Teck Resources (NYSE:TECK) Shares Break Above Two Hundred Day Moving Average - Here's What Happened

Key Points

• Teck Resources shares rose 2% and briefly reached $60.60, breaking above the 200-day moving average of $60.19 on volume of roughly 2.73 million shares.
• Analyst sentiment remains mixed: six analysts rate the stock Buy and seven Hold, resulting in an average rating of Hold and an average price target of $68.80; Stifel recently raised its target to $95.
• Institutional investors and hedge funds own approximately 78.06% of the company. Teck is primarily focused on copper and zinc mining, with operations in Canada, Chile and Alaska.

Teck Resources Ltd (NYSE:TECK - Get Free Report) TSE: TECK shares passed above its 200-day moving average during trading on Monday. The stock has a 200-day moving average of $60.19 and traded as high as $60.60. Teck Resources shares last traded at $60.2480, with a volume of 2,729,672 shares trading hands.

Analysts Set New Price Targets

TECK has been the topic of a number of research reports. Wall Street Zen lowered shares of Teck Resources from a "strong-buy" rating to a "buy" rating in a research report on Sunday, July 26th. Raymond James Financial upgraded shares of Teck Resources from a "market perform" rating to an "outperform" rating in a research note on Thursday, July 23rd. JPMorgan Chase & Co. raised their price target on shares of Teck Resources from $46.00 to $47.00 and gave the stock a "neutral" rating in a research report on Tuesday, July 28th. Weiss Ratings downgraded shares of Teck Resources from a "buy (b)" rating to a "buy (b-)" rating in a report on Friday. Finally, Stifel Nicolaus boosted their price objective on shares of Teck Resources from $82.00 to $95.00 and gave the stock a "hold" rating in a report on Tuesday, October 20th. Six research analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company's stock. According to data from MarketBeat.com, Teck Resources currently has an average rating of "Hold" and an average price target of $68.80.

Teck Resources Stock Up 2.0%

The firm has a market capitalization of $29.11 billion, a price-to-earnings ratio of 16.33, a price-to-earnings-growth ratio of 1.88 and a beta of 1.01. The business has a 50 day moving average of $66.39 and a 200 day moving average of $60.19. The company has a debt-to-equity ratio of 0.12, a current ratio of 3.12 and a quick ratio of 2.33.

Hedge Funds Weigh In On Teck Resources

A number of hedge funds have recently made changes to their positions in the business. Signaturefd LLC lifted its holdings in shares of Teck Resources by 7.7% during the 3rd quarter. Signaturefd LLC now owns 22,786 shares of the basic materials company's stock worth $1,499,000 after acquiring an additional 1,629 shares during the period. SBI Securities Co. Ltd. increased its stake in Teck Resources by 101.8% in the third quarter. SBI Securities Co. Ltd. now owns 900 shares of the basic materials company's stock valued at $59,000 after acquiring an additional 454 shares during the period. Kapitalo Investimentos Ltda increased its stake in Teck Resources by 23.7% in the third quarter. Kapitalo Investimentos Ltda now owns 436,487 shares of the basic materials company's stock valued at $28,716,000 after acquiring an additional 83,628 shares during the period. Genesee Capital Advisors LLC acquired a new position in Teck Resources in the third quarter worth about $259,000. Finally, Vontobel Holding Ltd. raised its position in Teck Resources by 8.3% in the third quarter. Vontobel Holding Ltd. now owns 111,052 shares of the basic materials company's stock worth $7,312,000 after purchasing an additional 8,503 shares in the last quarter. Institutional investors and hedge funds own 78.06% of the company's stock.

About Teck Resources

Teck Resources Limited is a Canadian mining and mineral development company focused primarily on copper and zinc, commodities used in electrification, infrastructure, manufacturing and other industrial applications. The company explores for, develops and operates mines, mineral processing facilities and related infrastructure.

Teck's copper assets include Highland Valley Copper in British Columbia, Canada; Carmen de Andacollo in Chile; and Quebrada Blanca in northern Chile. Its zinc operations include the Red Dog mine in Alaska and the Trail Operations metallurgical complex in British Columbia, which produces refined metals, alloys and other related products.

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