TCW Group Inc. Acquires New Holdings in Teck Resources Limited (NYSE:TECK)

TCW Group Inc. bought a new stake in Teck Resources Limited (NYSE:TECK) (TSE:TECK) in the third quarter, Holdings Channel reports. The fund bought 11,052 shares of the basic materials company’s stock, valued at approximately $577,000.

Other large investors have also recently bought and sold shares of the company. Daymark Wealth Partners LLC grew its holdings in Teck Resources by 2.8% during the third quarter. Daymark Wealth Partners LLC now owns 8,774 shares of the basic materials company’s stock worth $458,000 after acquiring an additional 242 shares during the period. Candriam S.C.A. lifted its stake in Teck Resources by 4.0% during the second quarter. Candriam S.C.A. now owns 8,897 shares of the basic materials company’s stock valued at $426,000 after purchasing an additional 343 shares during the last quarter. Evergreen Capital Management LLC boosted its holdings 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 worth $243,000 after buying an additional 365 shares in the last quarter. Bruce G. Allen Investments LLC grew its position in Teck Resources by 77.4% in the third quarter. Bruce G. Allen Investments LLC now owns 878 shares of the basic materials company’s stock worth $46,000 after buying an additional 383 shares during the last quarter. Finally, WR Wealth Planners LLC increased its holdings in shares of Teck Resources by 17.4% in the second quarter. WR Wealth Planners LLC now owns 2,700 shares of the basic materials company’s stock valued at $129,000 after buying an additional 400 shares in the last quarter. Institutional investors and hedge funds own 78.06% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on TECK shares. Citigroup upgraded Teck Resources to a “hold” rating in a report on Wednesday, October 2nd. National Bank Financial cut shares of Teck Resources from an “outperform” rating to a “sector perform” rating in a report on Tuesday. UBS Group lowered shares of Teck Resources from a “buy” rating to a “neutral” rating in a report on Monday, November 11th. JPMorgan Chase & Co. reduced their price target on shares of Teck Resources from $57.00 to $55.00 and set an “overweight” rating for the company in a research report on Friday, October 25th. Finally, Scotiabank lifted their price objective 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, October 8th. Six research analysts have rated the stock with a hold rating, five have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, Teck Resources currently has an average rating of “Moderate Buy” and a consensus target price of $65.29.

Teck Resources Price Performance

NYSE TECK opened at $45.21 on Friday. The stock’s 50-day moving average is $47.72 and its two-hundred day moving average is $48.02. The company has a debt-to-equity ratio of 0.16, a current ratio of 2.92 and a quick ratio of 2.35. Teck Resources Limited has a fifty-two week low of $36.50 and a fifty-two week high of $55.13. The firm has a market cap of $23.16 billion, a P/E ratio of 68.49 and a beta of 1.03.

Teck Resources (NYSE:TECK) (TSE:TECK) last released its quarterly earnings results on Thursday, October 24th. The basic materials company reported $0.60 EPS for the quarter, beating analysts’ consensus estimates of $0.36 by $0.24. The company had revenue of $2.86 billion for the quarter, compared to analyst estimates of $2.09 billion. Teck Resources had a net margin of 3.32% and a return on equity of 6.37%. The company’s quarterly revenue was down 20.6% compared to the same quarter last year. During the same quarter last year, the firm posted $0.57 earnings per share. On average, analysts anticipate that Teck Resources Limited will post 1.81 earnings per share for the current fiscal year.

Teck Resources Cuts Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Investors of record on Friday, December 13th will be given a dividend of $0.0895 per share. The ex-dividend date of this dividend is Friday, December 13th. This represents a $0.36 annualized dividend and a dividend yield of 0.79%. Teck Resources’s dividend payout ratio is presently 56.06%.

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.