Cardinal Point Capital Management ULC Purchases Shares of 7,900 Teck Resources Ltd $TECK

Cardinal Point Capital Management ULC purchased a new stake in shares of Teck Resources Ltd (NYSE:TECK) (TSE:TECK) during the second quarter, HoldingsChannel reports. The fund purchased 7,900 shares of the basic materials company’s stock, valued at approximately $319,000.

A number of other institutional investors and hedge funds have also bought and sold shares of TECK. Smartleaf Asset Management LLC grew its position in shares of Teck Resources by 69.2% during the first quarter. Smartleaf Asset Management LLC now owns 856 shares of the basic materials company’s stock valued at $32,000 after purchasing an additional 350 shares in the last quarter. Costello Asset Management INC purchased a new position in shares of Teck Resources during the first quarter valued at about $33,000. Banque Cantonale Vaudoise purchased a new position in shares of Teck Resources during the first quarter valued at about $36,000. Golden State Wealth Management LLC grew its position in shares of 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 valued at $42,000 after purchasing an additional 1,134 shares in the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. purchased a new position in shares of Teck Resources during the second quarter valued at about $49,000. 78.06% of the stock is owned by institutional investors.

Teck Resources Stock Performance

Teck Resources stock opened at $42.52 on Friday. The company has a 50 day moving average price of $39.19 and a 200-day moving average price of $37.19. The company has a debt-to-equity ratio of 0.15, a quick ratio of 2.45 and a current ratio of 3.47. Teck Resources Ltd has a fifty-two week low of $28.32 and a fifty-two week high of $51.34. The company has a market capitalization of $20.43 billion, a PE ratio of 23.89, a P/E/G ratio of 0.62 and a beta of 0.92.

Teck Resources (NYSE:TECK) (TSE:TECK) last issued its quarterly earnings data on Wednesday, October 22nd. The basic materials company reported $0.55 EPS for the quarter, topping analysts’ consensus estimates of $0.39 by $0.16. Teck Resources had a net margin of 11.93% and a return on equity of 4.13%. The company had revenue of $2.43 billion during the quarter, compared to the consensus estimate of $2.93 billion. During the same quarter in the previous year, the firm posted $0.60 earnings per share. Teck Resources’s revenue for the quarter was up 18.4% compared to the same quarter last year. As a group, equities analysts forecast that Teck Resources Ltd will post 1.53 earnings per share for the current year.

Teck Resources Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, December 31st. Shareholders of record on Monday, December 15th will be issued a $0.125 dividend. The ex-dividend date of this dividend is Monday, December 15th. This is a positive change from Teck Resources’s previous quarterly dividend of $0.09. This represents a $0.50 annualized dividend and a yield of 1.2%. Teck Resources’s dividend payout ratio is currently 94.74%.

Analyst Ratings Changes

A number of brokerages have recently weighed in on TECK. JPMorgan Chase & Co. raised their price objective on Teck Resources from $41.00 to $43.00 and gave the company a “neutral” rating in a research report on Thursday, October 9th. UBS Group upgraded Teck Resources from a “neutral” rating to a “buy” rating in a research report on Wednesday, September 3rd. Benchmark reiterated a “buy” rating on shares of Teck Resources in a research report on Thursday. Raymond James Financial reiterated an “outperform” rating on shares of Teck Resources in a research report on Friday, October 10th. Finally, Stifel Canada upgraded Teck Resources to a “hold” rating in a research report on Tuesday, July 8th. One analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, eleven have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $54.00.

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.