Zweig DiMenna Associates LLC Sells 99,800 Shares of Teck Resources Limited (NYSE:TECK)

Zweig DiMenna Associates LLC cut its position in shares of Teck Resources Limited (NYSE:TECK) (TSE:TECK) by 41.0% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 143,800 shares of the basic materials company’s stock after selling 99,800 shares during the period. Zweig DiMenna Associates LLC’s holdings in Teck Resources were worth $7,512,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also modified their holdings of the company. International Assets Investment Management LLC acquired a new stake in shares of Teck Resources during the 3rd quarter valued at about $10,818,000. Eastern Bank acquired a new stake in Teck Resources during the third quarter valued at approximately $39,000. U S Global Investors Inc. acquired a new stake in Teck Resources during the third quarter valued at approximately $444,000. OLD National Bancorp IN bought a new stake in shares of Teck Resources in the 3rd quarter valued at approximately $241,000. Finally, Raymond James & Associates raised its holdings in shares of Teck Resources by 34.5% in the 3rd quarter. Raymond James & Associates now owns 407,868 shares of the basic materials company’s stock worth $21,307,000 after buying an additional 104,573 shares in the last quarter. 78.06% of the stock is currently owned by institutional investors.

Teck Resources Price Performance

TECK opened at $46.83 on Friday. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.48 and a quick ratio of 0.77. The stock has a market capitalization of $23.70 billion, a P/E ratio of 22.96 and a beta of 1.02. The company’s 50 day simple moving average is $48.76 and its 200-day simple moving average is $48.73. Teck Resources Limited has a one year low of $34.38 and a one year high of $55.13.

Teck Resources (NYSE:TECK) (TSE:TECK) last announced its quarterly earnings data 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. Teck Resources had a return on equity of 6.52% and a net margin of 9.40%. The firm had revenue of $3.87 billion for the quarter, compared to analyst estimates of $2.67 billion. During the same period last year, the company earned $0.91 EPS. The business’s quarterly revenue was up 10.1% compared to the same quarter last year. Sell-side analysts anticipate that Teck Resources Limited will post 1.93 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on TECK shares. Scotiabank upped their price target on Teck Resources from $78.00 to $79.00 and gave the company a “sector outperform” rating in a research report on Tuesday, October 8th. Citigroup raised shares of Teck Resources to a “hold” rating in a report on Wednesday, October 2nd. CIBC increased their target price on shares of Teck Resources from $70.00 to $80.00 and gave the stock an “outperformer” rating in a research report on Friday, July 12th. UBS Group upgraded shares of Teck Resources from a “neutral” rating to a “buy” rating and boosted their price target for the company from $76.00 to $78.00 in a research report on Wednesday, September 4th. Finally, Benchmark reaffirmed a “buy” rating and set a $55.00 price objective on shares of Teck Resources in a report on Thursday, July 25th. Three analysts have rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $67.43.

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.