Tidal Investments LLC grew its position in Teck Resources Ltd (NYSE:TECK – Free Report) (TSE:TECK) by 9.0% during the 2nd quarter, HoldingsChannel reports. The firm owned 166,945 shares of the basic materials company’s stock after purchasing an additional 13,811 shares during the quarter. Tidal Investments LLC’s holdings in Teck Resources were worth $9,789,000 at the end of the most recent quarter.
Several other institutional investors have also modified their holdings of TECK. Brown Brothers Harriman & Co. bought a new stake in Teck Resources in the 4th quarter valued at $25,000. Geneos Wealth Management Inc. grew its holdings in shares of Teck Resources by 117.4% during the first quarter. Geneos Wealth Management Inc. now owns 561 shares of the basic materials company’s stock worth $29,000 after buying an additional 303 shares in the last quarter. Blue Trust Inc. grew its holdings in shares of Teck Resources by 411.8% during the first quarter. Blue Trust Inc. now owns 563 shares of the basic materials company’s stock worth $29,000 after buying an additional 453 shares in the last quarter. Versant Capital Management Inc raised its holdings in shares of Teck Resources by 86.5% in the second quarter. Versant Capital Management Inc now owns 1,587 shares of the basic materials company’s stock valued at $94,000 after purchasing an additional 736 shares during the last quarter. Finally, Oslo Pensjonsforsikring AS acquired a new stake in Teck Resources in the 1st quarter valued at $83,000. Institutional investors own 78.06% of the company’s stock.
Wall Street Analyst Weigh In
Several research analysts have weighed in on TECK shares. Raymond James Financial raised Teck Resources from a “market perform” rating to an “outperform” rating in a research report on Thursday, July 23rd. Deutsche Bank Aktiengesellschaft upped their price target on shares of Teck Resources from $64.00 to $68.00 and gave the company a “buy” rating in a research note on Thursday, July 2nd. Veritas cut shares of Teck Resources from a “strong-buy” rating to a “hold” rating in a report on Thursday, June 4th. Scotiabank restated a “sector perform” rating on shares of Teck Resources in a research report on Monday, June 15th. Finally, Wall Street Zen downgraded Teck Resources from a “strong-buy” rating to a “buy” rating in a research note on Sunday, July 26th. Six investment analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company’s stock. Based on data from MarketBeat, Teck Resources currently has a consensus rating of “Hold” and a consensus target price of $62.25.
Teck Resources Stock Performance
NYSE TECK opened at $66.36 on Friday. Teck Resources Ltd has a 1 year low of $38.00 and a 1 year high of $72.56. The firm’s 50 day simple moving average is $63.74 and its 200 day simple moving average is $60.32. The company has a current ratio of 3.12, a quick ratio of 2.33 and a debt-to-equity ratio of 0.12. The firm has a market capitalization of $32.05 billion, a price-to-earnings ratio of 17.98, a P/E/G ratio of 2.06 and a beta of 0.94.
Teck Resources (NYSE:TECK – Get Free Report) (TSE:TECK) last posted its quarterly earnings results on Thursday, July 23rd. The basic materials company reported $1.35 EPS for the quarter, topping analysts’ consensus estimates of $0.95 by $0.40. The company had revenue of $2.54 billion during the quarter, compared to analysts’ expectations of $2.38 billion. Teck Resources had a return on equity of 10.42% and a net margin of 17.85%.Teck Resources’s revenue was up 78.2% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.38 EPS. As a group, research analysts expect that Teck Resources Ltd will post 4.03 earnings per share for the current fiscal year.
Teck Resources Dividend Announcement
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 29th. Investors of record on Tuesday, September 15th will be issued a dividend of $0.125 per share. The ex-dividend date of this dividend is Tuesday, September 15th. This represents a $0.50 annualized dividend and a dividend yield of 0.8%. Teck Resources’s dividend payout ratio (DPR) is 9.76%.
About Teck Resources
Teck Resources Limited is a Canadian mining and metals company focused primarily on the exploration, development and production of base metals. Its principal products include copper, zinc and lead, along with associated by-products such as molybdenum, silver and germanium. Copper is an increasingly important part of Teck’s business as the metal is used in electrical infrastructure, renewable energy systems, transportation and industrial applications.
Teck operates and develops mining assets in Canada, Chile and Peru.
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