Teck Resources (NYSE:TECK) Given New $47.00 Price Target at JPMorgan Chase & Co.

Teck Resources (NYSE:TECK) (TSE:TECK) had its target price increased by JPMorgan Chase & Co. from $46.00 to $47.00 in a note issued to investors on Tuesday,Benzinga reports. The firm currently has a “neutral” rating on the basic materials company’s stock. JPMorgan Chase & Co.‘s target price would suggest a potential downside of 17.95% from the company’s previous close.

A number of other analysts also recently commented on the stock. Scotiabank reiterated a “sector perform” rating on shares of Teck Resources in a report on Monday, June 15th. Wall Street Zen cut Teck Resources from a “strong-buy” rating to a “buy” rating in a report on Sunday. Weiss Ratings reissued a “hold (c+)” rating on shares of Teck Resources in a research note on Tuesday, July 21st. TD Securities restated a “hold” rating on shares of Teck Resources in a report on Friday, April 24th. Finally, Zacks Research downgraded Teck Resources from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, April 22nd. Five equities research analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $62.25.

Teck Resources Price Performance

NYSE:TECK traded down $2.46 during trading hours on Tuesday, hitting $57.28. 382,169 shares of the stock were exchanged, compared to its average volume of 3,795,301. Teck Resources has a 52-week low of $30.98 and a 52-week high of $71.25. The company has a market cap of $27.67 billion, a P/E ratio of 15.60, a P/E/G ratio of 1.78 and a beta of 0.92. The firm’s fifty day moving average price is $61.45 and its 200 day moving average price is $57.60. The company has a current ratio of 2.83, a quick ratio of 2.16 and a debt-to-equity ratio of 0.13.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the stock. AQR Capital Management LLC increased its position in shares of Teck Resources by 11.1% during the first quarter. AQR Capital Management LLC now owns 34,705 shares of the basic materials company’s stock valued at $1,264,000 after acquiring an additional 3,458 shares during the last quarter. Jones Financial Companies Lllp lifted its stake in Teck Resources by 453.0% during the first quarter. Jones Financial Companies Lllp now owns 9,721 shares of the basic materials company’s stock worth $354,000 after purchasing an additional 7,963 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its holdings in shares of Teck Resources by 1.8% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 465,861 shares of the basic materials company’s stock valued at $16,971,000 after buying an additional 8,146 shares during the period. Marshall Wace LLP boosted its stake in shares of Teck Resources by 189.3% in the second quarter. Marshall Wace LLP now owns 218,242 shares of the basic materials company’s stock valued at $8,813,000 after purchasing an additional 142,816 shares during the period. Finally, NewEdge Advisors LLC grew its stake in Teck Resources by 4,602.9% during the 2nd quarter. NewEdge Advisors LLC now owns 8,183 shares of the basic materials company’s stock worth $330,000 after purchasing an additional 8,009 shares in the last quarter. Hedge funds and other institutional investors own 78.06% of the company’s stock.

About Teck Resources

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.