Teck Resources Ltd $TECK Shares Bought by TD Private Client Wealth LLC

TD Private Client Wealth LLC raised its holdings in Teck Resources Ltd (NYSE:TECK) (TSE:TECK) by 64.0% in the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 28,216 shares of the basic materials company’s stock after acquiring an additional 11,011 shares during the quarter. TD Private Client Wealth LLC’s holdings in Teck Resources were worth $1,238,000 as of its most recent SEC filing.

Other large investors have also modified their holdings of the company. Norges Bank purchased a new position in Teck Resources in the second quarter valued at $437,657,000. 1832 Asset Management L.P. raised its position in Teck Resources by 1,555.9% in the 2nd quarter. 1832 Asset Management L.P. now owns 5,738,457 shares of the basic materials company’s stock valued at $231,719,000 after purchasing an additional 5,391,907 shares in the last quarter. Canoe Financial LP purchased a new position in shares of Teck Resources in the 2nd quarter valued at about $97,536,000. Picton Mahoney Asset Management purchased a new position in shares of Teck Resources in the 2nd quarter valued at about $83,322,000. Finally, Mackenzie Financial Corp grew its position in shares of Teck Resources by 32.7% during the second quarter. Mackenzie Financial Corp now owns 7,989,715 shares of the basic materials company’s stock worth $323,311,000 after buying an additional 1,969,286 shares in the last quarter. Hedge funds and other institutional investors own 78.06% of the company’s stock.

Teck Resources Stock Performance

Shares of Teck Resources stock opened at $52.21 on Friday. The company has a quick ratio of 2.08, a current ratio of 2.78 and a debt-to-equity ratio of 0.15. Teck Resources Ltd has a 52 week low of $28.32 and a 52 week high of $52.42. The firm’s 50 day moving average is $45.00 and its two-hundred day moving average is $40.64. The firm has a market capitalization of $25.09 billion, a P/E ratio of 29.33, a P/E/G ratio of 0.57 and a beta of 0.79.

Teck Resources (NYSE:TECK) (TSE:TECK) last issued its earnings results on Wednesday, October 22nd. The basic materials company reported $0.55 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.39 by $0.16. The business had revenue of $2.43 billion during the quarter, compared to analysts’ expectations of $2.93 billion. Teck Resources had a net margin of 11.93% and a return on equity of 4.14%. The company’s revenue for the quarter was up 18.4% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.60 EPS. Research analysts forecast that Teck Resources Ltd will post 1.53 EPS for the current fiscal year.

Teck Resources Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, December 31st. Shareholders of record on Monday, December 15th were paid a $0.125 dividend. This is a boost from Teck Resources’s previous quarterly dividend of $0.09. This represents a $0.50 annualized dividend and a yield of 1.0%. The ex-dividend date was Monday, December 15th. Teck Resources’s payout ratio is currently 20.22%.

Analysts Set New Price Targets

A number of research firms recently weighed in on TECK. Benchmark restated a “buy” rating on shares of Teck Resources in a research note on Thursday, October 23rd. Canaccord Genuity Group downgraded shares of Teck Resources from a “buy” rating to a “hold” rating in a research report on Wednesday, October 8th. Raymond James Financial lowered shares of Teck Resources from an “outperform” rating to a “market perform” rating in a report on Wednesday. Scotiabank reaffirmed a “sector perform” rating on shares of Teck Resources in a research report on Tuesday, November 25th. Finally, Veritas downgraded shares of Teck Resources from a “hold” rating to a “strong sell” rating in a research note on Tuesday, October 14th. One research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating, fourteen have issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, Teck Resources presently has an average rating of “Hold” and an average target price of $55.71.

About Teck Resources

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.