Drive Wealth Management LLC Invests $272,000 in Teck Resources Limited (NYSE:TECK)

Drive Wealth Management LLC purchased a new position in shares of Teck Resources Limited (NYSE:TECK) (TSE:TECK) during the fourth quarter, HoldingsChannel reports. The fund purchased 6,701 shares of the basic materials company’s stock, valued at approximately $272,000.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Sei Investments Co. raised its holdings in shares of Teck Resources by 25.0% during the second quarter. Sei Investments Co. now owns 168,226 shares of the basic materials company’s stock worth $8,058,000 after acquiring an additional 33,664 shares during the period. AQR Capital Management LLC acquired a new stake in shares of Teck Resources during the second quarter worth $213,000. APG Asset Management N.V. raised its holdings in shares of Teck Resources by 890.0% during the second quarter. APG Asset Management N.V. now owns 88,112 shares of the basic materials company’s stock worth $3,939,000 after acquiring an additional 79,212 shares during the period. Creative Planning raised its holdings in shares of Teck Resources by 4.4% during the second quarter. Creative Planning now owns 37,821 shares of the basic materials company’s stock worth $1,812,000 after acquiring an additional 1,605 shares during the period. Finally, Cetera Investment Advisers raised its holdings in shares of Teck Resources by 3.0% during the second quarter. Cetera Investment Advisers now owns 38,099 shares of the basic materials company’s stock worth $1,825,000 after acquiring an additional 1,127 shares during the period. 78.06% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of brokerages recently commented on TECK. National Bank Financial lowered shares of Teck Resources from an “outperform” rating to a “sector perform” rating in a report on Tuesday, December 10th. StockNews.com upgraded shares of Teck Resources from a “sell” rating to a “hold” rating in a research note on Thursday, October 24th. Scotiabank lifted their price target on shares of Teck Resources from $78.00 to $79.00 and gave the company a “sector outperform” rating in a research note on Tuesday, October 8th. UBS Group lowered shares of Teck Resources from a “buy” rating to a “neutral” rating in a research note on Monday, November 11th. Finally, JPMorgan Chase & Co. lowered their price target on shares of Teck Resources from $55.00 to $51.00 and set an “overweight” rating on the stock in a research note on Thursday, January 16th. Six research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $65.38.

Teck Resources Stock Down 2.1 %

Teck Resources stock opened at $42.43 on Tuesday. The firm has a market capitalization of $21.16 billion, a PE ratio of 64.29 and a beta of 1.05. The company’s 50-day moving average is $43.41 and its 200-day moving average is $46.35. Teck Resources Limited has a fifty-two week low of $36.50 and a fifty-two week high of $55.13. The company has a debt-to-equity ratio of 0.16, a current ratio of 2.92 and a quick ratio of 2.35.

Teck Resources Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, December 31st. Stockholders of record on Friday, December 13th were paid a dividend of $0.0895 per share. The ex-dividend date of this dividend was Friday, December 13th. This represents a $0.36 annualized dividend and a dividend yield of 0.84%. Teck Resources’s dividend payout ratio is presently 53.03%.

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.