Advisors Asset Management Inc. reduced its position in shares of Teck Resources Ltd. (NYSE:TCK) by 79.8% during the second quarter, Holdings Channel reports. The institutional investor owned 14,614 shares of the company’s stock after selling 57,884 shares during the period. Advisors Asset Management Inc.’s holdings in Teck Resources were worth $192,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also made changes to their positions in the company. Acadian Asset Management LLC acquired a new position in shares of Teck Resources during the second quarter worth about $33,966,000. Contrarius Investment Management Ltd increased its position in shares of Teck Resources by 36.9% in the first quarter. Contrarius Investment Management Ltd now owns 9,403,002 shares of the company’s stock worth $71,557,000 after buying an additional 2,533,800 shares in the last quarter. Emerald Acquisition Ltd. acquired a new position in shares of Teck Resources during the second quarter worth about $15,441,000. Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp increased its position in shares of Teck Resources by 17.3% in the second quarter. Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp now owns 4,318,117 shares of the company’s stock worth $73,451,000 after buying an additional 638,200 shares in the last quarter. Finally, Montrusco Bolton Investments Inc. acquired a new position in shares of Teck Resources during the second quarter worth about $8,035,000. 47.23% of the stock is currently owned by institutional investors.
Shares of Teck Resources Ltd. (NYSE:TCK) traded up 4.85% during midday trading on Wednesday, hitting $17.94. The company had a trading volume of 3,485,564 shares. The stock has a 50 day moving average price of $17.16 and a 200 day moving average price of $12.89. The firm’s market capitalization is $10.34 billion. Teck Resources Ltd. has a 1-year low of $2.56 and a 1-year high of $19.08.
Teck Resources (NYSE:TCK) last issued its earnings results on Thursday, July 28th. The company reported $0.01 EPS for the quarter, topping the Zacks’ consensus estimate of ($0.01) by $0.02. The business had revenue of $1.74 billion for the quarter, compared to the consensus estimate of $1.33 billion. Teck Resources had a negative net margin of 32.87% and a positive return on equity of 0.39%. The company’s revenue for the quarter was down 13.0% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.14 EPS. On average, equities analysts anticipate that Teck Resources Ltd. will post $0.56 EPS for the current fiscal year.
A number of research analysts recently weighed in on the company. TD Securities reaffirmed a “buy” rating and set a $30.00 price target on shares of Teck Resources in a research note on Sunday. Berenberg Bank assumed coverage on Teck Resources in a research note on Friday, August 19th. They set a “sell” rating and a $10.00 price target on the stock. Clarkson Capital raised Teck Resources from a “neutral” rating to a “buy” rating in a research note on Monday, July 18th. Deutsche Bank AG reaffirmed a “sell” rating on shares of Teck Resources in a research note on Thursday, July 7th. Finally, FBR & Co upped their price target on Teck Resources from $15.00 to $16.00 and gave the stock a “mkt perform” rating in a research note on Wednesday, July 20th. Six equities research analysts have rated the stock with a sell rating, fourteen have issued a hold rating and six have given a buy rating to the company. The company currently has an average rating of “Hold” and an average target price of $15.50.
Teck Resources Company Profile
Teck Resources Limited is engaged in the business of exploring for, acquiring, developing and producing natural resources. The Company operates through five segments: steelmaking coal, copper, zinc, energy and corporate. Through its interests in mining and processing operations in Canada, the United States, Chile and Peru, the Company exports seaborne steelmaking coal and produces mined zinc.
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