in the 2nd quarter. AMF Tjanstepension AB now owns 4,383,031 shares of the basic materials company’s stock worth $210,034,000 after acquiring an additional 3,919,984 shares during the period. Asia Research & Capital Management Ltd acquired a new stake in shares of Teck Resources during the first quarter worth $158,976,000. Castle Hook Partners LP purchased a new stake in shares of Teck Resources in the first quarter valued at $90,980,000. TD Asset Management Inc increased its stake in Teck Resources by 49.0% in the second quarter. TD Asset Management Inc now owns 4,950,816 shares of the basic materials company’s stock valued at $237,202,000 after purchasing an additional 1,629,149 shares during the last quarter. Finally, National Bank of Canada FI lifted its position in Teck Resources by 48.4% during the second quarter. National Bank of Canada FI now owns 3,934,663 shares of the basic materials company’s stock worth $188,111,000 after buying an additional 1,283,876 shares during the period. Institutional investors and hedge funds own 78.06% of the company’s stock.

Teck Resources Stock Performance

NYSE:TECK opened at $47.75 on Tuesday. The firm’s fifty day simple moving average is $48.70 and its 200 day simple moving average is $48.72. The company has a current ratio of 1.48, a quick ratio of 0.77 and a debt-to-equity ratio of 0.19. Teck Resources Limited has a twelve month low of $34.38 and a twelve month high of $55.13. The firm has a market capitalization of $24.17 billion, a price-to-earnings ratio of 72.35 and a beta of 1.02.

Teck Resources (NYSE:TECK) (TSE:TECK) last issued its quarterly earnings data on Thursday, October 24th. The basic materials company reported $0.60 EPS for the quarter, topping analysts’ consensus estimates of $0.36 by $0.24. Teck Resources had a return on equity of 6.14% and a net margin of 3.32%. The company had revenue of $2.86 billion for the quarter, compared to analysts’ expectations of $2.09 billion. During the same quarter in the previous year, the firm posted $0.57 earnings per share. The firm’s quarterly revenue was down 20.6% on a year-over-year basis. As a group, equities research analysts expect that Teck Resources Limited will post 1.93 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

TECK has been the subject of several recent analyst reports. StockNews.com upgraded Teck Resources from a “sell” rating to a “hold” rating in a report on Thursday, October 24th. BMO Capital Markets assumed coverage on shares of Teck Resources in a report on Monday, July 15th. They issued an “outperform” rating for the company. Citigroup raised shares of Teck Resources to a “hold” rating in a research note on Wednesday, October 2nd. Scotiabank boosted their price objective on shares of Teck Resources from $78.00 to $79.00 and gave the company a “sector outperform” rating in a research note on Tuesday, October 8th. Finally, Benchmark restated a “buy” rating and set a $55.00 price objective on shares of Teck Resources in a report on Thursday, July 25th. Four investment analysts have rated the stock with a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $65.29.

Teck Resources 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.