Sumitomo Mitsui Trust Holdings Inc. lifted its position in Teck Resources Limited (NYSE:TECK – Free Report) (TSE:TECK) by 2.0% during the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 1,521,635 shares of the basic materials company’s stock after purchasing an additional 29,338 shares during the quarter. Sumitomo Mitsui Trust Holdings Inc. owned 0.30% of Teck Resources worth $55,424,000 at the end of the most recent reporting period.
Several other large investors have also made changes to their positions in the company. Moors & Cabot Inc. lifted its position in Teck Resources by 3.1% during the 4th quarter. Moors & Cabot Inc. now owns 9,125 shares of the basic materials company’s stock worth $345,000 after buying an additional 275 shares in the last quarter. PNC Financial Services Group Inc. lifted its position in Teck Resources by 4.4% during the 1st quarter. PNC Financial Services Group Inc. now owns 8,067 shares of the basic materials company’s stock worth $327,000 after buying an additional 341 shares in the last quarter. Foundations Investment Advisors LLC lifted its position in Teck Resources by 3.3% during the 4th quarter. Foundations Investment Advisors LLC now owns 11,684 shares of the basic materials company’s stock worth $442,000 after buying an additional 375 shares in the last quarter. Advisory Services Network LLC lifted its position in Teck Resources by 2.3% during the 1st quarter. Advisory Services Network LLC now owns 17,629 shares of the basic materials company’s stock worth $712,000 after buying an additional 391 shares in the last quarter. Finally, Fifth Third Bancorp lifted its position in Teck Resources by 11.9% during the 1st quarter. Fifth Third Bancorp now owns 3,704 shares of the basic materials company’s stock worth $135,000 after buying an additional 394 shares in the last quarter. Institutional investors own 56.42% of the company’s stock.
Analysts Set New Price Targets
A number of research firms have issued reports on TECK. Bank of America cut their target price on shares of Teck Resources from C$65.00 to C$62.00 in a research report on Monday, April 3rd. National Bank Financial downgraded shares of Teck Resources from an “outperform” rating to a “sector perform” rating in a research report on Thursday, April 27th. TD Securities cut their target price on shares of Teck Resources from C$80.00 to C$78.00 in a research report on Thursday, April 27th. Scotiabank cut their target price on shares of Teck Resources from C$75.00 to C$72.00 in a research report on Wednesday, June 28th. Finally, Stifel Nicolaus cut their target price on shares of Teck Resources from C$72.00 to C$68.00 in a research report on Monday, July 10th. Six equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat, Teck Resources has a consensus rating of “Moderate Buy” and a consensus price target of $62.42.
Teck Resources Price Performance
Teck Resources (NYSE:TECK – Get Free Report) (TSE:TECK) last posted its earnings results on Wednesday, April 26th. The basic materials company reported $1.32 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.33 by ($0.01). Teck Resources had a return on equity of 15.71% and a net margin of 16.80%. The business had revenue of $2.80 billion for the quarter, compared to the consensus estimate of $2.96 billion. Analysts anticipate that Teck Resources Limited will post 4.58 earnings per share for the current fiscal year.
Teck Resources Increases Dividend
The firm also recently declared a quarterly dividend, which was paid on Friday, June 30th. Stockholders of record on Thursday, June 15th were paid a dividend of $0.125 per share. This is a boost from Teck Resources’s previous quarterly dividend of $0.09. This represents a $0.50 annualized dividend and a dividend yield of 1.19%. The ex-dividend date of this dividend was Wednesday, June 14th. Teck Resources’s dividend payout ratio (DPR) is currently 8.89%.
Teck Resources Profile
Teck Resources Limited engages in exploring for, acquiring, developing, and producing natural resources in Asia, Europe, and North America. It operates through Steelmaking Coal, Copper, Zinc, and Energy segments. The company's principal products include copper, zinc, steelmaking coal, and blended bitumen.
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