Teck Resources Ltd $TECK Position Increased by CIBC Asset Management Inc

CIBC Asset Management Inc increased its stake in Teck Resources Ltd (NYSE:TECK) (TSE:TECK) by 3.5% during the 4th quarter, HoldingsChannel reports. The firm owned 5,646,656 shares of the basic materials company’s stock after acquiring an additional 190,878 shares during the period. CIBC Asset Management Inc’s holdings in Teck Resources were worth $271,828,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also made changes to their positions in the stock. Vanguard Group Inc. lifted its holdings in shares of Teck Resources by 1.4% in the 4th quarter. Vanguard Group Inc. now owns 20,185,694 shares of the basic materials company’s stock worth $966,370,000 after purchasing an additional 278,481 shares during the last quarter. Principal Financial Group Inc. lifted its position in Teck Resources by 11.6% in the 4th quarter. Principal Financial Group Inc. now owns 18,832,299 shares of the basic materials company’s stock valued at $902,769,000 after purchasing an additional 1,953,070 shares during the last quarter. Davis Selected Advisers lifted its position in Teck Resources by 9.0% in the 4th quarter. Davis Selected Advisers now owns 12,019,609 shares of the basic materials company’s stock valued at $575,620,000 after purchasing an additional 995,947 shares during the last quarter. Norges Bank bought a new stake in Teck Resources in the 4th quarter valued at about $404,880,000. Finally, Goldman Sachs Group Inc. lifted its position in Teck Resources by 11.8% in the 4th quarter. Goldman Sachs Group Inc. now owns 7,939,413 shares of the basic materials company’s stock valued at $380,218,000 after purchasing an additional 836,879 shares during the last quarter. Institutional investors own 78.06% of the company’s stock.

Teck Resources Stock Up 4.1%

Shares of Teck Resources stock opened at $70.61 on Wednesday. Teck Resources Ltd has a 1-year low of $30.98 and a 1-year high of $71.25. The company has a market capitalization of $34.04 billion, a P/E ratio of 25.86, a PEG ratio of 4.97 and a beta of 0.89. The business’s fifty day moving average price is $58.21 and its two-hundred day moving average price is $52.94. The company has a debt-to-equity ratio of 0.13, a current ratio of 2.83 and a quick ratio of 2.16.

Teck Resources Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, June 30th. Shareholders of record on Monday, June 15th will be given a dividend of $0.125 per share. This represents a $0.50 dividend on an annualized basis and a dividend yield of 0.7%. The ex-dividend date is Monday, June 15th. Teck Resources’s payout ratio is 13.55%.

Analyst Ratings Changes

TECK has been the topic of several recent research reports. Scotiabank reiterated a “sector perform” rating on shares of Teck Resources in a research report on Tuesday, April 14th. Truist Financial set a $67.00 price objective on shares of Teck Resources in a research report on Monday, February 23rd. TD Securities reiterated a “hold” rating on shares of Teck Resources in a research report on Friday, April 24th. JPMorgan Chase & Co. lifted their target price on Teck Resources from $45.00 to $48.00 and gave the company a “neutral” rating in a research note on Friday, May 1st. Finally, Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating on shares of Teck Resources in a research note on Friday, May 15th. One analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and thirteen have assigned a Hold rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $59.17.

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.