M&G PLC Reduces Stock Holdings in Teck Resources Ltd $TECK

M&G PLC decreased its holdings in shares of Teck Resources Ltd (NYSE:TECK) (TSE:TECK) by 9.4% during the third quarter, Holdings Channel.com reports. The fund owned 654,897 shares of the basic materials company’s stock after selling 67,751 shares during the period. M&G PLC’s holdings in Teck Resources were worth $28,815,000 as of its most recent SEC filing.

Several other large investors also recently bought and sold shares of TECK. Principal Financial Group Inc. boosted its stake in shares of Teck Resources by 36.1% during the 3rd quarter. Principal Financial Group Inc. now owns 16,879,229 shares of the basic materials company’s stock worth $740,604,000 after acquiring an additional 4,474,637 shares in the last quarter. Norges Bank acquired a new position in shares of Teck Resources during the 2nd quarter worth about $437,657,000. Northwest & Ethical Investments L.P. lifted its position in shares of Teck Resources by 16.1% in the second quarter. Northwest & Ethical Investments L.P. now owns 157,645 shares of the basic materials company’s stock valued at $6,402,000 after acquiring an additional 21,900 shares in the last quarter. Alps Advisors Inc. boosted its stake in Teck Resources by 37.3% during the 3rd quarter. Alps Advisors Inc. now owns 166,334 shares of the basic materials company’s stock worth $7,300,000 after purchasing an additional 45,194 shares during the last quarter. Finally, Swiss National Bank grew its stake in Teck Resources by 6.0% during the 2nd quarter. Swiss National Bank now owns 1,428,679 shares of the basic materials company’s stock valued at $57,555,000 after acquiring an additional 80,300 shares in the last quarter. Hedge funds and other institutional investors own 78.06% of the company’s stock.

Teck Resources Price Performance

TECK opened at $58.97 on Monday. The stock’s 50-day moving average price is $50.57 and its 200 day moving average price is $43.26. Teck Resources Ltd has a 12-month low of $28.32 and a 12-month high of $60.75. The firm has a market cap of $28.39 billion, a price-to-earnings ratio of 33.13, a PEG ratio of 0.55 and a beta of 0.79. The company has a current ratio of 2.78, a quick ratio of 2.08 and a debt-to-equity ratio of 0.15.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on TECK shares. Scotiabank reaffirmed a “sector perform” rating on shares of Teck Resources in a research note on Monday, January 26th. Raymond James Financial lowered shares of Teck Resources from an “outperform” rating to a “market perform” rating in a research report on Wednesday, January 14th. Benchmark restated a “buy” rating on shares of Teck Resources in a research report on Thursday, October 23rd. Deutsche Bank Aktiengesellschaft reiterated a “buy” rating and set a $46.00 price target on shares of Teck Resources in a report on Wednesday, November 26th. Finally, UBS Group restated a “buy” rating on shares of Teck Resources in a report on Tuesday, January 27th. Two investment analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating and twelve have assigned a Hold rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $53.33.

Teck Resources Profile

Teck Resources Ltd. is a diversified natural resource company headquartered in Canada that explores for, develops and produces a portfolio of metallic and energy commodities. Its core businesses center on copper, steelmaking (metallurgical) coal and zinc, with related smelting and refining activities. Teck supplies raw materials and intermediate products to global steelmakers, metals markets and industrial customers, and operates integrated mining and processing facilities as well as earlier-stage exploration and development projects.

The company’s operations and projects are located across multiple geographies, with a significant presence in western Canada and North America and additional exploration and development activities in Latin America.