CIBC Asset Management Inc Boosts Stock Position in Teck Resources Limited (NYSE:TECK)

CIBC Asset Management Inc grew its stake in Teck Resources Limited (NYSE:TECK) (TSE:TECK) by 2.0% in the fourth quarter, Holdings Channel.com reports. The firm owned 6,623,228 shares of the basic materials company’s stock after acquiring an additional 127,348 shares during the quarter. Teck Resources makes up approximately 0.9% of CIBC Asset Management Inc’s investment portfolio, making the stock its 28th biggest position. CIBC Asset Management Inc’s holdings in Teck Resources were worth $269,956,000 at the end of the most recent quarter.

Other large investors have also made changes to their positions in the company. Stonebridge Financial Group LLC purchased a new stake in shares of Teck Resources in the fourth quarter valued at approximately $25,000. Global Trust Asset Management LLC acquired a new position in Teck Resources in the fourth quarter valued at approximately $27,000. Eastern Bank acquired a new position in Teck Resources during the third quarter worth $39,000. Wilmington Savings Fund Society FSB acquired a new position in Teck Resources during the third quarter worth $40,000. Finally, Principal Securities Inc. lifted its stake in Teck Resources by 49.9% during the fourth quarter. Principal Securities Inc. now owns 2,858 shares of the basic materials company’s stock worth $116,000 after purchasing an additional 952 shares in the last quarter. 78.06% of the stock is currently owned by hedge funds and other institutional investors.

Teck Resources Stock Down 1.7 %

Shares of Teck Resources stock opened at $43.12 on Monday. The company has a fifty day moving average price of $42.23 and a 200 day moving average price of $45.82. The company has a current ratio of 2.92, a quick ratio of 2.35 and a debt-to-equity ratio of 0.16. Teck Resources Limited has a twelve month low of $37.30 and a twelve month high of $55.13. The stock has a market cap of $21.51 billion, a price-to-earnings ratio of 65.34 and a beta of 1.02.

Analysts Set New Price Targets

Several analysts have recently issued reports on TECK shares. National Bank Financial cut Teck Resources from an “outperform” rating to a “sector perform” rating in a research note on Tuesday, December 10th. Raymond James lowered their price target on Teck Resources from $75.00 to $70.00 and set an “outperform” rating on the stock in a report on Wednesday, January 22nd. Deutsche Bank Aktiengesellschaft downgraded shares of 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. JPMorgan Chase & Co. reduced their price objective on shares of Teck Resources from $55.00 to $51.00 and set an “overweight” rating for the company in a research report on Thursday, January 16th. Finally, UBS Group downgraded shares of Teck Resources from a “buy” rating to a “neutral” rating in a research report on Monday, November 11th. Six analysts have rated the stock with a hold rating, six have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $65.38.

Teck Resources 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.