Public Employees Retirement System of Ohio Makes New $21.43 Million Investment in Teck Resources Ltd $TECK

Public Employees Retirement System of Ohio acquired a new position in Teck Resources Ltd (NYSE:TECK) (TSE:TECK) in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 359,869 shares of the basic materials company’s stock, valued at approximately $21,425,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. PensionDanmark Pensionsforsikringsaktieselskab boosted its position in shares of Teck Resources by 2.8% during the 2nd quarter. PensionDanmark Pensionsforsikringsaktieselskab now owns 191,700 shares of the basic materials company’s stock valued at $11,413,000 after purchasing an additional 5,220 shares in the last quarter. Assenagon Asset Management S.A. increased its holdings in Teck Resources by 23.6% in the second quarter. Assenagon Asset Management S.A. now owns 17,299 shares of the basic materials company’s stock worth $1,030,000 after purchasing an additional 3,302 shares in the last quarter. Versant Capital Management Inc increased its holdings in 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 worth $94,000 after purchasing an additional 736 shares in the last quarter. Brandywine Financial Group acquired a new position in Teck Resources in the first quarter valued at approximately $5,251,000. Finally, Rathbones Group PLC boosted its holdings in shares of Teck Resources by 80.8% during the 1st quarter. Rathbones Group PLC now owns 8,648 shares of the basic materials company’s stock worth $447,000 after buying an additional 3,865 shares in the last quarter. 78.06% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on the stock. Scotiabank reiterated a “sector perform” rating on shares of Teck Resources in a research note on Monday, June 15th. JPMorgan Chase & Co. raised their price target on shares of Teck Resources from $46.00 to $47.00 and gave the stock a “neutral” rating in a report on Tuesday, July 28th. Deutsche Bank Aktiengesellschaft lifted 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. Raymond James Financial raised shares of Teck Resources from a “market perform” rating to an “outperform” rating in a research report on Thursday, July 23rd. Finally, Weiss Ratings upgraded Teck Resources from a “hold (c+)” rating to a “buy (b-)” rating in a report on Tuesday, August 4th. Six research analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company. According to data from MarketBeat.com, Teck Resources has an average rating of “Hold” and an average target price of $62.25.

Teck Resources Stock Down 1.6%

Teck Resources stock opened at $69.42 on Friday. Teck Resources Ltd has a fifty-two week low of $31.68 and a fifty-two week high of $71.93. The stock has a market cap of $33.53 billion, a PE ratio of 18.81, a price-to-earnings-growth ratio of 2.50 and a beta of 0.92. The firm’s 50-day simple moving average is $61.97 and its 200 day simple moving average is $59.66. The company has a debt-to-equity ratio of 0.12, a quick ratio of 2.33 and a current ratio of 3.12.

Teck Resources (NYSE:TECK) (TSE:TECK) last issued its quarterly earnings data on Thursday, July 23rd. The basic materials company reported $1.35 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.95 by $0.40. The business had revenue of $2.54 billion during the quarter, compared to the consensus estimate of $2.38 billion. Teck Resources had a net margin of 17.85% and a return on equity of 10.42%. The firm’s quarterly revenue was up 78.2% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.38 EPS. Research analysts predict that Teck Resources Ltd will post 3.48 EPS for the current fiscal year.

Teck Resources Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 29th. Stockholders of record on Tuesday, September 15th will be issued a $0.125 dividend. The ex-dividend date of this dividend is Tuesday, September 15th. This represents a $0.50 annualized dividend and a dividend yield of 0.7%. Teck Resources’s dividend payout ratio is currently 9.76%.

Teck Resources Profile

Teck Resources Ltd. is a diversified natural resource company headquartered in Canada that explores for, develops and produces a portfolio of metallic and energy commodities. Its core businesses center on copper, steelmaking (metallurgical) coal and zinc, with related smelting and refining activities. Teck supplies raw materials and intermediate products to global steelmakers, metals markets and industrial customers, and operates integrated mining and processing facilities as well as earlier-stage exploration and development projects.

The company’s operations and projects are located across multiple geographies, with a significant presence in western Canada and North America and additional exploration and development activities in Latin America.