Guardian Capital Advisors LP Buys 16,589 Shares of Teck Resources Limited (NYSE:TECK)

Guardian Capital Advisors LP raised its stake in Teck Resources Limited (NYSE:TECKGet Rating) (TSE:TECK) by 93.7% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 34,289 shares of the basic materials company’s stock after purchasing an additional 16,589 shares during the quarter. Guardian Capital Advisors LP’s holdings in Teck Resources were worth $896,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in the stock. Bornite Capital Management LP bought a new position in shares of Teck Resources in the 1st quarter valued at about $14,136,000. Steward Partners Investment Advisory LLC increased its position in Teck Resources by 19.1% during the first quarter. Steward Partners Investment Advisory LLC now owns 4,611 shares of the basic materials company’s stock worth $186,000 after buying an additional 740 shares during the last quarter. FDx Advisors Inc. bought a new stake in Teck Resources in the first quarter valued at approximately $238,000. Envestnet Asset Management Inc. lifted its position in shares of Teck Resources by 82.0% in the first quarter. Envestnet Asset Management Inc. now owns 86,856 shares of the basic materials company’s stock valued at $3,508,000 after buying an additional 39,136 shares during the last quarter. Finally, Banque Pictet & Cie SA boosted its stake in shares of Teck Resources by 32.6% during the 1st quarter. Banque Pictet & Cie SA now owns 116,398 shares of the basic materials company’s stock worth $4,704,000 after acquiring an additional 28,608 shares during the period. Institutional investors and hedge funds own 55.01% of the company’s stock.

Teck Resources Price Performance

TECK stock traded up $0.84 during mid-day trading on Thursday, hitting $34.33. The stock had a trading volume of 2,274,464 shares, compared to its average volume of 5,068,401. Teck Resources Limited has a 52 week low of $24.72 and a 52 week high of $45.90. The firm has a market capitalization of $17.32 billion, a P/E ratio of 5.23, a P/E/G ratio of 0.88 and a beta of 1.07. The company has a current ratio of 1.65, a quick ratio of 1.08 and a debt-to-equity ratio of 0.26. The firm has a fifty day simple moving average of $32.50 and a 200 day simple moving average of $33.64.

Teck Resources Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, December 30th. Shareholders of record on Thursday, December 15th will be given a $0.0939 dividend. The ex-dividend date of this dividend is Wednesday, December 14th. This represents a $0.38 annualized dividend and a yield of 1.09%. Teck Resources’s dividend payout ratio is presently 5.78%.

Analyst Upgrades and Downgrades

TECK has been the subject of several research reports. Raymond James cut their price target on Teck Resources from C$53.00 to C$51.00 in a report on Friday, October 28th. Morgan Stanley reduced their target price on shares of Teck Resources from $51.00 to $47.00 and set an “overweight” rating for the company in a report on Monday, October 31st. Canaccord Genuity Group upgraded shares of Teck Resources from a “hold” rating to a “buy” rating in a research report on Thursday, July 28th. National Bank Financial boosted their price objective on Teck Resources from C$52.50 to C$60.00 in a report on Thursday, October 13th. Finally, Jefferies Financial Group initiated coverage on Teck Resources in a research note on Wednesday, September 28th. They set a “buy” rating on the stock. Five analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. According to, the stock currently has an average rating of “Moderate Buy” and an average target price of $51.38.

About Teck Resources

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Teck Resources Limited engages in exploring for, acquiring, developing, and producing natural resources in Asia, Europe, and North America. It operates through Steelmaking Coal, Copper, Zinc, and Energy segments. The company's principal products include copper, zinc, steelmaking coal, and blended bitumen.

Further Reading

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Institutional Ownership by Quarter for Teck Resources (NYSE:TECK)

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