Teck Resources (TSX:TECKa) Ltd. (TSE:NYSE:TECK.A) is now projected to reach a one-year price target of $97.50 per share, marking a significant 78.41% increase from its latest closing price of $54.65 per share. This new estimate represents a 5.16% rise from the previous target.
InvestingPro data shows that Teck Resources has a market capitalization of $20.788 billion and a P/E ratio of 10.65. The company's revenue for LTM2023.Q2 stood at $11.099 billion, with a gross profit of $4.549 billion for the same period. The company's stock closed at a price of $39.56, with InvestingPro's fair value estimate at $61.45.
Despite the average portfolio weight dropping by 15.89%, seven institutions, including DFIEX - International Core Equity Portfolio - Institutional Class and DFA Investment Dimensions Group Inc. - International Vector Equity Portfolio Shares, have boosted their positions in Teck Resources by 16.67% since last quarter.
Institutional ownership of Teck Resources has risen by 10.82% to 11K shares over the last quarter. This growth occurred even as DIHP - Dimensional International High Profitability ETF and DFAX - Dimensional World ex U.S. Core Equity 2 ETF significantly reduced their TECK.A holdings by as much as 25,668.39% and 20,232.60% respectively.
InvestingPro Tips reveal that Teck Resources' management has been aggressively buying back shares, and the strong earnings should allow management to continue dividend payments. The company has maintained dividend payments for 14 consecutive years, indicating a stable financial position. This is further supported by the fact that analysts predict the company will be profitable this year. For more such insights, check out InvestingPro which offers additional tips.
The shifts in institutional ownership and portfolio weight adjustments underscore the dynamic nature of investment strategies, with entities adjusting their positions in response to market conditions and company performance.
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