Eastern Bank Invests $39,000 in Teck Resources Limited (NYSE:TECK)

Eastern Bank acquired a new position in shares of Teck Resources Limited (NYSE:TECK) (TSE:TECK) in the third quarter, Holdings Channel reports. The institutional investor acquired 750 shares of the basic materials company’s stock, valued at approximately $39,000.

A number of other hedge funds also recently made changes to their positions in TECK. Hexagon Capital Partners LLC grew its stake in Teck Resources by 143.0% during the first quarter. Hexagon Capital Partners LLC now owns 656 shares of the basic materials company’s stock worth $30,000 after purchasing an additional 386 shares during the period. Headlands Technologies LLC acquired a new stake in Teck Resources during the second quarter worth approximately $38,000. Bruce G. Allen Investments LLC grew its stake in Teck Resources by 77.4% during the third quarter. Bruce G. Allen Investments LLC now owns 878 shares of the basic materials company’s stock worth $46,000 after purchasing an additional 383 shares during the period. Blue Trust Inc. grew its stake in Teck Resources by 583.1% during the second quarter. Blue Trust Inc. now owns 1,052 shares of the basic materials company’s stock worth $48,000 after purchasing an additional 898 shares during the period. Finally, Massmutual Trust Co. FSB ADV grew its stake in Teck Resources by 69.7% during the third quarter. Massmutual Trust Co. FSB ADV now owns 996 shares of the basic materials company’s stock worth $52,000 after purchasing an additional 409 shares during the period. 78.06% of the stock is currently owned by institutional investors.

Teck Resources Stock Up 1.2 %

TECK stock opened at $47.35 on Friday. Teck Resources Limited has a twelve month low of $34.38 and a twelve month high of $55.13. The company has a quick ratio of 0.77, a current ratio of 1.48 and a debt-to-equity ratio of 0.19. The stock’s 50 day moving average is $48.73 and its 200-day moving average is $48.73. The firm has a market capitalization of $24.19 billion, a PE ratio of 20.95 and a beta of 1.02.

Teck Resources (NYSE:TECK) (TSE:TECK) last posted its earnings results on Wednesday, July 24th. The basic materials company reported $0.79 earnings per share for the quarter, beating analysts’ consensus estimates of $0.47 by $0.32. Teck Resources had a return on equity of 6.52% and a net margin of 9.40%. The company had revenue of $3.87 billion for the quarter, compared to analyst estimates of $2.67 billion. During the same quarter last year, the company earned $0.91 earnings per share. The company’s revenue for the quarter was up 10.1% on a year-over-year basis. Sell-side analysts expect that Teck Resources Limited will post 1.93 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

TECK has been the subject of several recent analyst reports. Paradigm Capital raised Teck Resources to a “moderate buy” rating in a research note on Friday, July 26th. Deutsche Bank Aktiengesellschaft cut Teck Resources from a “buy” rating to a “hold” rating and set a $50.00 price objective for the company. in a research note on Friday. StockNews.com raised Teck Resources from a “sell” rating to a “hold” rating in a research note on Thursday. JPMorgan Chase & Co. reduced their price objective on Teck Resources from $57.00 to $55.00 and set an “overweight” rating for the company in a research note on Friday. Finally, UBS Group raised Teck Resources from a “neutral” rating to a “buy” rating and raised their price objective for the company from $76.00 to $78.00 in a research note on Wednesday, September 4th. Four investment analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $65.29.

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.