HighTower Advisors LLC Grows Stock Position in Teck Resources Ltd $TECK

HighTower Advisors LLC grew its holdings in shares of Teck Resources Ltd (NYSE:TECK) (TSE:TECK) by 5.7% in the 1st quarter, Holdings Channel.com reports. The firm owned 69,250 shares of the basic materials company’s stock after purchasing an additional 3,726 shares during the quarter. HighTower Advisors LLC’s holdings in Teck Resources were worth $2,523,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently made changes to their positions in TECK. First Trust Advisors LP increased its position in shares of Teck Resources by 1.6% during the 4th quarter. First Trust Advisors LP now owns 65,749 shares of the basic materials company’s stock valued at $2,665,000 after purchasing an additional 1,027 shares during the last quarter. Hsbc Holdings PLC increased its holdings in Teck Resources by 24.9% in the 4th quarter. Hsbc Holdings PLC now owns 332,153 shares of the basic materials company’s stock worth $13,463,000 after acquiring an additional 66,302 shares in the last quarter. Susquehanna Fundamental Investments LLC purchased a new stake in Teck Resources in the 4th quarter worth approximately $3,234,000. Aquatic Capital Management LLC purchased a new stake in Teck Resources in the 4th quarter worth approximately $5,067,000. Finally, The Manufacturers Life Insurance Company increased its holdings in Teck Resources by 38.7% in the 4th quarter. The Manufacturers Life Insurance Company now owns 2,638,973 shares of the basic materials company’s stock worth $107,135,000 after acquiring an additional 736,721 shares in the last quarter. Hedge funds and other institutional investors own 78.06% of the company’s stock.

Teck Resources Trading Up 5.8%

TECK stock opened at $33.60 on Friday. The firm has a fifty day moving average price of $36.19 and a 200 day moving average price of $37.23. Teck Resources Ltd has a fifty-two week low of $28.32 and a fifty-two week high of $54.13. The company has a debt-to-equity ratio of 0.15, a quick ratio of 2.45 and a current ratio of 3.47. The firm has a market cap of $16.23 billion, a PE ratio of 88.42, a price-to-earnings-growth ratio of 0.50 and a beta of 0.81.

Teck Resources (NYSE:TECK) (TSE:TECK) last posted its earnings results on Thursday, July 24th. The basic materials company reported $0.27 earnings per share for the quarter, beating analysts’ consensus estimates of $0.20 by $0.07. Teck Resources had a net margin of 2.51% and a return on equity of 3.91%. The firm had revenue of $1.49 billion during the quarter, compared to analyst estimates of $2.25 billion. During the same period last year, the firm posted $0.79 earnings per share. Teck Resources’s revenue for the quarter was up 12.3% compared to the same quarter last year. Sell-side analysts anticipate that Teck Resources Ltd will post 1.53 earnings per share 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. Investors of record on Monday, September 15th will be issued a $0.0918 dividend. This represents a $0.37 dividend on an annualized basis and a dividend yield of 1.1%. This is a boost from Teck Resources’s previous quarterly dividend of $0.09. The ex-dividend date of this dividend is Monday, September 15th. Teck Resources’s payout ratio is 94.74%.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on the stock. Benchmark reduced their target price on shares of Teck Resources from $55.00 to $48.00 and set a “buy” rating for the company in a report on Monday, July 28th. Wall Street Zen raised shares of Teck Resources from a “sell” rating to a “hold” rating in a report on Saturday, July 26th. JPMorgan Chase & Co. reissued a “neutral” rating and issued a $41.00 target price (down from $46.00) on shares of Teck Resources in a report on Friday, July 25th. B. Riley lowered shares of Teck Resources from a “buy” rating to a “neutral” rating in a report on Monday, July 28th. Finally, Royal Bank Of Canada cut their price objective on shares of Teck Resources from $82.00 to $67.00 and set an “outperform” rating for the company in a report on Friday, July 25th. One investment analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and twelve have given a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $60.11.

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.