Teck Resources Limited (NYSE:TECK) Sees Significant Decline in Short Interest

Teck Resources Limited (NYSE:TECK) (TSE:TECK) saw a large drop in short interest during the month of March. As of March 15th, there was short interest totalling 4,760,000 shares, a drop of 43.0% from the February 29th total of 8,350,000 shares. Based on an average daily volume of 3,620,000 shares, the short-interest ratio is presently 1.3 days. Currently, 0.9% of the company’s shares are sold short.

Teck Resources Stock Up 0.2 %

Shares of NYSE TECK traded up $0.09 during midday trading on Thursday, reaching $44.01. 650,506 shares of the company’s stock were exchanged, compared to its average volume of 3,698,396. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.60 and a current ratio of 1.10. Teck Resources has a 52-week low of $34.38 and a 52-week high of $49.34. The business’s fifty day moving average price is $40.21 and its two-hundred day moving average price is $39.51. The stock has a market capitalization of $22.43 billion, a PE ratio of 12.80, a price-to-earnings-growth ratio of 5.19 and a beta of 1.13.

Teck Resources (NYSE:TECK) (TSE:TECK) last issued its quarterly earnings data on Thursday, February 22nd. The basic materials company reported $1.02 earnings per share for the quarter, beating analysts’ consensus estimates of $1.01 by $0.01. Teck Resources had a return on equity of 9.67% and a net margin of 16.21%. The firm had revenue of $3.02 billion during the quarter, compared to analyst estimates of $3.11 billion. Analysts forecast that Teck Resources will post 4.01 EPS for the current year.

Teck Resources Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, March 28th. Investors of record on Friday, March 15th will be issued a $0.0925 dividend. The ex-dividend date of this dividend is Thursday, March 14th. This represents a $0.37 annualized dividend and a yield of 0.84%. Teck Resources’s dividend payout ratio is presently 10.79%.

Institutional Investors Weigh In On Teck Resources

Several institutional investors and hedge funds have recently made changes to their positions in the company. Money Concepts Capital Corp acquired a new stake in shares of Teck Resources during the 4th quarter worth approximately $29,000. Baystate Wealth Management LLC purchased a new stake in Teck Resources in the 3rd quarter worth approximately $31,000. Creekmur Asset Management LLC acquired a new stake in shares of Teck Resources during the 4th quarter valued at $35,000. JFS Wealth Advisors LLC lifted its stake in Teck Resources by 249.0% in the third quarter. JFS Wealth Advisors LLC now owns 841 shares of the basic materials company’s stock valued at $36,000 after acquiring an additional 600 shares during the last quarter. Finally, Achmea Investment Management B.V. acquired a new stake in Teck Resources in the first quarter valued at approximately $37,000. 78.06% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of brokerages have issued reports on TECK. UBS Group began coverage on Teck Resources in a research note on Tuesday, January 16th. They issued a “buy” rating on the stock. Benchmark reissued a “buy” rating and issued a $50.00 price target on shares of Teck Resources in a research note on Monday, January 22nd. Morgan Stanley reduced their target price on Teck Resources from $45.00 to $44.00 and set an “overweight” rating on the stock in a report on Monday, February 26th. Finally, StockNews.com started coverage on Teck Resources in a report on Monday, December 11th. They issued a “hold” rating on the stock. Two research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $63.96.

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.