Comerica Bank Raises Holdings in Teck Resources Ltd (TECK)

Comerica Bank grew its holdings in shares of Teck Resources Ltd (NYSE:TECK) (TSE:TECK) by 6.9% during the third quarter, according to its most recent Form 13F filing with the SEC. The firm owned 63,544 shares of the basic materials company’s stock after purchasing an additional 4,108 shares during the period. Comerica Bank’s holdings in Teck Resources were worth $1,319,000 as of its most recent SEC filing.

Several other large investors have also modified their holdings of TECK. Letko Brosseau & Associates Inc. acquired a new stake in shares of Teck Resources in the 2nd quarter worth about $237,787,000. Impala Asset Management LLC acquired a new stake in shares of Teck Resources in the 2nd quarter worth about $217,614,000. Capital Research Global Investors acquired a new stake in shares of Teck Resources in the 2nd quarter worth about $187,626,000. Vanguard Group Inc. acquired a new stake in shares of Teck Resources in the 2nd quarter worth about $182,655,000. Finally, CIBC Asset Management Inc increased its holdings in shares of Teck Resources by 4.0% in the 3rd quarter. CIBC Asset Management Inc now owns 8,652,241 shares of the basic materials company’s stock worth $181,681,000 after acquiring an additional 334,680 shares during the period. 54.26% of the stock is currently owned by institutional investors.

A number of research firms recently weighed in on TECK. B. Riley reaffirmed a “buy” rating on shares of Teck Resources in a report on Wednesday, November 1st. ValuEngine raised shares of Teck Resources from a “hold” rating to a “buy” rating in a report on Friday. Raymond James Financial reaffirmed an “outperform” rating on shares of Teck Resources in a report on Tuesday, August 15th. Deutsche Bank reaffirmed a “buy” rating and issued a $26.00 price objective (up previously from $24.00) on shares of Teck Resources in a report on Monday, September 25th. Finally, MKM Partners reaffirmed a “buy” rating and issued a $30.00 price objective on shares of Teck Resources in a report on Wednesday, September 20th. One analyst has rated the stock with a sell rating, one has given a hold rating and twenty have issued a buy rating to the stock. The stock presently has a consensus rating of “Buy” and a consensus price target of $30.65.

Shares of Teck Resources Ltd (TECK) traded up $0.34 on Friday, reaching $23.31. 4,290,000 shares of the company were exchanged, compared to its average volume of 3,142,589. The company has a market cap of $13,298.35, a price-to-earnings ratio of 6.33, a PEG ratio of 0.85 and a beta of 1.30. The company has a quick ratio of 1.42, a current ratio of 2.17 and a debt-to-equity ratio of 0.32. Teck Resources Ltd has a 12-month low of $14.56 and a 12-month high of $33.76.

The business also recently announced a special dividend, which will be paid on Friday, December 29th. Investors of record on Friday, December 15th will be given a $0.3141 dividend. The ex-dividend date of this dividend is Thursday, December 14th. This represents a yield of 0.72%. Teck Resources’s dividend payout ratio is presently 2.53%.

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Teck Resources Profile

Teck Resources Ltd is engaged in the business of exploring for, acquiring, developing and producing natural resources. The Company’s activities are organized into business units that are focused on steelmaking coal, copper, zinc and energy. It operates in five segments: steelmaking coal, copper, zinc, energy and corporate.

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

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