Perpetual Ltd Purchases New Stake in Teck Resources Ltd $TECK

Perpetual Ltd acquired a new position in shares of Teck Resources Ltd (NYSE:TECK) (TSE:TECK) during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm acquired 560,406 shares of the basic materials company’s stock, valued at approximately $26,838,000.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Versant Capital Management Inc purchased a new stake in Teck Resources in the 3rd quarter valued at $26,000. Smartleaf Asset Management LLC raised its holdings in shares of Teck Resources by 72.4% during the 3rd quarter. Smartleaf Asset Management LLC now owns 836 shares of the basic materials company’s stock worth $37,000 after acquiring an additional 351 shares during the period. SouthState Bank Corp purchased a new position in shares of Teck Resources during the 3rd quarter worth $50,000. Mirae Asset Global Investments Co. Ltd. boosted its position in shares of Teck Resources by 43.1% during 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 acquiring an additional 524 shares during the last quarter. Finally, Tobam boosted its position in shares of Teck Resources by 30.9% during the 3rd quarter. Tobam now owns 2,011 shares of the basic materials company’s stock valued at $88,000 after acquiring an additional 475 shares during the last quarter. Institutional investors and hedge funds own 78.06% of the company’s stock.

Analyst Upgrades and Downgrades

TECK has been the subject of several recent analyst reports. Raymond James Financial cut shares of Teck Resources from an “outperform” rating to a “market perform” rating in a research report on Wednesday, January 14th. Truist Financial set a $67.00 target price on shares of Teck Resources in a report on Monday, February 23rd. Weiss Ratings reissued a “hold (c)” rating on shares of Teck Resources in a research note on Wednesday, January 21st. Veritas upgraded shares of Teck Resources from a “strong sell” rating to a “strong-buy” rating in a report on Thursday, January 15th. Finally, JPMorgan Chase & Co. lifted their price target on shares of Teck Resources from $43.00 to $51.00 and gave the company a “neutral” rating in a research report on Friday, December 5th. Two analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating and twelve have assigned a Hold rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $57.00.

Teck Resources Stock Down 0.1%

Teck Resources stock opened at $52.78 on Friday. The company has a market capitalization of $25.44 billion, a PE ratio of 26.13, a price-to-earnings-growth ratio of 2.76 and a beta of 0.85. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.91 and a current ratio of 2.54. Teck Resources Ltd has a fifty-two week low of $28.32 and a fifty-two week high of $62.41. The firm has a 50 day moving average price of $54.44 and a 200 day moving average price of $47.82.

Teck Resources (NYSE:TECK) (TSE:TECK) last released its quarterly earnings results on Thursday, February 19th. The basic materials company reported $0.98 EPS for the quarter, topping analysts’ consensus estimates of $0.59 by $0.39. Teck Resources had a return on equity of 5.90% and a net margin of 12.98%.The company had revenue of $2.23 billion for the quarter, compared to analysts’ expectations of $2.28 billion. During the same period in the prior year, the firm earned $0.45 earnings per share. The firm’s revenue was up 9.8% compared to the same quarter last year. Research 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 announced a quarterly dividend, which was paid on Tuesday, March 31st. Investors of record on Friday, March 13th were paid a dividend of $0.125 per share. The ex-dividend date of this dividend was Friday, March 13th. This represents a $0.50 annualized dividend and a yield of 0.9%. Teck Resources’s dividend payout ratio is presently 18.32%.

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.