Guardian Capital LP Boosts Stock Holdings in Teck Resources Ltd $TECK

Guardian Capital LP lifted its position in Teck Resources Ltd (NYSE:TECK) (TSE:TECK) by 46.0% in the 3rd quarter, HoldingsChannel.com reports. The fund owned 925,851 shares of the basic materials company’s stock after acquiring an additional 291,749 shares during the quarter. Teck Resources comprises approximately 1.3% of Guardian Capital LP’s portfolio, making the stock its 20th largest holding. Guardian Capital LP’s holdings in Teck Resources were worth $40,623,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Versant Capital Management Inc bought a new position in shares of Teck Resources during the third quarter valued at about $26,000. Smartleaf Asset Management LLC boosted its holdings in Teck Resources by 72.4% during the third quarter. Smartleaf Asset Management LLC now owns 836 shares of the basic materials company’s stock worth $37,000 after purchasing an additional 351 shares during the last quarter. SouthState Bank Corp bought a new stake in Teck Resources in the 3rd quarter worth about $50,000. Tobam bought a new stake in Teck Resources in the 2nd quarter worth about $62,000. Finally, Mirae Asset Global Investments Co. Ltd. increased its stake in Teck Resources by 43.1% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,741 shares of the basic materials company’s stock valued at $76,000 after buying an additional 524 shares during the last quarter. Hedge funds and other institutional investors own 78.06% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have commented on the stock. JPMorgan Chase & Co. lifted their target price on shares of Teck Resources from $43.00 to $51.00 and gave the stock a “neutral” rating in a research report on Friday, December 5th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Teck Resources in a report on Wednesday, January 21st. UBS Group reaffirmed a “buy” rating on shares of Teck Resources in a research report on Tuesday, January 27th. Scotiabank reiterated a “sector perform” rating on shares of Teck Resources in a report on Tuesday, February 24th. Finally, National Bank Financial cut Teck Resources from a “strong-buy” rating to a “hold” rating in a research report on Friday, December 5th. One equities research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and twelve have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $58.00.

Teck Resources Stock Down 5.5%

TECK opened at $50.51 on Friday. Teck Resources Ltd has a twelve month low of $28.32 and a twelve month high of $62.41. The company’s 50-day moving average price is $54.44 and its two-hundred day moving average price is $45.75. The stock has a market cap of $24.32 billion, a price-to-earnings ratio of 25.01, a PEG ratio of 3.26 and a beta of 0.77. The company has a quick ratio of 1.91, a current ratio of 2.54 and a debt-to-equity ratio of 0.13.

Teck Resources (NYSE:TECK) (TSE:TECK) last issued its quarterly earnings results on Thursday, February 19th. The basic materials company reported $0.98 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.59 by $0.39. The company had revenue of $2.23 billion during the quarter, compared to analyst estimates of $2.28 billion. Teck Resources had a net margin of 12.98% and a return on equity of 5.90%. Teck Resources’s quarterly revenue was up 9.8% compared to the same quarter last year. During the same quarter last year, the business posted $0.45 EPS. As a group, equities analysts expect that Teck Resources Ltd will post 1.53 earnings per share for the current year.

Teck Resources Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 31st. Shareholders of record on Friday, March 13th will be issued a dividend of $0.125 per share. This represents a $0.50 annualized dividend and a yield of 1.0%. The ex-dividend date of this dividend is Friday, March 13th. Teck Resources’s dividend payout ratio is 17.82%.

Teck Resources Company Profile

Teck Resources Ltd. is a diversified natural resource company headquartered in Canada that explores for, develops and produces a portfolio of metallic and energy commodities. Its core businesses center on copper, steelmaking (metallurgical) coal and zinc, with related smelting and refining activities. Teck supplies raw materials and intermediate products to global steelmakers, metals markets and industrial customers, and operates integrated mining and processing facilities as well as earlier-stage exploration and development projects.

The company’s operations and projects are located across multiple geographies, with a significant presence in western Canada and North America and additional exploration and development activities in Latin America.