Teck Resources (NYSE:TECK) Reaches New 12-Month Low – Here’s What Happened

Shares of Teck Resources Limited (NYSE:TECK) (TSE:TECK) hit a new 52-week low during trading on Monday . The stock traded as low as $37.15 and last traded at $37.61, with a volume of 2032164 shares changing hands. The stock had previously closed at $39.78.

Wall Street Analysts Forecast Growth

TECK has been the subject of several analyst reports. National Bank Financial lowered shares of Teck Resources from an “outperform” rating to a “sector perform” rating in a report on Tuesday, December 10th. Bank of America raised their price target on shares of Teck Resources from $62.00 to $64.00 and gave the stock a “buy” rating in a report on Monday. JPMorgan Chase & Co. dropped their price objective on shares of Teck Resources from $55.00 to $51.00 and set an “overweight” rating on the stock in a research note on Thursday, January 16th. Finally, Raymond James cut their price objective on Teck Resources from $75.00 to $70.00 and set an “outperform” rating on the stock in a research report on Wednesday, January 22nd. Six equities research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $65.22.

Teck Resources Trading Up 3.8 %

The stock has a 50 day moving average of $41.70 and a 200 day moving average of $45.09. The company has a debt-to-equity ratio of 0.16, a current ratio of 2.92 and a quick ratio of 2.35. The firm has a market cap of $19.86 billion, a P/E ratio of 72.80 and a beta of 0.93.

Teck Resources (NYSE:TECK) (TSE:TECK) last announced its quarterly earnings data on Thursday, February 20th. The basic materials company reported $0.33 EPS for the quarter, beating the consensus estimate of $0.26 by $0.07. Teck Resources had a return on equity of 4.59% and a net margin of 2.96%. The firm had revenue of $1.99 billion for the quarter, compared to analyst estimates of $2.58 billion. As a group, equities research analysts predict that Teck Resources Limited will post 1.53 EPS for the current year.

Teck Resources Cuts Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Friday, March 14th will be paid a dividend of $0.0879 per share. This represents a $0.35 dividend on an annualized basis and a dividend yield of 0.88%. The ex-dividend date of this dividend is Friday, March 14th. Teck Resources’s payout ratio is 61.82%.

Hedge Funds Weigh In On Teck Resources

Several hedge funds and other institutional investors have recently modified their holdings of TECK. Norges Bank bought a new stake in Teck Resources during the 4th quarter valued at approximately $470,101,000. Swedbank AB purchased a new position in Teck Resources during the 4th quarter valued at about $103,878,000. Arrowstreet Capital Limited Partnership purchased a new position in Teck Resources during the fourth quarter valued at $65,197,000. FMR LLC grew its stake in shares of Teck Resources by 72.8% in the third quarter. FMR LLC now owns 3,634,430 shares of the basic materials company’s stock worth $189,848,000 after acquiring an additional 1,531,563 shares during the last quarter. Finally, AMF Tjanstepension AB increased its holdings in shares of Teck Resources by 32.2% during the fourth quarter. AMF Tjanstepension AB now owns 6,020,023 shares of the basic materials company’s stock valued at $244,252,000 after acquiring an additional 1,467,516 shares in the last quarter. Hedge funds and other institutional investors own 78.06% of the company’s stock.

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.