Frank Rimerman Advisors LLC Boosts Stake in Teck Resources Limited (NYSE:TECK)

Frank Rimerman Advisors LLC raised its position in shares of Teck Resources Limited (NYSE:TECK) (TSE:TECK) by 0.9% during the 3rd quarter, Holdings Channel reports. The firm owned 105,040 shares of the basic materials company’s stock after buying an additional 891 shares during the quarter. Frank Rimerman Advisors LLC’s holdings in Teck Resources were worth $5,487,000 as of its most recent filing with the SEC.

Other hedge funds have also modified their holdings of the company. AMF Tjanstepension AB boosted its position in Teck Resources by 846.6% in the second quarter. AMF Tjanstepension AB now owns 4,383,031 shares of the basic materials company’s stock valued at $210,034,000 after buying an additional 3,919,984 shares during the last quarter. Asia Research & Capital Management Ltd purchased a new stake in shares of Teck Resources in the 1st quarter valued at $158,976,000. Castle Hook Partners LP purchased a new stake in shares of Teck Resources in the 1st quarter valued at $90,980,000. TD Asset Management Inc raised its holdings in shares of Teck Resources by 49.0% during the second quarter. TD Asset Management Inc now owns 4,950,816 shares of the basic materials company’s stock worth $237,202,000 after purchasing an additional 1,629,149 shares during the last quarter. Finally, National Bank of Canada FI lifted its position in Teck Resources by 48.4% during the second quarter. National Bank of Canada FI now owns 3,934,663 shares of the basic materials company’s stock valued at $188,111,000 after purchasing an additional 1,283,876 shares during the period. 78.06% of the stock is owned by institutional investors and hedge funds.

Teck Resources Stock Up 1.2 %

TECK opened at $47.35 on Friday. The company has a quick ratio of 0.77, a current ratio of 1.48 and a debt-to-equity ratio of 0.19. Teck Resources Limited has a twelve month low of $34.38 and a twelve month high of $55.13. The company has a market cap of $24.19 billion, a PE ratio of 20.95 and a beta of 1.02. The company has a 50-day moving average price of $48.73 and a 200 day moving average price of $48.73.

Teck Resources (NYSE:TECK) (TSE:TECK) last announced its earnings results on Wednesday, July 24th. The basic materials company reported $0.79 EPS for the quarter, beating analysts’ consensus estimates of $0.47 by $0.32. The business had revenue of $3.87 billion during the quarter, compared to analysts’ expectations of $2.67 billion. Teck Resources had a return on equity of 6.52% and a net margin of 9.40%. The business’s revenue was up 10.1% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.91 earnings per share. Sell-side analysts expect that Teck Resources Limited will post 1.93 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several equities research analysts have weighed in on TECK shares. Eight Capital downgraded Teck Resources from a “strong-buy” rating to a “hold” rating in a research report on Thursday, July 11th. TD Securities raised shares of Teck Resources to a “strong-buy” rating in a report on Tuesday, July 16th. Deutsche Bank Aktiengesellschaft downgraded shares of Teck Resources from a “buy” rating to a “hold” rating and set a $50.00 price target on the stock. in a report on Friday. Scotiabank lifted their price objective on shares of Teck Resources from $78.00 to $79.00 and gave the company a “sector outperform” rating in a report on Tuesday, October 8th. Finally, Paradigm Capital raised shares of Teck Resources to a “moderate buy” rating in a research note on Friday, July 26th. Four analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target 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.