Synergy Asset Management LLC Buys 7,387 Shares of Teck Resources Limited (NYSE:TECK)

Synergy Asset Management LLC raised its stake in shares of Teck Resources Limited (NYSE:TECK) (TSE:TECK) by 77.7% in the fourth quarter, Holdings Channel reports. The fund owned 16,892 shares of the basic materials company’s stock after acquiring an additional 7,387 shares during the period. Synergy Asset Management LLC’s holdings in Teck Resources were worth $685,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in TECK. Principal Financial Group Inc. lifted its holdings in Teck Resources by 21.7% during 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. CIBC Asset Management Inc raised its stake in shares of 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 valued at $341,337,000 after acquiring an additional 165,759 shares during the last quarter. AMF Tjanstepension AB raised its stake in shares of 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 valued at $238,055,000 after acquiring an additional 169,476 shares during the last quarter. FMR LLC boosted its holdings in shares of Teck Resources by 72.8% in the 3rd quarter. FMR LLC now owns 3,634,430 shares of the basic materials company’s stock worth $189,848,000 after acquiring an additional 1,531,563 shares in the last quarter. Finally, Regal Partners Ltd grew its position in Teck Resources by 1.4% during the 3rd quarter. Regal Partners Ltd now owns 2,728,980 shares of the basic materials company’s stock worth $142,562,000 after acquiring an additional 38,949 shares during the last quarter. Institutional investors and hedge funds own 78.06% of the company’s stock.

Wall Street Analysts Forecast Growth

TECK has been the subject of several research analyst reports. Deutsche Bank Aktiengesellschaft downgraded Teck Resources from a “buy” rating to a “hold” rating and set a $50.00 price objective for the company. in a research report on Friday, October 25th. Raymond James reduced their price target on shares of Teck Resources from $75.00 to $70.00 and set an “outperform” rating on the stock in a research report on Wednesday, January 22nd. Citigroup upgraded shares of Teck Resources to a “hold” rating in a research report on Wednesday, October 2nd. UBS Group lowered shares of Teck Resources from a “buy” rating to a “neutral” rating in a research report on Monday, November 11th. Finally, Scotiabank raised their price target 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. Six analysts have rated the stock with a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Teck Resources currently has a consensus rating of “Moderate Buy” and a consensus price target of $65.38.

Teck Resources Stock Up 0.5 %

Shares of Teck Resources stock opened at $41.06 on Thursday. Teck Resources Limited has a 12 month low of $36.50 and a 12 month high of $55.13. The business has a fifty day simple moving average of $43.17 and a 200 day simple moving average of $46.25. The company has a quick ratio of 2.35, a current ratio of 2.92 and a debt-to-equity ratio of 0.16. The stock has a market cap of $20.48 billion, a PE ratio of 62.22 and a beta of 1.05.

Teck Resources Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, December 31st. Stockholders of record on Friday, December 13th were paid a $0.0895 dividend. The ex-dividend date of this dividend was Friday, December 13th. This represents a $0.36 dividend on an annualized basis and a dividend yield of 0.87%. Teck Resources’s dividend payout ratio (DPR) is presently 53.03%.

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.