HighTower Advisors LLC Acquires 23,061 Shares of Teck Resources Limited (NYSE:TECK)

HighTower Advisors LLC grew its holdings in Teck Resources Limited (NYSE:TECK – Get Rating) (TSE:TECK) by 111.9% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 43,673 shares of the basic materials company’s stock after purchasing an additional 23,061 shares during the quarter. HighTower Advisors LLC’s holdings in Teck Resources were worth $1,656,000 at the end of the most recent reporting period.

Several other hedge funds have also recently modified their holdings of the business. Credit Agricole S A grew its stake in Teck Resources by 1.9% in the third quarter. Credit Agricole S A now owns 17,789 shares of the basic materials company’s stock valued at $527,000 after purchasing an additional 334 shares during the last quarter. PNC Financial Services Group Inc. raised its stake in shares of Teck Resources by 4.4% during the 1st quarter. PNC Financial Services Group Inc. now owns 8,067 shares of the basic materials company’s stock worth $327,000 after acquiring an additional 341 shares in the last quarter. Foundations Investment Advisors LLC raised its stake in shares of Teck Resources by 3.3% during the 4th quarter. Foundations Investment Advisors LLC now owns 11,684 shares of the basic materials company’s stock worth $442,000 after acquiring an additional 375 shares in the last quarter. Advisory Services Network LLC lifted its position in Teck Resources by 2.3% during the first quarter. Advisory Services Network LLC now owns 17,629 shares of the basic materials company’s stock valued at $712,000 after acquiring an additional 391 shares during the last quarter. Finally, Laffer Tengler Investments boosted its stake in Teck Resources by 7.0% in the third quarter. Laffer Tengler Investments now owns 6,215 shares of the basic materials company’s stock valued at $189,000 after acquiring an additional 406 shares in the last quarter. Hedge funds and other institutional investors own 56.15% of the company’s stock.

Teck Resources Stock Performance

TECK opened at $37.49 on Friday. The firm has a fifty day moving average price of $42.05 and a 200 day moving average price of $39.83. Teck Resources Limited has a 1 year low of $24.72 and a 1 year high of $49.34. The stock has a market cap of $19.21 billion, a P/E ratio of 9.01, a P/E/G ratio of 1.34 and a beta of 1.06. The company has a debt-to-equity ratio of 0.24, a current ratio of 1.28 and a quick ratio of 0.80.

Teck Resources (NYSE:TECK – Get Rating) (TSE:TECK) last issued its quarterly earnings data on Tuesday, February 21st. The basic materials company reported $0.79 earnings per share for the quarter, missing analysts’ consensus estimates of $0.96 by ($0.17). Teck Resources had a return on equity of 15.71% and a net margin of 16.80%. The firm had revenue of $2.31 billion during the quarter, compared to analyst estimates of $2.58 billion. Equities research analysts anticipate that Teck Resources Limited will post 4.88 earnings per share for the current year.

Teck Resources Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 30th. Shareholders of record on Thursday, June 15th will be issued a $0.125 dividend. This is a positive change from Teck Resources’s previous quarterly dividend of $0.09. This represents a $0.50 annualized dividend and a yield of 1.33%. The ex-dividend date of this dividend is Wednesday, June 14th. Teck Resources’s dividend payout ratio (DPR) is presently 8.89%.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on the company. B. Riley increased their price objective on Teck Resources from C$66.00 to C$68.00 in a report on Friday, April 28th. Benchmark boosted their price target on Teck Resources from $48.00 to $50.00 and gave the stock a “buy” rating in a research note on Monday, April 17th. 888 reaffirmed a “maintains” rating on shares of Teck Resources in a research report on Wednesday, May 3rd. Jefferies Financial Group boosted their target price on shares of Teck Resources from C$70.00 to C$80.00 in a research report on Thursday, April 20th. Finally, Deutsche Bank Aktiengesellschaft raised their price target on shares of Teck Resources from $46.00 to $47.00 in a report on Wednesday, May 3rd. Six research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $61.86.

Teck Resources Company Profile

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Teck Resources Limited is a resource company, which engages in the exploration, acquisition, development, production, and sale of natural resources, Its products include steelmaking coal, copper, zinc, industrial products and fertilizers, and other metals. Its project operations are located in Canada, Peru, Chile, and US.