Drive Wealth Management LLC Invests $272,000 in Teck Resources Limited (NYSE:TECK)

Drive Wealth Management LLC purchased a new position in Teck Resources Limited (NYSE:TECK) (TSE:TECK) during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 6,701 shares of the basic materials company’s stock, valued at approximately $272,000.

A number of other hedge funds have also modified their holdings of the stock. Principal Financial Group Inc. boosted its holdings in Teck Resources by 21.7% in the third quarter. Principal Financial Group Inc. now owns 7,429,981 shares of the basic materials company’s stock worth $388,507,000 after purchasing an additional 1,326,241 shares in the last quarter. CIBC Asset Management Inc boosted its holdings in Teck Resources by 2.6% in the third quarter. CIBC Asset Management Inc now owns 6,495,880 shares of the basic materials company’s stock worth $341,337,000 after purchasing an additional 165,759 shares in the last quarter. AMF Tjanstepension AB boosted its holdings in Teck Resources by 3.9% in the third quarter. AMF Tjanstepension AB now owns 4,552,507 shares of the basic materials company’s stock worth $238,055,000 after purchasing an additional 169,476 shares in the last quarter. FMR LLC boosted its holdings in 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 purchasing an additional 1,531,563 shares in the last quarter. Finally, Regal Partners Ltd boosted its holdings in Teck Resources by 1.4% in the third quarter. Regal Partners Ltd now owns 2,728,980 shares of the basic materials company’s stock worth $142,562,000 after purchasing an additional 38,949 shares in the last quarter. 78.06% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on the stock. JPMorgan Chase & Co. decreased their price target on shares of Teck Resources from $55.00 to $51.00 and set an “overweight” rating for the company in a report on Thursday, January 16th. National Bank Financial cut shares of Teck Resources from an “outperform” rating to a “sector perform” rating in a report on Tuesday, December 10th. Deutsche Bank Aktiengesellschaft cut shares of Teck Resources from a “buy” rating to a “hold” rating and set a $50.00 price target for the company. in a report on Friday, October 25th. StockNews.com upgraded shares of Teck Resources from a “sell” rating to a “hold” rating in a report on Thursday, October 24th. Finally, UBS Group cut shares of Teck Resources from a “buy” rating to a “neutral” rating in a report on Monday, November 11th. Six research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $65.38.

Teck Resources Price Performance

TECK opened at $42.43 on Tuesday. Teck Resources Limited has a one year low of $36.50 and a one year high of $55.13. 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 company’s 50 day simple moving average is $43.41 and its 200-day simple moving average is $46.35. The stock has a market capitalization of $21.16 billion, a P/E ratio of 64.29 and a beta of 1.05.

Teck Resources Cuts Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, December 31st. Shareholders of record on Friday, December 13th were paid a $0.0895 dividend. The ex-dividend date was Friday, December 13th. This represents a $0.36 dividend on an annualized basis and a yield of 0.84%. Teck Resources’s payout ratio is presently 53.03%.

Teck Resources 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.