Norges Bank bought a new stake in shares of Teck Resources Limited (NYSE:TECK - Free Report) TSE: TECK during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 11,609,774 shares of the basic materials company's stock, valued at approximately $470,101,000. Norges Bank owned about 2.33% of Teck Resources as of its most recent filing with the Securities & Exchange Commission.
Several other hedge funds and other institutional investors have also recently modified their holdings of TECK. Vanguard Group Inc. increased its stake in Teck Resources by 0.3% in the fourth quarter. Vanguard Group Inc. now owns 19,316,132 shares of the basic materials company's stock worth $783,153,000 after purchasing an additional 58,985 shares during the period. Amundi increased its stake in Teck Resources by 5.6% in the 4th quarter. Amundi now owns 14,949,233 shares of the basic materials company's stock worth $619,765,000 after buying an additional 791,725 shares during the period. Principal Financial Group Inc. lifted its holdings in Teck Resources by 21.7% during the 3rd quarter. Principal Financial Group Inc. now owns 7,429,981 shares of the basic materials company's stock valued at $388,507,000 after buying an additional 1,326,241 shares in the last quarter. CIBC Asset Management Inc boosted its position in Teck Resources by 2.0% in the 4th quarter. CIBC Asset Management Inc now owns 6,623,228 shares of the basic materials company's stock valued at $269,956,000 after buying an additional 127,348 shares during the period. Finally, AMF Tjanstepension AB increased its position in shares of Teck Resources by 32.2% during the fourth quarter. AMF Tjanstepension AB now owns 6,020,023 shares of the basic materials company's stock worth $244,252,000 after acquiring an additional 1,467,516 shares during the period. 78.06% of the stock is currently owned by hedge funds and other institutional investors.
Analysts Set New Price Targets
Several brokerages recently issued reports on TECK. JPMorgan Chase & Co. dropped their price objective on Teck Resources from $55.00 to $51.00 and set an "overweight" rating on the stock in a research note on Thursday, January 16th. Bank of America raised their price target on Teck Resources from $62.00 to $64.00 and gave the company a "buy" rating in a research note on Monday, March 10th. Raymond James lowered their price objective on shares of Teck Resources from $75.00 to $70.00 and set an "outperform" rating for the company in a research note on Wednesday, January 22nd. Finally, National Bank Financial downgraded shares of Teck Resources from an "outperform" rating to a "sector perform" rating in a research note on Tuesday, December 10th. Six analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $65.22.
Check Out Our Latest Research Report on Teck Resources
Teck Resources Stock Performance
TECK stock traded up $0.31 during midday trading on Tuesday, reaching $36.74. The stock had a trading volume of 2,578,363 shares, compared to its average volume of 3,310,851. The firm has a fifty day simple moving average of $41.42 and a two-hundred day simple moving average of $44.57. Teck Resources Limited has a 52-week low of $35.14 and a 52-week high of $55.13. The company has a debt-to-equity ratio of 0.16, a quick ratio of 2.35 and a current ratio of 2.92. The stock has a market cap of $18.18 billion, a PE ratio of 66.90 and a beta of 0.93.
Teck Resources (NYSE:TECK - Get Free Report) TSE: TECK last issued its earnings results on Thursday, February 20th. The basic materials company reported $0.33 EPS for the quarter, beating analysts' consensus estimates of $0.26 by $0.07. Teck Resources had a return on equity of 4.59% and a net margin of 2.96%. The firm had revenue of $1.99 billion for the quarter, compared to analyst estimates of $2.58 billion. As a group, equities research analysts anticipate that Teck Resources Limited will post 1.53 EPS for the current year.
Teck Resources Cuts Dividend
The firm also recently announced a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Friday, March 14th were issued a dividend of $0.0879 per share. The ex-dividend date was Friday, March 14th. This represents a $0.35 annualized dividend and a dividend yield of 0.96%. Teck Resources's dividend payout ratio (DPR) is presently 61.82%.
About Teck Resources
(
Free Report)
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.
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