Geode Capital Management LLC Acquires 485,039 Shares of Teck Resources Ltd $TECK

Geode Capital Management LLC increased its holdings in shares of Teck Resources Ltd (NYSE:TECK) (TSE:TECK) by 15.1% in the second quarter, according to its most recent filing with the SEC. The fund owned 3,687,704 shares of the basic materials company’s stock after acquiring an additional 485,039 shares during the period. Geode Capital Management LLC owned about 0.76% of Teck Resources worth $150,286,000 at the end of the most recent quarter.

Other large investors also recently bought and sold shares of the company. Atria Investments Inc boosted its stake in shares of Teck Resources by 27.1% during the second quarter. Atria Investments Inc now owns 33,303 shares of the basic materials company’s stock valued at $1,345,000 after purchasing an additional 7,095 shares during the period. Cetera Investment Advisers lifted its holdings in Teck Resources by 20.9% during the 1st quarter. Cetera Investment Advisers now owns 69,885 shares of the basic materials company’s stock valued at $2,546,000 after buying an additional 12,092 shares in the last quarter. Wellington Management Group LLP boosted its position in 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 valued at $27,358,000 after buying an additional 707,249 shares during the period. Charles Schwab Investment Management Inc. grew its stake in Teck Resources by 2.8% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 1,455,546 shares of the basic materials company’s stock worth $53,014,000 after acquiring an additional 40,010 shares in the last quarter. Finally, PNC Financial Services Group Inc. increased its position in shares of Teck Resources by 9.0% during the first quarter. PNC Financial Services Group Inc. now owns 12,674 shares of the basic materials company’s stock worth $462,000 after acquiring an additional 1,042 shares during the period. Hedge funds and other institutional investors own 78.06% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on TECK. Raymond James Financial reiterated an “outperform” rating on shares of Teck Resources in a report on Friday, October 10th. CIBC lowered Teck Resources from a “sector outperform” rating to a “neutral” rating in a research report on Friday, July 25th. UBS Group raised Teck Resources from a “neutral” rating to a “buy” rating in a research report on Wednesday, September 3rd. Scotiabank lowered Teck Resources from an “outperform” rating to a “hold” rating in a research note on Thursday, November 6th. Finally, Cibc World Mkts lowered shares of Teck Resources from a “strong-buy” rating to a “hold” rating in a research note on Friday, July 25th. One research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, twelve have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $54.00.

Teck Resources Price Performance

Shares of TECK stock opened at $39.04 on Wednesday. Teck Resources Ltd has a 1-year low of $28.32 and a 1-year high of $48.47. The stock’s 50-day moving average is $42.08 and its 200 day moving average is $38.25. The company has a market cap of $18.76 billion, a P/E ratio of 21.93, a PEG ratio of 0.74 and a beta of 0.90. The company has a debt-to-equity ratio of 0.15, a current ratio of 2.78 and a quick ratio of 2.08.

Teck Resources (NYSE:TECK) (TSE:TECK) last announced its earnings results 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 4.14%. The business had revenue of $2.43 billion during the quarter, compared to the consensus estimate of $2.93 billion. During the same period in the previous year, the company posted $0.60 earnings per share. The firm’s revenue was up 18.4% on a year-over-year basis. Research analysts predict that Teck Resources Ltd will post 1.53 earnings per share for the current fiscal year.

Teck Resources Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, December 31st. Investors of record on Monday, December 15th will be given a dividend of $0.125 per share. 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 yield of 1.3%. Teck Resources’s dividend payout ratio is currently 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.