Teck Resources (NYSE:TECK) Reaches New 52-Week Low – Here’s What Happened

Shares of Teck Resources Limited (NYSE:TECK) (TSE:TECK) reached a new 52-week low during mid-day trading on Monday . The stock traded as low as $28.35 and last traded at $29.71, with a volume of 2447247 shares changing hands. The stock had previously closed at $29.96.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on TECK. Raymond James cut their price target on Teck Resources from $75.00 to $70.00 and set an “outperform” rating on the stock in a research note on Wednesday, January 22nd. Desjardins assumed coverage on shares of Teck Resources in a research note on Friday, April 4th. They issued a “buy” rating on the stock. Bank of America raised their price objective on shares of Teck Resources from $62.00 to $64.00 and gave the company a “buy” rating in a research note on Monday, March 10th. National Bank Financial cut Teck Resources from an “outperform” rating to a “sector perform” rating in a research note on Tuesday, December 10th. Finally, JPMorgan Chase & Co. lowered their target price 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. Seven investment analysts have rated the stock with a hold rating, eight have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $65.22.

Teck Resources Stock Up 15.2 %

The company has a current ratio of 2.92, a quick ratio of 2.35 and a debt-to-equity ratio of 0.16. The firm has a market capitalization of $16.56 billion, a P/E ratio of 60.86 and a beta of 0.81. The company has a 50 day simple moving average of $39.69 and a two-hundred day simple moving average of $43.67.

Teck Resources (NYSE:TECK) (TSE:TECK) last released 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. The business had revenue of $1.99 billion during the quarter, compared to the consensus estimate of $2.58 billion. Teck Resources had a net margin of 2.96% and a return on equity of 4.59%. On average, equities analysts predict that Teck Resources Limited will post 1.53 EPS for the current fiscal year.

Teck Resources Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Friday, March 14th were paid a $0.0879 dividend. This represents a $0.35 dividend on an annualized basis and a yield of 1.05%. The ex-dividend date of this dividend was Friday, March 14th. Teck Resources’s payout ratio is 61.82%.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the company. Vanguard Group Inc. lifted its position in Teck Resources by 0.3% during the fourth quarter. Vanguard Group Inc. now owns 19,316,132 shares of the basic materials company’s stock valued at $783,153,000 after purchasing an additional 58,985 shares during the last quarter. Amundi grew its position in Teck Resources by 5.6% in the fourth quarter. Amundi now owns 14,949,233 shares of the basic materials company’s stock worth $619,765,000 after acquiring an additional 791,725 shares in the last quarter. Norges Bank bought a new stake in Teck Resources during the fourth quarter worth approximately $470,101,000. Invesco Ltd. raised its position in Teck Resources by 4.7% during the fourth quarter. Invesco Ltd. now owns 7,711,727 shares of the basic materials company’s stock valued at $312,556,000 after purchasing an additional 347,235 shares during the period. Finally, Principal Financial Group Inc. lifted its stake in shares of Teck Resources by 21.7% in the 3rd quarter. Principal Financial Group Inc. now owns 7,429,981 shares of the basic materials company’s stock valued at $388,507,000 after purchasing an additional 1,326,241 shares during the last quarter. 78.06% of the stock is currently owned by institutional investors.

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.