Teck Resources (NYSE:TECK) Given Overweight Rating at Morgan Stanley

Morgan Stanley reissued their overweight rating on shares of Teck Resources (NYSE:TECK) (TSE:TECK) in a research note published on Thursday, Benzinga reports. The brokerage currently has a $55.00 target price on the basic materials company’s stock.

A number of other research analysts have also weighed in on TECK. UBS Group initiated coverage on Teck Resources in a report on Tuesday, January 16th. They set a buy rating on the stock. Benchmark increased their price target on shares of Teck Resources from $50.00 to $52.00 and gave the company a buy rating in a report on Monday. Two investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of Moderate Buy and a consensus price target of $65.21.

Teck Resources Trading Down 1.6 %

NYSE:TECK opened at $48.57 on Thursday. Teck Resources has a 12-month low of $34.38 and a 12-month high of $50.30. The company has a current ratio of 1.10, a quick ratio of 0.60 and a debt-to-equity ratio of 0.21. The stock’s 50 day simple moving average is $41.90 and its 200-day simple moving average is $39.91. The firm has a market cap of $24.79 billion, a P/E ratio of 14.16, a PEG ratio of 6.60 and a beta of 1.15.

Teck Resources (NYSE:TECK) (TSE:TECK) last announced its quarterly earnings data on Thursday, February 22nd. The basic materials company reported $1.02 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.01 by $0.01. The company had revenue of $3.02 billion for the quarter, compared to analysts’ expectations of $3.11 billion. Teck Resources had a net margin of 16.21% and a return on equity of 9.67%. Equities analysts anticipate that Teck Resources will post 3.61 EPS for the current year.

Teck Resources Cuts Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, March 28th. Stockholders of record on Friday, March 15th were paid a dividend of $0.0925 per share. The ex-dividend date of this dividend was Thursday, March 14th. This represents a $0.37 dividend on an annualized basis and a dividend yield of 0.76%. Teck Resources’s dividend payout ratio (DPR) is 10.79%.

Institutional Investors Weigh In On Teck Resources

Institutional investors and hedge funds have recently bought and sold shares of the stock. Norges Bank acquired a new position in shares of Teck Resources in the fourth quarter worth $291,283,000. FIL Ltd raised its stake in Teck Resources by 98.8% in the 4th quarter. FIL Ltd now owns 11,937,233 shares of the basic materials company’s stock valued at $504,588,000 after purchasing an additional 5,933,226 shares during the last quarter. Alliancebernstein L.P. lifted its holdings in Teck Resources by 1,833.3% in the 2nd quarter. Alliancebernstein L.P. now owns 3,234,380 shares of the basic materials company’s stock valued at $136,167,000 after purchasing an additional 3,067,080 shares in the last quarter. Principal Financial Group Inc. boosted its stake in shares of Teck Resources by 16,855.2% during the 4th quarter. Principal Financial Group Inc. now owns 2,640,100 shares of the basic materials company’s stock worth $112,143,000 after purchasing an additional 2,624,529 shares during the last quarter. Finally, Boston Partners grew its stake in Teck Resources by 28.8% in the 4th quarter. Boston Partners now owns 10,881,781 shares of the basic materials company’s stock worth $484,995,000 after acquiring an additional 2,432,378 shares during the period. Hedge funds and other institutional investors own 78.06% of the company’s stock.

About Teck Resources

Teck Resources Limited engages in exploring for, acquiring, developing, and producing natural resources in Asia, Europe, and North America. The company operates through Steelmaking Coal, Copper, Zinc, and Energy segments. Its principal products include copper, zinc, steelmaking coal, and blended bitumen.