Teck Resources Limited (NYSE:TECK) Stock Position Lifted by Northern Trust Corp

Northern Trust Corp grew its position in shares of Teck Resources Limited (NYSE:TECK) (TSE:TECK) by 55.9% during the fourth quarter, HoldingsChannel reports. The institutional investor owned 391,370 shares of the basic materials company’s stock after buying an additional 140,404 shares during the quarter. Northern Trust Corp’s holdings in Teck Resources were worth $15,862,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also recently added to or reduced their stakes in the company. Synergy Asset Management LLC lifted its stake in Teck Resources by 77.7% during the fourth quarter. Synergy Asset Management LLC now owns 16,892 shares of the basic materials company’s stock worth $685,000 after purchasing an additional 7,387 shares during the last quarter. Blue Trust Inc. lifted its position in shares of Teck Resources by 31.5% in the 4th quarter. Blue Trust Inc. now owns 3,848 shares of the basic materials company’s stock worth $156,000 after buying an additional 921 shares during the last quarter. Pictet Asset Management Holding SA lifted its position in shares of Teck Resources by 102.6% in the 4th quarter. Pictet Asset Management Holding SA now owns 309,987 shares of the basic materials company’s stock worth $12,563,000 after buying an additional 156,980 shares during the last quarter. Exchange Traded Concepts LLC lifted its position in shares of Teck Resources by 7.2% in the 4th quarter. Exchange Traded Concepts LLC now owns 4,897 shares of the basic materials company’s stock worth $198,000 after buying an additional 327 shares during the last quarter. Finally, Principal Securities Inc. lifted its holdings in Teck Resources by 49.9% in the fourth quarter. Principal Securities Inc. now owns 2,858 shares of the basic materials company’s stock worth $116,000 after acquiring an additional 952 shares during the last quarter. 78.06% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on TECK. Veritas raised shares of Teck Resources to a “hold” rating in a report on Friday, April 11th. Bank of America raised their price target on Teck Resources from $62.00 to $64.00 and gave the stock a “buy” rating in a report on Monday, March 10th. National Bankshares upgraded Teck Resources from a “sector perform” rating to an “outperform” rating in a research note on Thursday, April 24th. Raymond James cut their target price on Teck Resources from $75.00 to $70.00 and set an “outperform” rating on the stock in a research note on Wednesday, January 22nd. Finally, BMO Capital Markets began coverage on shares of Teck Resources in a research report on Wednesday, April 16th. They issued an “outperform” rating on the stock. Six equities research analysts have rated the stock with a hold rating, nine have assigned a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $64.11.

Teck Resources Stock Down 2.4%

TECK opened at $37.05 on Thursday. Teck Resources Limited has a one year low of $28.32 and a one year high of $55.13. The company has a debt-to-equity ratio of 0.16, a quick ratio of 2.35 and a current ratio of 2.92. The stock’s fifty day moving average is $36.17 and its 200-day moving average is $40.98. The company has a market capitalization of $18.26 billion, a PE ratio of 67.36 and a beta of 0.79.

Teck Resources (NYSE:TECK) (TSE:TECK) last issued its quarterly earnings results on Thursday, April 24th. The basic materials company reported $0.42 EPS for the quarter, topping the consensus estimate of $0.24 by $0.18. Teck Resources had a net margin of 2.96% and a return on equity of 4.59%. The firm had revenue of $1.60 billion for the quarter, compared to analysts’ expectations of $2.19 billion. During the same period in the previous year, the business earned $0.75 earnings per share. Teck Resources’s revenue for the quarter was up 41.4% compared to the same quarter last year. On average, equities analysts predict that Teck Resources Limited will post 1.53 EPS for the current fiscal year.

Teck Resources Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 30th. Investors of record on Monday, June 16th will be issued a $0.0901 dividend. This is an increase from Teck Resources’s previous quarterly dividend of $0.09. This represents a $0.36 dividend on an annualized basis and a dividend yield of 0.97%. The ex-dividend date is Monday, June 16th. Teck Resources’s payout ratio is presently 58.62%.

Teck Resources 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.