Connor Clark & Lunn Investment Management Ltd. Purchases 1,180,519 Shares of Teck Resources Ltd $TECK

Connor Clark & Lunn Investment Management Ltd. grew its position in Teck Resources Ltd (NYSE:TECK) (TSE:TECK) by 168.9% in the 2nd quarter, HoldingsChannel.com reports. The firm owned 1,879,437 shares of the basic materials company’s stock after purchasing an additional 1,180,519 shares during the period. Connor Clark & Lunn Investment Management Ltd.’s holdings in Teck Resources were worth $76,054,000 as of its most recent SEC filing.

A number of other large investors also recently made changes to their positions in TECK. Atria Investments Inc grew its position in Teck Resources by 27.1% in the 2nd quarter. Atria Investments Inc now owns 33,303 shares of the basic materials company’s stock worth $1,345,000 after purchasing an additional 7,095 shares in the last quarter. Cetera Investment Advisers boosted its stake in shares of Teck Resources by 20.9% in the 1st quarter. Cetera Investment Advisers now owns 69,885 shares of the basic materials company’s stock worth $2,546,000 after buying an additional 12,092 shares during the last quarter. Wellington Management Group LLP boosted its stake in shares of Teck Resources by 1,611.2% in the 1st quarter. Wellington Management Group LLP now owns 751,146 shares of the basic materials company’s stock worth $27,358,000 after buying an additional 707,249 shares during the last quarter. PNC Financial Services Group Inc. grew its holdings in shares of Teck Resources by 9.0% in the first quarter. PNC Financial Services Group Inc. now owns 12,674 shares of the basic materials company’s stock valued at $462,000 after acquiring an additional 1,042 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. increased its position in shares of Teck Resources by 2.8% during the first quarter. Charles Schwab Investment Management Inc. now owns 1,455,546 shares of the basic materials company’s stock valued at $53,014,000 after acquiring an additional 40,010 shares during the last quarter. 78.06% of the stock is owned by institutional investors.

Teck Resources Stock Down 1.0%

TECK opened at $41.05 on Friday. Teck Resources Ltd has a 12 month low of $28.32 and a 12 month high of $49.71. The company has a market cap of $19.72 billion, a PE ratio of 23.06, a price-to-earnings-growth ratio of 0.74 and a beta of 0.90. The company has a current ratio of 2.78, a quick ratio of 2.08 and a debt-to-equity ratio of 0.15. The company has a 50 day moving average of $41.11 and a 200 day moving average of $37.91.

Teck Resources (NYSE:TECK) (TSE:TECK) last issued its earnings results on Wednesday, October 22nd. The basic materials company reported $0.55 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.39 by $0.16. Teck Resources had a net margin of 11.93% and a return on equity of 4.14%. The business had revenue of $2.43 billion for the quarter, compared to analysts’ expectations of $2.93 billion. During the same quarter in the previous year, the firm posted $0.60 EPS. The business’s revenue for the quarter was up 18.4% compared to the same quarter last year. On average, sell-side analysts expect that Teck Resources Ltd will post 1.53 EPS for the current year.

Teck Resources Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 31st. Investors of record on Monday, December 15th will be issued a dividend of $0.125 per share. This is a positive change from Teck Resources’s previous quarterly dividend of $0.09. The ex-dividend date of this dividend is Monday, December 15th. This represents a $0.50 dividend on an annualized basis and a yield of 1.2%. Teck Resources’s payout ratio is currently 19.66%.

Analysts Set New Price Targets

Several research analysts have weighed in on the company. UBS Group raised Teck Resources from a “neutral” rating to a “buy” rating in a research report on Wednesday, September 3rd. Canaccord Genuity Group cut Teck Resources from a “buy” rating to a “hold” rating in a research note on Wednesday, October 8th. Deutsche Bank Aktiengesellschaft upgraded shares of Teck Resources from a “hold” rating to a “buy” rating and set a $42.00 price target for the company in a research report on Monday, September 8th. Scotiabank downgraded shares of Teck Resources from an “outperform” rating to a “hold” rating in a report on Thursday. Finally, Citigroup reiterated a “neutral” rating on shares of Teck Resources in a research note on Wednesday, October 8th. One investment analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, twelve have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, Teck Resources presently has a consensus rating of “Hold” and an average price target 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.