Vanguard Group Inc. Takes $182.66 Million Position in Teck Resources Ltd (NYSE:TECK)

Vanguard Group Inc. purchased a new position in shares of Teck Resources Ltd (NYSE:TECK) (TSE:TECK) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 10,539,863 shares of the basic materials company’s stock, valued at approximately $182,655,000. Vanguard Group Inc. owned 1.82% of Teck Resources at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently modified their holdings of TECK. Capital Analysts LLC purchased a new stake in Teck Resources during the 2nd quarter worth about $100,000. Winslow Evans & Crocker Inc. purchased a new stake in Teck Resources during the 2nd quarter worth about $108,000. Financial Architects Inc purchased a new stake in Teck Resources during the 2nd quarter worth about $123,000. PNC Financial Services Group Inc. purchased a new position in shares of Teck Resources in the 2nd quarter valued at about $124,000. Finally, Nexus Investment Management Inc. purchased a new position in shares of Teck Resources in the 2nd quarter valued at about $182,000. Institutional investors own 47.17% of the company’s stock.

TECK has been the topic of a number of recent analyst reports. MKM Partners reiterated a “buy” rating and issued a $40.00 price objective on shares of Teck Resources in a report on Tuesday, September 12th. ValuEngine cut Teck Resources from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, September 6th. Zacks Investment Research raised Teck Resources from a “hold” rating to a “buy” rating and set a $25.00 target price for the company in a research report on Thursday, October 5th. Bank of America Corporation upped their target price on Teck Resources from $27.00 to $29.00 and gave the company a “buy” rating in a research report on Wednesday, October 4th. Finally, Raymond James Financial, Inc. reaffirmed an “outperform” rating on shares of Teck Resources in a research report on Tuesday, August 15th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating, twenty have assigned a buy rating and one has given a strong buy rating to the company. Teck Resources presently has an average rating of “Buy” and a consensus price target of $31.18.

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Teck Resources Ltd (NYSE TECK) opened at 20.84 on Friday. Teck Resources Ltd has a one year low of $14.56 and a one year high of $26.60. The firm has a market cap of $12.04 billion, a PE ratio of 7.17 and a beta of 1.20. The company has a 50-day moving average price of $22.37 and a 200-day moving average price of $20.63.

Teck Resources (NYSE:TECK) (TSE:TECK) last posted its quarterly earnings results on Thursday, October 26th. The basic materials company reported $0.84 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.90 by ($0.06). Teck Resources had a return on equity of 13.01% and a net margin of 17.93%. The company had revenue of $3.13 billion during the quarter, compared to analyst estimates of $3.23 billion. The firm’s revenue was up 35.7% compared to the same quarter last year. Equities analysts predict that Teck Resources Ltd will post $3.55 earnings per share for the current fiscal year.

About Teck Resources

Teck Resources Ltd is engaged in the business of exploring for, acquiring, developing and producing natural resources. The Company’s activities are organized into business units that are focused on steelmaking coal, copper, zinc and energy. It operates in five segments: steelmaking coal, copper, zinc, energy and corporate.

Institutional Ownership by Quarter for Teck Resources (NYSE:TECK)

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