Vanguard Group Inc. Grows Position in Teck Resources Ltd (NYSE:TECK)

Vanguard Group Inc. boosted its stake in Teck Resources Ltd (NYSE:TECK) (TSE:TECK) by 1.1% in the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 19,531,542 shares of the basic materials company’s stock after purchasing an additional 215,410 shares during the quarter. Vanguard Group Inc. owned about 3.96% of Teck Resources worth $711,475,000 as of its most recent filing with the SEC.

A number of other institutional investors have also recently bought and sold shares of TECK. Costello Asset Management INC purchased a new stake in Teck Resources during the first quarter worth approximately $33,000. Banque Cantonale Vaudoise purchased a new stake in Teck Resources during the first quarter worth approximately $36,000. Golden State Wealth Management LLC grew its stake in Teck Resources by 7,560.0% during the first quarter. Golden State Wealth Management LLC now owns 1,149 shares of the basic materials company’s stock worth $42,000 after buying an additional 1,134 shares during the period. Ameriflex Group Inc. purchased a new stake in Teck Resources during the fourth quarter worth approximately $50,000. Finally, Bruce G. Allen Investments LLC grew its stake in Teck Resources by 104.8% during the first quarter. Bruce G. Allen Investments LLC now owns 1,636 shares of the basic materials company’s stock worth $60,000 after buying an additional 837 shares during the period. 78.06% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

TECK has been the subject of several research reports. Morgan Stanley downgraded shares of Teck Resources from an “overweight” rating to an “equal weight” rating and boosted their price objective for the stock from $42.00 to $44.00 in a research note on Tuesday, July 15th. BMO Capital Markets assumed coverage on shares of Teck Resources in a research note on Wednesday, April 16th. They set an “outperform” rating for the company. Wall Street Zen upgraded shares of Teck Resources from a “sell” rating to a “hold” rating in a research note on Saturday, July 26th. Benchmark decreased their target price on shares of Teck Resources from $55.00 to $48.00 and set a “buy” rating for the company in a research note on Monday, July 28th. Finally, Desjardins downgraded shares of Teck Resources from a “buy” rating to a “hold” rating in a research note on Friday, July 18th. Thirteen investment analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, Teck Resources has an average rating of “Hold” and an average price target of $60.11.

Teck Resources Trading Up 0.7%

TECK opened at $32.53 on Wednesday. The stock has a market capitalization of $15.71 billion, a PE ratio of 85.61, a P/E/G ratio of 0.51 and a beta of 0.81. The firm’s fifty day moving average price is $37.20 and its 200 day moving average price is $37.71. The company has a debt-to-equity ratio of 0.15, a current ratio of 3.47 and a quick ratio of 2.45. Teck Resources Ltd has a 12-month low of $28.32 and a 12-month high of $54.13.

Teck Resources (NYSE:TECK) (TSE:TECK) last issued its earnings results on Thursday, July 24th. The basic materials company reported $0.27 earnings per share for the quarter, topping analysts’ consensus estimates of $0.20 by $0.07. The company had revenue of $1.49 billion for the quarter, compared to analysts’ expectations of $2.25 billion. Teck Resources had a net margin of 2.51% and a return on equity of 3.91%. The firm’s revenue was up 12.3% compared to the same quarter last year. During the same period in the prior year, the company earned $0.79 earnings per share. As a group, research analysts expect that Teck Resources Ltd 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, September 29th. Shareholders of record on Monday, September 15th will be issued a dividend of $0.0918 per share. This represents a $0.37 dividend on an annualized basis and a dividend yield of 1.1%. This is a positive change from Teck Resources’s previous quarterly dividend of $0.09. The ex-dividend date of this dividend is Monday, September 15th. Teck Resources’s dividend payout ratio is currently 94.74%.

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.