Sumitomo Mitsui Trust Holdings Inc. Increases Stock Position in Teck Resources Limited (NYSE:TECK)

Sumitomo Mitsui Trust Holdings Inc. lifted its position in shares of Teck Resources Limited (NYSE:TECK) (TSE:TECK) by 11.2% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 1,323,288 shares of the basic materials company’s stock after buying an additional 133,019 shares during the period. Sumitomo Mitsui Trust Holdings Inc. owned approximately 0.26% of Teck Resources worth $56,107,000 as of its most recent SEC filing.

Several other large investors have also made changes to their positions in the company. Money Concepts Capital Corp acquired a new position in Teck Resources during the fourth quarter valued at approximately $29,000. Baystate Wealth Management LLC acquired a new position in shares of Teck Resources during the 3rd quarter valued at $31,000. JFS Wealth Advisors LLC increased its holdings in Teck Resources by 249.0% in the 3rd quarter. JFS Wealth Advisors LLC now owns 841 shares of the basic materials company’s stock valued at $36,000 after purchasing an additional 600 shares in the last quarter. Achmea Investment Management B.V. acquired a new stake in Teck Resources in the 1st quarter valued at $37,000. Finally, Belpointe Asset Management LLC raised its position in Teck Resources by 263.4% in the first quarter. Belpointe Asset Management LLC now owns 1,381 shares of the basic materials company’s stock valued at $50,000 after purchasing an additional 1,001 shares during the period. 78.06% of the stock is owned by hedge funds and other institutional investors.

Teck Resources Stock Up 1.1 %

Shares of Teck Resources stock opened at $47.73 on Friday. The company has a quick ratio of 0.60, a current ratio of 1.10 and a debt-to-equity ratio of 0.21. The business has a 50-day moving average price of $42.79 and a 200 day moving average price of $40.12. Teck Resources Limited has a fifty-two week low of $34.38 and a fifty-two week high of $50.46. The firm has a market cap of $24.37 billion, a P/E ratio of 13.92, a P/E/G ratio of 6.64 and a beta of 1.15.

Teck Resources (NYSE:TECK) (TSE:TECK) last issued its quarterly earnings results on Thursday, February 22nd. The basic materials company reported $1.02 earnings per share for the quarter, beating analysts’ consensus estimates of $1.01 by $0.01. Teck Resources had a return on equity of 9.67% and a net margin of 16.21%. The business had revenue of $3.02 billion during the quarter, compared to the consensus estimate of $3.11 billion. On average, sell-side analysts forecast that Teck Resources Limited will post 3.43 earnings per share for the current fiscal year.

Teck Resources Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, March 28th. Stockholders of record on Friday, March 15th were given a $0.0925 dividend. 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 0.78%. Teck Resources’s payout ratio is currently 10.79%.

Wall Street Analysts Forecast Growth

TECK has been the subject of a number of recent research reports. Morgan Stanley reiterated an “overweight” rating and issued a $55.00 target price on shares of Teck Resources in a research note on Thursday, April 11th. UBS Group started coverage on shares of Teck Resources in a research report on Tuesday, January 16th. They set a “buy” rating on the stock. JPMorgan Chase & Co. raised their price target on shares of Teck Resources from $44.00 to $50.00 and gave the company an “overweight” rating in a report on Wednesday. Finally, Benchmark boosted their price objective on shares of Teck Resources from $50.00 to $52.00 and gave the stock a “buy” rating in a report on Monday, April 8th. Two equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat, Teck Resources presently has a consensus rating of “Moderate Buy” and a consensus target price of $64.36.

Teck Resources Company Profile

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.