Cwm LLC Reduces Stock Position in Teck Resources Limited (NYSE:TECK)

Cwm LLC trimmed its stake in shares of Teck Resources Limited (NYSE:TECK) (TSE:TECK) by 52.4% in the 3rd quarter, Holdings Channel reports. The firm owned 2,061 shares of the basic materials company’s stock after selling 2,269 shares during the period. Cwm LLC’s holdings in Teck Resources were worth $108,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently made changes to their positions in TECK. Daymark Wealth Partners LLC grew its position in Teck Resources by 2.8% in the 3rd quarter. Daymark Wealth Partners LLC now owns 8,774 shares of the basic materials company’s stock worth $458,000 after purchasing an additional 242 shares during the period. Cigna Investments Inc. New boosted its stake in shares of Teck Resources by 3.8% in the 2nd quarter. Cigna Investments Inc. New now owns 8,762 shares of the basic materials company’s stock worth $420,000 after buying an additional 317 shares during the last quarter. Candriam S.C.A. grew its holdings in shares of Teck Resources by 4.0% in the second quarter. Candriam S.C.A. now owns 8,897 shares of the basic materials company’s stock worth $426,000 after acquiring an additional 343 shares during the period. Evergreen Capital Management LLC increased its position in Teck Resources by 7.8% during the second quarter. Evergreen Capital Management LLC now owns 5,064 shares of the basic materials company’s stock valued at $243,000 after acquiring an additional 365 shares during the last quarter. Finally, Hexagon Capital Partners LLC lifted its holdings in Teck Resources by 143.0% in the first quarter. Hexagon Capital Partners LLC now owns 656 shares of the basic materials company’s stock valued at $30,000 after acquiring an additional 386 shares during the period. 78.06% of the stock is owned by hedge funds and other institutional investors.

Teck Resources Stock Up 1.2 %

TECK opened at $47.35 on Friday. Teck Resources Limited has a fifty-two week low of $34.38 and a fifty-two week high of $55.13. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.77 and a current ratio of 1.48. The stock has a market cap of $24.19 billion, a price-to-earnings ratio of 20.95 and a beta of 1.02. The firm’s fifty day moving average is $48.73 and its 200 day moving average is $48.73.

Teck Resources (NYSE:TECK) (TSE:TECK) last released its quarterly earnings data on Wednesday, July 24th. The basic materials company reported $0.79 earnings per share for the quarter, topping analysts’ consensus estimates of $0.47 by $0.32. The firm had revenue of $3.87 billion during the quarter, compared to analyst estimates of $2.67 billion. Teck Resources had a return on equity of 6.52% and a net margin of 9.40%. The business’s quarterly revenue was up 10.1% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.91 earnings per share. On average, sell-side analysts forecast that Teck Resources Limited will post 1.93 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

TECK has been the subject of a number of recent research reports. Paradigm Capital upgraded Teck Resources to a “moderate buy” rating in a research note on Friday, July 26th. Eight Capital lowered shares of Teck Resources from a “strong-buy” rating to a “hold” rating in a research report on Thursday, July 11th. Deutsche Bank Aktiengesellschaft cut shares of Teck Resources from a “buy” rating to a “hold” rating and set a $50.00 target price for the company. in a report on Friday. Benchmark reiterated a “buy” rating and set a $55.00 price target on shares of Teck Resources in a research note on Thursday, July 25th. Finally, JPMorgan Chase & Co. reduced their price objective on Teck Resources from $57.00 to $55.00 and set an “overweight” rating for the company in a research note on Friday. Four research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $65.00.

About Teck Resources

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.