Tobam Takes $62,000 Position in Teck Resources Ltd $TECK

Tobam purchased a new stake in shares of Teck Resources Ltd (NYSE:TECK) (TSE:TECK) during the 2nd quarter, HoldingsChannel reports. The institutional investor purchased 1,536 shares of the basic materials company’s stock, valued at approximately $62,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Canoe Financial LP purchased a new position in shares of Teck Resources during the 2nd quarter worth $97,536,000. Temasek Holdings Private Ltd boosted its stake in Teck Resources by 125.8% during the first quarter. Temasek Holdings Private Ltd now owns 2,479,555 shares of the basic materials company’s stock worth $90,330,000 after buying an additional 1,381,355 shares during the period. Carrhae Capital LLP acquired a new stake in shares of Teck Resources during the first quarter valued at about $46,478,000. Ninety One UK Ltd boosted its position in shares of Teck Resources by 436.6% during the 2nd quarter. Ninety One UK Ltd now owns 1,480,334 shares of the basic materials company’s stock worth $59,768,000 after purchasing an additional 1,204,440 shares during the period. Finally, Connor Clark & Lunn Investment Management Ltd. lifted its stake in Teck Resources by 168.9% during the 2nd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 1,879,437 shares of the basic materials company’s stock worth $76,054,000 after acquiring an additional 1,180,519 shares in the last quarter. Institutional investors and hedge funds own 78.06% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have commented on TECK. Raymond James Financial restated an “outperform” rating on shares of Teck Resources in a research note on Friday, October 10th. Benchmark reiterated a “buy” rating on shares of Teck Resources in a report on Thursday, October 23rd. Deutsche Bank Aktiengesellschaft raised Teck Resources from a “hold” rating to a “buy” rating and set a $42.00 target price on the stock in a report on Monday, September 8th. Royal Bank Of Canada lowered their price objective on Teck Resources from $82.00 to $67.00 and set an “outperform” rating for the company in a research report on Friday, July 25th. Finally, CIBC downgraded Teck Resources from a “sector outperform” rating to a “neutral” rating in a report on Friday, July 25th. One equities research 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 assigned a Sell rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $54.00.

Teck Resources Stock Up 1.8%

Shares of NYSE:TECK opened at $43.70 on Thursday. Teck Resources Ltd has a 1-year low of $28.32 and a 1-year high of $48.47. The company has a debt-to-equity ratio of 0.15, a current ratio of 2.78 and a quick ratio of 2.08. The stock has a market cap of $21.00 billion, a P/E ratio of 24.55, a P/E/G ratio of 0.74 and a beta of 0.90. The firm has a fifty day moving average price of $41.66 and a 200 day moving average price of $38.06.

Teck Resources (NYSE:TECK) (TSE:TECK) last issued its quarterly earnings results on Wednesday, October 22nd. The basic materials company reported $0.55 earnings per share for the quarter, topping the consensus estimate of $0.39 by $0.16. Teck Resources had a return on equity of 4.14% and a net margin of 11.93%.The firm had revenue of $2.43 billion during the quarter, compared to the consensus estimate of $2.93 billion. During the same period last year, the company earned $0.60 earnings per share. The company’s revenue for the quarter was up 18.4% on a year-over-year basis. Sell-side analysts predict that Teck Resources Ltd will post 1.53 EPS for the current year.

Teck Resources Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, December 31st. Shareholders of record on Monday, December 15th will be given a dividend of $0.125 per share. The ex-dividend date 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 yield of 1.1%. Teck Resources’s dividend payout ratio (DPR) is presently 19.66%.

About Teck Resources

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.