LGT Group Foundation Invests $425,000 in Teck Resources Limited (NYSE:TECK)

LGT Group Foundation acquired a new position in shares of Teck Resources Limited (NYSE:TECK) (TSE:TECK) in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 10,500 shares of the basic materials company’s stock, valued at approximately $425,000.

Several other large investors also recently modified their holdings of the company. Principal Financial Group Inc. increased its position in shares of Teck Resources by 21.7% during the third quarter. Principal Financial Group Inc. now owns 7,429,981 shares of the basic materials company’s stock worth $388,507,000 after buying an additional 1,326,241 shares during the period. CIBC Asset Management Inc grew its holdings in Teck Resources by 2.0% in the fourth quarter. CIBC Asset Management Inc now owns 6,623,228 shares of the basic materials company’s stock worth $269,956,000 after purchasing an additional 127,348 shares during the period. FMR LLC grew its holdings in Teck Resources by 72.8% in the third quarter. FMR LLC now owns 3,634,430 shares of the basic materials company’s stock worth $189,848,000 after purchasing an additional 1,531,563 shares during the period. Regal Partners Ltd grew its holdings in Teck Resources by 1.4% in the third quarter. Regal Partners Ltd now owns 2,728,980 shares of the basic materials company’s stock worth $142,562,000 after purchasing an additional 38,949 shares during the period. Finally, Swedbank AB acquired a new stake in Teck Resources in the fourth quarter worth $103,878,000. 78.06% of the stock is currently owned by institutional investors and hedge funds.

Teck Resources Stock Down 2.0 %

Shares of NYSE TECK opened at $39.52 on Tuesday. The stock has a market capitalization of $19.63 billion, a P/E ratio of 71.86 and a beta of 1.02. The company has a 50-day moving average price of $41.90 and a 200-day moving average price of $45.55. Teck Resources Limited has a 1 year low of $38.69 and a 1 year high of $55.13. The company has a debt-to-equity ratio of 0.16, a current ratio of 2.92 and a quick ratio of 2.35.

Teck Resources (NYSE:TECK) (TSE:TECK) last released its quarterly earnings results on Thursday, February 20th. The basic materials company reported $0.33 earnings per share for the quarter, beating analysts’ consensus estimates of $0.26 by $0.07. Teck Resources had a net margin of 2.96% and a return on equity of 4.59%. The company had revenue of $1.99 billion for the quarter, compared to analyst estimates of $2.58 billion. On average, equities research analysts forecast that Teck Resources Limited will post 1.53 EPS for the current fiscal year.

Teck Resources Cuts Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Friday, March 14th will be given a dividend of $0.0879 per share. This represents a $0.35 dividend on an annualized basis and a dividend yield of 0.89%. The ex-dividend date of this dividend is Friday, March 14th. Teck Resources’s payout ratio is currently 61.82%.

Analyst Ratings Changes

A number of equities research analysts have commented on the stock. National Bank Financial cut shares of Teck Resources from an “outperform” rating to a “sector perform” rating in a report on Tuesday, December 10th. Raymond James reduced their price target on shares of Teck Resources from $75.00 to $70.00 and set an “outperform” rating for the company in a report on Wednesday, January 22nd. JPMorgan Chase & Co. reduced their price target on shares of Teck Resources from $55.00 to $51.00 and set an “overweight” rating for the company in a report on Thursday, January 16th. Finally, UBS Group cut shares of Teck Resources from a “buy” rating to a “neutral” rating in a report on Monday, November 11th. Six analysts have rated the stock with a hold rating, six have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $65.38.

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.