Teck Resources Ltd $TECK Shares Bought by NewEdge Advisors LLC

NewEdge Advisors LLC raised its stake in Teck Resources Ltd (NYSE:TECK) (TSE:TECK) by 92.0% in the first quarter, HoldingsChannel reports. The fund owned 37,143 shares of the basic materials company’s stock after purchasing an additional 17,793 shares during the period. NewEdge Advisors LLC’s holdings in Teck Resources were worth $1,922,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also bought and sold shares of the company. Principal Financial Group Inc. lifted its stake in shares of Teck Resources by 17.1% in the 1st quarter. Principal Financial Group Inc. now owns 22,044,284 shares of the basic materials company’s stock valued at $1,139,051,000 after purchasing an additional 3,211,985 shares during the period. Vanguard Group Inc. grew its position in Teck Resources by 1.4% during the fourth quarter. Vanguard Group Inc. now owns 20,185,694 shares of the basic materials company’s stock valued at $966,370,000 after buying an additional 278,481 shares during the period. Davis Selected Advisers grew its position in Teck Resources by 9.0% during the fourth quarter. Davis Selected Advisers now owns 12,019,609 shares of the basic materials company’s stock valued at $575,620,000 after buying an additional 995,947 shares during the period. Hancock Prospecting Pty Ltd increased its holdings in Teck Resources by 31.7% in the fourth quarter. Hancock Prospecting Pty Ltd now owns 10,298,293 shares of the basic materials company’s stock valued at $493,185,000 after buying an additional 2,477,344 shares in the last quarter. Finally, Norges Bank purchased a new position in Teck Resources in the fourth quarter valued at $404,880,000. Hedge funds and other institutional investors own 78.06% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have weighed in on TECK shares. Raymond James Financial upgraded shares of Teck Resources from a “market perform” rating to an “outperform” rating in a research report on Thursday, July 23rd. JPMorgan Chase & Co. raised their target price on Teck Resources from $46.00 to $47.00 and gave the company a “neutral” rating in a research report on Tuesday, July 28th. Scotiabank restated a “sector perform” rating on shares of Teck Resources in a research note on Monday, June 15th. Weiss Ratings raised Teck Resources from a “hold (c+)” rating to a “buy (b-)” rating in a report on Tuesday, August 4th. Finally, Wall Street Zen downgraded Teck Resources from a “strong-buy” rating to a “buy” rating in a research report on Sunday, July 26th. Six investment analysts have rated the stock with a Buy rating and seven have given a Hold rating to the stock. According to data from MarketBeat.com, Teck Resources presently has an average rating of “Hold” and a consensus target price of $62.25.

Teck Resources Stock Performance

NYSE:TECK opened at $63.53 on Friday. The company has a debt-to-equity ratio of 0.12, a quick ratio of 2.33 and a current ratio of 3.12. The stock has a market capitalization of $30.68 billion, a PE ratio of 17.22, a P/E/G ratio of 1.86 and a beta of 0.92. Teck Resources Ltd has a fifty-two week low of $30.98 and a fifty-two week high of $71.25. The company has a fifty day moving average of $61.11 and a two-hundred day moving average of $58.79.

Teck Resources Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 29th. Stockholders of record on Tuesday, September 15th will be paid a dividend of $0.125 per share. The ex-dividend date of this dividend is Tuesday, September 15th. This represents a $0.50 dividend on an annualized basis and a dividend yield of 0.8%. Teck Resources’s payout ratio is currently 9.76%.

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.