1832 Asset Management L.P. Grows Stake in Teck Resources Limited (NYSE:TECK)

1832 Asset Management L.P. increased its holdings in Teck Resources Limited (NYSE:TECK) (TSE:TECK) by 22.3% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,046,914 shares of the basic materials company’s stock after purchasing an additional 190,670 shares during the period. 1832 Asset Management L.P. owned 0.20% of Teck Resources worth $47,928,000 as of its most recent SEC filing.

A number of other large investors also recently added to or reduced their stakes in TECK. FIL Ltd grew its position in shares of Teck Resources by 98.8% during the fourth quarter. FIL Ltd now owns 11,937,233 shares of the basic materials company’s stock valued at $504,588,000 after purchasing an additional 5,933,226 shares in the last quarter. Norges Bank bought a new position in Teck Resources during the fourth quarter valued at approximately $172,740,000. Asia Research & Capital Management Ltd purchased a new position in Teck Resources during the 1st quarter valued at approximately $158,976,000. Principal Financial Group Inc. increased its stake in Teck Resources by 115.4% in the 1st quarter. Principal Financial Group Inc. now owns 5,687,670 shares of the basic materials company’s stock worth $260,584,000 after acquiring an additional 3,047,570 shares during the last quarter. Finally, Boston Partners raised its holdings in shares of Teck Resources by 28.8% during the 4th quarter. Boston Partners now owns 10,881,781 shares of the basic materials company’s stock worth $484,995,000 after acquiring an additional 2,432,378 shares in the last quarter. 78.06% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

TECK has been the topic of a number of research reports. Morgan Stanley boosted their target price on shares of Teck Resources from $55.00 to $60.00 and gave the stock an “overweight” rating in a report on Friday, June 21st. Benchmark restated a “buy” rating and set a $55.00 target price on shares of Teck Resources in a research report on Thursday. JPMorgan Chase & Co. cut their price target on shares of Teck Resources from $56.00 to $54.00 and set an “overweight” rating on the stock in a report on Thursday. BMO Capital Markets started coverage on shares of Teck Resources in a research note on Monday, July 15th. They set an “outperform” rating for the company. Finally, CIBC increased their price objective on Teck Resources from $70.00 to $80.00 and gave the stock an “outperformer” rating in a research note on Friday, July 12th. Three investment analysts have rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $63.50.

Teck Resources Stock Up 3.8 %

Teck Resources stock traded up $1.75 during mid-day trading on Friday, reaching $47.45. 8,553,777 shares of the company were exchanged, compared to its average volume of 3,163,340. The company has a debt-to-equity ratio of 0.20, a quick ratio of 0.86 and a current ratio of 1.49. The firm has a market cap of $24.24 billion, a P/E ratio of 21.00, a PEG ratio of 10.52 and a beta of 1.05. The business has a fifty day moving average of $49.07 and a 200 day moving average of $45.37. Teck Resources Limited has a 12-month low of $34.38 and a 12-month high of $55.13.

Teck Resources (NYSE:TECK) (TSE:TECK) last released its quarterly earnings results on Wednesday, July 24th. The basic materials company reported $0.79 EPS for the quarter, beating the consensus estimate of $0.47 by $0.32. The business had revenue of $3.87 billion during the quarter, compared to analyst estimates of $2.67 billion. Teck Resources had a net margin of 9.40% and a return on equity of 6.61%. The company’s quarterly revenue was up 10.1% on a year-over-year basis. During the same period in the prior year, the firm posted $0.91 earnings per share. Research analysts anticipate that Teck Resources Limited will post 2.1 earnings per share for the current fiscal year.

Teck Resources Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 27th. Stockholders of record on Friday, September 13th will be given a $0.625 dividend. This is a boost from Teck Resources’s previous quarterly dividend of $0.09. The ex-dividend date of this dividend is Friday, September 13th. This represents a $2.50 dividend on an annualized basis and a dividend yield of 5.27%. Teck Resources’s dividend payout ratio (DPR) is presently 16.37%.

Teck Resources Company 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.