Iridian Asset Management LLC CT Has $2.68 Million Stock Position in Teck Resources Limited (NYSE:TECK)

Iridian Asset Management LLC CT reduced its stake in Teck Resources Limited (NYSE:TECK) (TSE:TECK) by 8.4% during the third quarter, Holdings Channel.com reports. The fund owned 51,247 shares of the basic materials company’s stock after selling 4,694 shares during the period. Iridian Asset Management LLC CT’s holdings in Teck Resources were worth $2,677,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Daymark Wealth Partners LLC lifted its stake in Teck Resources by 2.8% in the third quarter. Daymark Wealth Partners LLC now owns 8,774 shares of the basic materials company’s stock valued at $458,000 after buying an additional 242 shares during the period. Cigna Investments Inc. New lifted its stake in Teck Resources by 3.8% in the second quarter. Cigna Investments Inc. New now owns 8,762 shares of the basic materials company’s stock valued at $420,000 after buying an additional 317 shares during the period. Candriam S.C.A. lifted its stake in Teck Resources by 4.0% in the second quarter. Candriam S.C.A. now owns 8,897 shares of the basic materials company’s stock valued at $426,000 after buying an additional 343 shares during the period. Evergreen Capital Management LLC lifted its stake in Teck Resources by 7.8% in the second quarter. Evergreen Capital Management LLC now owns 5,064 shares of the basic materials company’s stock valued at $243,000 after buying an additional 365 shares during the period. Finally, Bruce G. Allen Investments LLC lifted its stake in Teck Resources by 77.4% in the third quarter. Bruce G. Allen Investments LLC now owns 878 shares of the basic materials company’s stock valued at $46,000 after buying an additional 383 shares during the period. 78.06% of the stock is owned by institutional investors and hedge funds.

Teck Resources Price Performance

TECK stock opened at $47.19 on Thursday. The company has a market capitalization of $23.88 billion, a P/E ratio of 71.50 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 $48.69 and a two-hundred day simple moving average of $48.72.

Teck Resources (NYSE:TECK) (TSE:TECK) last released its quarterly earnings results on Thursday, October 24th. The basic materials company reported $0.60 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.36 by $0.24. The business had revenue of $2.86 billion during the quarter, compared to the consensus estimate of $2.09 billion. Teck Resources had a return on equity of 6.14% and a net margin of 3.32%. The company’s quarterly revenue was down 20.6% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.57 EPS. Research analysts expect that Teck Resources Limited will post 1.93 EPS for the current fiscal year.

Analysts Set New Price Targets

TECK has been the topic of several recent analyst reports. BMO Capital Markets initiated coverage on Teck Resources in a research note on Monday, July 15th. They issued an “outperform” rating on the stock. Deutsche Bank Aktiengesellschaft lowered Teck Resources from a “buy” rating to a “hold” rating and set a $50.00 price target on the stock. in a research note on Friday, October 25th. StockNews.com upgraded Teck Resources from a “sell” rating to a “hold” rating in a report on Thursday, October 24th. TD Securities raised shares of Teck Resources to a “strong-buy” rating in a research report on Tuesday, July 16th. Finally, UBS Group upgraded shares of Teck Resources from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $76.00 to $78.00 in a report on Wednesday, September 4th. Four research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $65.29.

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.