Bank of New York Mellon Corp Grows Position in Teck Resources Limited (NYSE:TECK)

Bank of New York Mellon Corp grew its holdings in Teck Resources Limited (NYSE:TECK) (TSE:TECK) by 8.5% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 1,720,766 shares of the basic materials company’s stock after buying an additional 134,500 shares during the period. Bank of New York Mellon Corp owned 0.35% of Teck Resources worth $69,743,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Stonebridge Financial Group LLC acquired a new stake in Teck Resources in the 4th quarter valued at about $25,000. FPC Investment Advisory Inc. purchased a new stake in shares of Teck Resources in the fourth quarter valued at approximately $27,000. Global Trust Asset Management LLC acquired a new stake in shares of Teck Resources in the fourth quarter valued at approximately $27,000. Wilmington Savings Fund Society FSB purchased a new position in Teck Resources during the third quarter worth approximately $40,000. Finally, Principal Securities Inc. boosted its stake in Teck Resources by 49.9% during the fourth quarter. Principal Securities Inc. now owns 2,858 shares of the basic materials company’s stock worth $116,000 after buying an additional 952 shares during the last quarter. 78.06% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on TECK. Raymond James cut their target price on Teck Resources from $75.00 to $70.00 and set an “outperform” rating for the company in a research note on Wednesday, January 22nd. UBS Group cut shares of Teck Resources from a “buy” rating to a “neutral” rating in a research report on Monday, November 11th. National Bank Financial lowered shares of Teck Resources from an “outperform” rating to a “sector perform” rating in a report on Tuesday, December 10th. Finally, JPMorgan Chase & Co. cut their price target on shares of Teck Resources from $55.00 to $51.00 and set an “overweight” rating for the company in a report on Thursday, January 16th. Six equities research analysts have rated the stock with a hold rating, six have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $65.38.

Teck Resources Stock Performance

NYSE:TECK opened at $39.52 on Tuesday. Teck Resources Limited has a fifty-two week low of $38.69 and a fifty-two week 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 company has a 50 day moving average price of $41.90 and a 200 day moving average price of $45.55. The stock has a market capitalization of $19.63 billion, a P/E ratio of 71.86 and a beta of 1.02.

Teck Resources (NYSE:TECK) (TSE:TECK) last released its quarterly earnings results on Thursday, February 20th. The basic materials company reported $0.33 EPS for the quarter, topping the consensus estimate of $0.26 by $0.07. The business had revenue of $1.99 billion during the quarter, compared to analyst estimates of $2.58 billion. Teck Resources had a return on equity of 4.59% and a net margin of 2.96%. Equities research analysts forecast that Teck Resources Limited will post 1.53 EPS for the current year.

Teck Resources Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Friday, March 14th will be paid a dividend of $0.0879 per share. The ex-dividend date is Friday, March 14th. This represents a $0.35 dividend on an annualized basis and a yield of 0.89%. Teck Resources’s dividend payout ratio (DPR) is presently 61.82%.

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.