Camden National Bank Takes $251,000 Position in Teck Resources Limited (NYSE:TECK)

Camden National Bank purchased a new position in Teck Resources Limited (NYSE:TECK) (TSE:TECK) during the 3rd quarter, HoldingsChannel.com reports. The firm purchased 4,799 shares of the basic materials company’s stock, valued at approximately $251,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of TECK. Daymark Wealth Partners LLC grew its holdings in shares of Teck Resources by 2.8% in the third quarter. Daymark Wealth Partners LLC now owns 8,774 shares of the basic materials company’s stock worth $458,000 after purchasing an additional 242 shares during the last quarter. Cigna Investments Inc. New raised its stake in shares of Teck Resources by 3.8% during the second quarter. Cigna Investments Inc. New now owns 8,762 shares of the basic materials company’s stock valued at $420,000 after acquiring an additional 317 shares in the last quarter. Candriam S.C.A. boosted its holdings in shares of Teck Resources by 4.0% in the second quarter. Candriam S.C.A. now owns 8,897 shares of the basic materials company’s stock valued at $426,000 after purchasing an additional 343 shares during the period. Evergreen Capital Management LLC grew its stake in Teck Resources by 7.8% in the second quarter. Evergreen Capital Management LLC now owns 5,064 shares of the basic materials company’s stock worth $243,000 after purchasing an additional 365 shares in the last quarter. Finally, Bruce G. Allen Investments LLC increased its holdings in Teck Resources by 77.4% during the 3rd quarter. Bruce G. Allen Investments LLC now owns 878 shares of the basic materials company’s stock worth $46,000 after purchasing an additional 383 shares during the period. 78.06% of the stock is owned by institutional investors.

Teck Resources Stock Performance

Shares of TECK opened at $46.81 on Friday. 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 cap of $23.55 billion, a PE ratio of 70.92 and a beta of 1.04. Teck Resources Limited has a 12 month low of $35.25 and a 12 month high of $55.13. The stock has a fifty day moving average price of $48.90 and a 200-day moving average price of $48.58.

Teck Resources (NYSE:TECK) (TSE:TECK) last released its quarterly earnings results on Thursday, October 24th. The basic materials company reported $0.60 EPS for the quarter, beating analysts’ consensus estimates of $0.36 by $0.24. Teck Resources had a return on equity of 6.37% and a net margin of 3.32%. The company had revenue of $2.86 billion during the quarter, compared to analysts’ expectations of $2.09 billion. During the same period last year, the business posted $0.57 earnings per share. The firm’s revenue was down 20.6% compared to the same quarter last year. Equities research analysts predict that Teck Resources Limited will post 1.86 earnings per share for the current fiscal year.

Teck Resources Cuts Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Friday, December 13th will be given a dividend of $0.0895 per share. This represents a $0.36 annualized dividend and a yield of 0.76%. The ex-dividend date of this dividend is Friday, December 13th. Teck Resources’s dividend payout ratio is presently 56.06%.

Analyst Ratings Changes

TECK has been the subject of several research reports. JPMorgan Chase & Co. lowered their target price on Teck Resources from $57.00 to $55.00 and set an “overweight” rating for the company in a report on Friday, October 25th. Scotiabank increased their target price on shares of Teck Resources from $78.00 to $79.00 and gave the stock a “sector outperform” rating in a report on Tuesday, October 8th. Deutsche Bank Aktiengesellschaft lowered 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 research note on Thursday, October 24th. Finally, Citigroup raised shares of Teck Resources to a “hold” rating in a research note on Wednesday, October 2nd. Five equities research analysts have rated the stock with a hold rating, five have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Teck Resources has a consensus rating of “Moderate Buy” and a consensus target price of $65.29.

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.