RBA Wealth Management LLC Reduces Stock Position in Teck Resources Limited (NYSE:TECK)

RBA Wealth Management LLC lessened its stake in shares of Teck Resources Limited (NYSE:TECK) (TSE:TECK) by 88.2% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 9,346 shares of the basic materials company’s stock after selling 69,663 shares during the quarter. RBA Wealth Management LLC’s holdings in Teck Resources were worth $488,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Susquehanna Fundamental Investments LLC purchased a new stake in shares of Teck Resources during the 1st quarter valued at about $485,000. Vanguard Group Inc. boosted its holdings in shares of Teck Resources by 1.8% during the 1st quarter. Vanguard Group Inc. now owns 16,721,130 shares of the basic materials company’s stock valued at $765,493,000 after acquiring an additional 290,034 shares during the last quarter. Country Club Bank purchased a new stake in shares of Teck Resources during the 2nd quarter valued at about $1,747,000. Quattro Financial Advisors LLC purchased a new stake in shares of Teck Resources during the 1st quarter valued at about $927,000. Finally, Atria Investments Inc purchased a new stake in shares of Teck Resources during the 1st quarter valued at about $1,141,000. Hedge funds and other institutional investors own 78.06% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on the stock. Eight Capital downgraded shares of Teck Resources from a “strong-buy” rating to a “hold” rating in a report on Thursday, July 11th. Benchmark reissued a “buy” rating and issued a $55.00 price objective on shares of Teck Resources in a report on Thursday, July 25th. BMO Capital Markets assumed coverage on shares of Teck Resources in a report on Monday, July 15th. They issued an “outperform” rating on the stock. UBS Group raised shares of Teck Resources from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $76.00 to $78.00 in a report on Wednesday, September 4th. Finally, Paradigm Capital raised shares of Teck Resources to a “moderate buy” rating in a report on Friday, July 26th. Three investment analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $67.43.

Teck Resources Price Performance

Shares of Teck Resources stock traded up $0.55 on Tuesday, hitting $50.26. 1,620,157 shares of the company traded hands, compared to its average volume of 3,420,716. The stock has a market capitalization of $25.67 billion, a P/E ratio of 21.99 and a beta of 1.02. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.77 and a current ratio of 1.48. Teck Resources Limited has a 52 week low of $34.38 and a 52 week high of $55.13. The business has a 50-day simple moving average of $48.67 and a 200 day simple moving average of $48.71.

Teck Resources (NYSE:TECK) (TSE:TECK) last released its quarterly earnings data on Wednesday, July 24th. The basic materials company reported $0.79 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.47 by $0.32. The firm had revenue of $3.87 billion for the quarter, compared to analysts’ expectations of $2.67 billion. Teck Resources had a net margin of 9.40% and a return on equity of 6.52%. The company’s revenue for the quarter was up 10.1% compared to the same quarter last year. During the same quarter last year, the business posted $0.91 earnings per share. Research analysts expect that Teck Resources Limited will post 1.94 earnings per share for the current fiscal year.

Teck Resources Company 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.