Teck Resources Limited (NYSE:TECK) Shares Sold by Truist Financial Corp

Truist Financial Corp reduced its stake in shares of Teck Resources Limited (NYSE:TECK) (TSE:TECK) by 1.9% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 48,387 shares of the basic materials company’s stock after selling 928 shares during the quarter. Truist Financial Corp’s holdings in Teck Resources were worth $2,318,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently added to or reduced their stakes in TECK. Susquehanna Fundamental Investments LLC acquired a new stake in shares of Teck Resources in the 1st quarter worth approximately $485,000. Vanguard Group Inc. increased its position in shares of Teck Resources by 1.8% in the first quarter. Vanguard Group Inc. now owns 16,721,130 shares of the basic materials company’s stock valued at $765,493,000 after buying an additional 290,034 shares in the last quarter. Country Club Bank purchased a new position in shares of Teck Resources in the second quarter valued at $1,747,000. FIL Ltd raised its stake in shares of Teck Resources by 98.8% during the 4th quarter. FIL Ltd now owns 11,937,233 shares of the basic materials company’s stock worth $504,588,000 after buying an additional 5,933,226 shares during the last quarter. Finally, Quattro Financial Advisors LLC purchased a new stake in shares of Teck Resources in the 1st quarter worth about $927,000. 78.06% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on TECK shares. Scotiabank lifted their target price on shares of Teck Resources from $78.00 to $79.00 and gave the stock a “sector outperform” rating in a research report on Tuesday. StockNews.com raised Teck Resources from a “sell” rating to a “hold” rating in a research note on Monday. BMO Capital Markets assumed coverage on Teck Resources in a research report on Monday, July 15th. They set an “outperform” rating for the company. Benchmark restated a “buy” rating and issued a $55.00 price objective on shares of Teck Resources in a research report on Thursday, July 25th. Finally, UBS Group raised Teck Resources from a “neutral” rating to a “buy” rating and increased their price objective for the company from $76.00 to $78.00 in a research note on Wednesday, September 4th. Three investment analysts have rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $67.00.

Teck Resources Trading Up 2.4 %

NYSE TECK opened at $50.42 on Friday. The stock has a market cap of $25.76 billion, a P/E ratio of 22.31 and a beta of 1.02. The company’s fifty day simple moving average is $47.92 and its 200-day simple moving average is $48.42. 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 52 week low of $34.38 and a 52 week high of $55.13.

Teck Resources (NYSE:TECK) (TSE:TECK) last posted its quarterly earnings data on Wednesday, July 24th. The basic materials company reported $0.79 earnings per share for the quarter, beating analysts’ consensus estimates of $0.47 by $0.32. Teck Resources had a net margin of 9.40% and a return on equity of 6.52%. The company had revenue of $3.87 billion during the quarter, compared to analysts’ expectations of $2.67 billion. During the same period in the prior year, the company posted $0.91 EPS. The firm’s revenue for the quarter was up 10.1% on a year-over-year basis. Equities research analysts predict that Teck Resources Limited will post 2 EPS for the current fiscal year.

Teck Resources Company 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.