Ninety One UK Ltd Acquires 1,204,440 Shares of Teck Resources Ltd $TECK

Ninety One UK Ltd raised its stake in shares of Teck Resources Ltd (NYSE:TECK) (TSE:TECK) by 436.6% in the 2nd quarter, Holdings Channel reports. The firm owned 1,480,334 shares of the basic materials company’s stock after purchasing an additional 1,204,440 shares during the quarter. Ninety One UK Ltd’s holdings in Teck Resources were worth $59,768,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Union Bancaire Privee UBP SA grew its position in shares of Teck Resources by 4.3% in the 2nd quarter. Union Bancaire Privee UBP SA now owns 6,402 shares of the basic materials company’s stock valued at $259,000 after buying an additional 264 shares during the last quarter. Klein Pavlis & Peasley Financial Inc. lifted its stake in shares of Teck Resources by 9.8% in the second quarter. Klein Pavlis & Peasley Financial Inc. now owns 46,783 shares of the basic materials company’s stock worth $1,889,000 after acquiring an additional 4,183 shares during the period. Signaturefd LLC lifted its stake in shares of Teck Resources by 21.4% in the second quarter. Signaturefd LLC now owns 21,560 shares of the basic materials company’s stock worth $871,000 after acquiring an additional 3,798 shares during the period. Fifth Third Bancorp boosted its holdings in Teck Resources by 8.0% in the second quarter. Fifth Third Bancorp now owns 8,314 shares of the basic materials company’s stock valued at $336,000 after acquiring an additional 616 shares during the last quarter. Finally, Park Avenue Securities LLC increased its position in Teck Resources by 29.3% during the 2nd quarter. Park Avenue Securities LLC now owns 19,802 shares of the basic materials company’s stock valued at $800,000 after purchasing an additional 4,489 shares during the period. 78.06% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on TECK shares. Desjardins lowered shares of Teck Resources from a “buy” rating to a “hold” rating in a report on Friday, July 18th. UBS Group raised shares of Teck Resources from a “neutral” rating to a “buy” rating in a research note on Wednesday, September 3rd. Royal Bank Of Canada dropped their target price on shares of Teck Resources from $82.00 to $67.00 and set an “outperform” rating on the stock in a report on Friday, July 25th. Stifel Canada upgraded Teck Resources to a “hold” rating in a report on Tuesday, July 8th. Finally, Wall Street Zen raised Teck Resources from a “sell” rating to a “hold” rating in a research report on Saturday, July 26th. One analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and ten have given a Hold rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $56.88.

Teck Resources Stock Performance

Shares of TECK opened at $43.86 on Wednesday. Teck Resources Ltd has a one year low of $28.32 and a one year high of $52.98. The company has a market cap of $21.07 billion, a PE ratio of 115.42, a P/E/G ratio of 0.65 and a beta of 0.78. The stock has a 50-day moving average of $35.54 and a 200-day moving average of $36.54. 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 (NYSE:TECK) (TSE:TECK) last announced its quarterly earnings results on Thursday, July 24th. The basic materials company reported $0.27 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.20 by $0.07. Teck Resources had a return on equity of 3.91% and a net margin of 2.51%.The business had revenue of $1.49 billion for the quarter, compared to analyst estimates of $2.25 billion. During the same quarter in the prior year, the company earned $0.79 earnings per share. The company’s quarterly revenue was up 12.3% on a year-over-year basis. On average, equities research analysts predict that Teck Resources Ltd will post 1.53 EPS for the current fiscal year.

Teck Resources Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, September 29th. Investors of record on Monday, September 15th were issued a $0.0918 dividend. The ex-dividend date was Monday, September 15th. This represents a $0.37 dividend on an annualized basis and a dividend yield of 0.8%. This is an increase from Teck Resources’s previous quarterly dividend of $0.09. Teck Resources’s dividend payout ratio (DPR) is 94.74%.

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.