Teck Resources (NYSE:TECK) Downgraded to "Hold" Rating by Cibc World Mkts

Key Points

• Teck Resources has been downgraded from a "strong-buy" rating to a "hold" rating by Cibc World Mkts, reflecting changing sentiment among analysts.
• The stock opened at $33.00, has a market cap of $15.94 billion, and reported earnings of $0.27 per share, surpassing estimates.
• Institutional investors and hedge funds own approximately 78.06% of Teck Resources, indicating strong interest from these entities in the company's stock.

Cibc World Mkts downgraded shares of Teck Resources (NYSE:TECK - Free Report) TSE: TECK from a strong-buy rating to a hold rating in a report published on Friday morning,Zacks.com reports.

TECK has been the subject of a number of other reports. National Bankshares upgraded Teck Resources from a "sector perform" rating to an "outperform" rating in a research report on Thursday, April 24th. Veritas upgraded Teck Resources to a "hold" rating in a research report on Friday, April 11th. Stifel Canada upgraded Teck Resources to a "hold" rating in a research report on Tuesday, July 8th. Morgan Stanley downgraded Teck Resources from an "overweight" rating to an "equal weight" rating and upped their target price for the stock from $42.00 to $44.00 in a research report on Tuesday, July 15th. Finally, UBS Group restated a "neutral" rating on shares of Teck Resources in a research report on Tuesday, April 15th. Thirteen investment analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat.com, Teck Resources currently has a consensus rating of "Hold" and an average target price of $60.11.

Teck Resources Stock Up 2.3%

Shares of NYSE:TECK traded up $0.77 during trading on Friday, hitting $33.77. The company's stock had a trading volume of 9,070,350 shares, compared to its average volume of 4,764,063. The stock's 50-day moving average price is $38.17 and its two-hundred day moving average price is $38.54. Teck Resources has a fifty-two week low of $28.32 and a fifty-two week high of $54.13. The company has a market capitalization of $16.31 billion, a PE ratio of 22.60, a PEG ratio of 0.52 and a beta of 0.80. The company has a debt-to-equity ratio of 0.15, a quick ratio of 2.57 and a current ratio of 3.36.

Teck Resources (NYSE:TECK - Get Free Report) TSE: TECK last posted its earnings results on Thursday, July 24th. The basic materials company reported $0.27 EPS for the quarter, beating the consensus estimate of $0.20 by $0.07. Teck Resources had a return on equity of 3.87% and a net margin of 2.51%. The company had revenue of $1.49 billion during the quarter, compared to analyst estimates of $2.25 billion. During the same period in the prior year, the company earned $0.79 earnings per share. The business's revenue was up 12.3% compared to the same quarter last year. As a group, sell-side analysts expect that Teck Resources will post 1.53 EPS for the current year.

Teck Resources Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 29th. Shareholders of record on Monday, September 15th will be given a dividend of $0.0918 per share. This represents a $0.37 annualized dividend and a yield of 1.09%. This is an increase from Teck Resources's previous quarterly dividend of $0.09. The ex-dividend date of this dividend is Monday, September 15th. Teck Resources's dividend payout ratio is presently 94.74%.

Institutional Investors Weigh In On Teck Resources

Hedge funds and other institutional investors have recently made changes to their positions in the business. Union Bancaire Privee UBP SA lifted its stake in shares of Teck Resources by 4.3% in the second quarter. Union Bancaire Privee UBP SA now owns 6,402 shares of the basic materials company's stock valued at $259,000 after buying an additional 264 shares during the period. Commonwealth Equity Services LLC increased its holdings in shares of Teck Resources by 2.2% in the fourth quarter. Commonwealth Equity Services LLC now owns 13,959 shares of the basic materials company's stock valued at $566,000 after purchasing an additional 302 shares in the last quarter. Rockefeller Capital Management L.P. grew its holdings in Teck Resources by 2.5% during the 4th quarter. Rockefeller Capital Management L.P. now owns 13,511 shares of the basic materials company's stock worth $548,000 after acquiring an additional 335 shares during the period. Smartleaf Asset Management LLC grew its holdings in Teck Resources by 69.2% during the 1st quarter. Smartleaf Asset Management LLC now owns 856 shares of the basic materials company's stock worth $32,000 after acquiring an additional 350 shares during the period. Finally, Vontobel Holding Ltd. grew its holdings in shares of Teck Resources by 0.5% in the 1st quarter. Vontobel Holding Ltd. now owns 88,303 shares of the basic materials company's stock valued at $3,217,000 after buying an additional 400 shares during the period. 78.06% of the stock is owned by institutional investors and hedge funds.

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.