M&G Plc Sells 11,222 Shares of Teck Resources Limited (NYSE:TECK)

M&G Plc reduced its stake in shares of Teck Resources Limited (NYSE:TECK) (TSE:TECK) by 2.1% in the 3rd quarter, Holdings Channel.com reports. The institutional investor owned 521,000 shares of the basic materials company’s stock after selling 11,222 shares during the quarter. M&G Plc’s holdings in Teck Resources were worth $27,092,000 at the end of the most recent quarter.

Several other large investors have also recently bought and sold shares of the company. Quent Capital LLC bought a new stake in shares of Teck Resources in the first quarter worth about $119,000. Envestnet Portfolio Solutions Inc. raised its holdings in Teck Resources by 10.3% during the 1st quarter. Envestnet Portfolio Solutions Inc. now owns 18,341 shares of the basic materials company’s stock worth $840,000 after buying an additional 1,711 shares during the period. Quantbot Technologies LP lifted its stake in Teck Resources by 180.4% in the first quarter. Quantbot Technologies LP now owns 64,243 shares of the basic materials company’s stock valued at $2,941,000 after buying an additional 41,331 shares in the last quarter. Empowered Funds LLC acquired a new position in shares of Teck Resources in the first quarter valued at approximately $952,000. Finally, SG Americas Securities LLC bought a new stake in shares of Teck Resources during the first quarter worth $1,641,000. Institutional investors own 78.06% of the company’s stock.

Wall Street Analysts Forecast Growth

TECK has been the topic of a number of research reports. CIBC boosted their price target on Teck Resources from $70.00 to $80.00 and gave the company an “outperformer” rating in a report on Friday, July 12th. BMO Capital Markets initiated coverage on shares of Teck Resources in a research report on Monday, July 15th. They set an “outperform” rating on the stock. JPMorgan Chase & Co. lowered their target price on Teck Resources from $57.00 to $55.00 and set an “overweight” rating on the stock in a research report on Friday, October 25th. Paradigm Capital raised Teck Resources to a “moderate buy” rating in a research report on Friday, July 26th. Finally, Benchmark reiterated a “buy” rating and set a $55.00 price objective on shares of Teck Resources in a research note on Thursday, July 25th. Four analysts have rated the stock with a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $65.29.

Teck Resources Stock Performance

Shares of TECK stock opened at $51.06 on Friday. The company has a market capitalization of $25.84 billion, a price-to-earnings ratio of 77.36 and a beta of 1.04. The company has a debt-to-equity ratio of 0.16, a quick ratio of 2.35 and a current ratio of 2.92. Teck Resources Limited has a 52 week low of $34.38 and a 52 week high of $55.13. The company has a 50-day simple moving average of $48.65 and a 200 day simple moving average of $48.73.

Teck Resources (NYSE:TECK) (TSE:TECK) last posted its quarterly earnings results on Thursday, October 24th. The basic materials company reported $0.60 earnings per share for the quarter, beating the consensus estimate of $0.36 by $0.24. Teck Resources had a net margin of 3.32% and a return on equity of 6.37%. The company had revenue of $2.86 billion during the quarter, compared to analyst estimates of $2.09 billion. During the same quarter in the prior year, the business earned $0.57 earnings per share. The firm’s revenue for the quarter was down 20.6% on a year-over-year basis. On average, sell-side analysts predict that Teck Resources Limited will post 1.91 earnings per share for the current year.

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.