Norges Bank Invests $437.66 Million in Teck Resources Ltd $TECK

Norges Bank purchased a new position in Teck Resources Ltd (NYSE:TECK) (TSE:TECK) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 10,815,283 shares of the basic materials company’s stock, valued at approximately $437,657,000. Norges Bank owned about 2.24% of Teck Resources as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors also recently added to or reduced their stakes in the stock. Scotia Capital Inc. raised its position in Teck Resources by 13.1% in the second quarter. Scotia Capital Inc. now owns 438,444 shares of the basic materials company’s stock worth $17,703,000 after acquiring an additional 50,818 shares during the period. Hsbc Holdings PLC grew its position in shares of Teck Resources by 4.5% during the 2nd quarter. Hsbc Holdings PLC now owns 333,782 shares of the basic materials company’s stock valued at $13,514,000 after acquiring an additional 14,382 shares during the period. Bank of Nova Scotia Trust Co. increased its stake in shares of Teck Resources by 7.9% during the 2nd quarter. Bank of Nova Scotia Trust Co. now owns 50,893 shares of the basic materials company’s stock worth $2,055,000 after purchasing an additional 3,735 shares during the last quarter. Korea Investment CORP raised its holdings in shares of Teck Resources by 164.5% in the 2nd quarter. Korea Investment CORP now owns 713,096 shares of the basic materials company’s stock worth $28,780,000 after purchasing an additional 443,472 shares during the period. Finally, Drummond Knight Asset Management Pty Ltd raised its holdings in shares of Teck Resources by 32.6% in the 2nd quarter. Drummond Knight Asset Management Pty Ltd now owns 322,530 shares of the basic materials company’s stock worth $13,024,000 after purchasing an additional 79,302 shares during the period. Institutional investors own 78.06% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have weighed in on TECK. UBS Group raised Teck Resources from a “neutral” rating to a “buy” rating in a report on Wednesday, September 3rd. Citigroup reiterated a “neutral” rating on shares of Teck Resources in a research note on Wednesday, October 8th. JPMorgan Chase & Co. lifted their price objective on Teck Resources from $41.00 to $43.00 and gave the stock a “neutral” rating in a report on Thursday, October 9th. Canaccord Genuity Group cut Teck Resources from a “buy” rating to a “hold” rating in a research note on Wednesday, October 8th. Finally, Benchmark reiterated a “buy” rating on shares of Teck Resources in a research report on Thursday, October 23rd. One investment analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, twelve have issued a Hold rating and one has given 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 $54.57.

Teck Resources Price Performance

Shares of NYSE TECK opened at $42.61 on Friday. The stock has a market cap of $20.48 billion, a PE ratio of 23.94, a price-to-earnings-growth ratio of 0.74 and a beta of 0.90. Teck Resources Ltd has a fifty-two week low of $28.32 and a fifty-two week high of $48.47. The company has a debt-to-equity ratio of 0.15, a quick ratio of 2.08 and a current ratio of 2.78. The stock has a fifty day moving average of $42.18 and a 200-day moving average of $38.53.

Teck Resources (NYSE:TECK) (TSE:TECK) last issued its quarterly earnings data on Wednesday, October 22nd. The basic materials company reported $0.55 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.39 by $0.16. Teck Resources had a return on equity of 4.14% and a net margin of 11.93%.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 prior year, the firm posted $0.60 EPS. The firm’s quarterly revenue was up 18.4% on a year-over-year basis. Equities research analysts anticipate that Teck Resources Ltd will post 1.53 earnings per share for the current year.

Teck Resources Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, December 31st. Stockholders 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 dividend on an annualized basis and a dividend yield of 1.2%. Teck Resources’s payout ratio is currently 19.66%.

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.