Bank of New York Mellon Corp Purchases 134,500 Shares of Teck Resources Limited (NYSE:TECK)

Bank of New York Mellon Corp grew its position in shares of Teck Resources Limited (NYSE:TECK - Free Report) TSE: TECK by 8.5% during the 4th quarter, according to the company in its most recent filing with the SEC. The firm owned 1,720,766 shares of the basic materials company's stock after purchasing an additional 134,500 shares during the quarter. Bank of New York Mellon Corp owned 0.35% of Teck Resources worth $69,743,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently modified their holdings of TECK. Principal Financial Group Inc. increased its holdings in shares of Teck Resources by 21.7% in the third 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 lifted its holdings in shares of Teck Resources by 2.0% during the fourth quarter. CIBC Asset Management Inc now owns 6,623,228 shares of the basic materials company's stock valued at $269,956,000 after purchasing an additional 127,348 shares during the last quarter. FMR LLC boosted its position in shares of Teck Resources by 72.8% in the 3rd quarter. FMR LLC now owns 3,634,430 shares of the basic materials company's stock valued at $189,848,000 after purchasing an additional 1,531,563 shares during the period. Regal Partners Ltd increased its stake in Teck Resources by 1.4% in the 3rd quarter. Regal Partners Ltd now owns 2,728,980 shares of the basic materials company's stock worth $142,562,000 after purchasing an additional 38,949 shares in the last quarter. Finally, Swedbank AB purchased a new position in Teck Resources in the 4th quarter worth about $103,878,000. Institutional investors own 78.06% of the company's stock.

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Analyst Upgrades and Downgrades

A number of analysts have commented on the stock. National Bank Financial lowered shares of Teck Resources from an "outperform" rating to a "sector perform" rating in a research note on Tuesday, December 10th. JPMorgan Chase & Co. decreased their price objective on shares of Teck Resources from $55.00 to $51.00 and set an "overweight" rating for the company in a research note on Thursday, January 16th. UBS Group cut Teck Resources from a "buy" rating to a "neutral" rating in a research report on Monday, November 11th. Finally, Raymond James reduced their price objective on Teck Resources from $75.00 to $70.00 and set an "outperform" rating for the company in a research note on Wednesday, January 22nd. Six equities research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $65.38.

Teck Resources Stock Down 2.5 %

Shares of TECK traded down $1.02 during mid-day trading on Friday, hitting $39.77. 2,399,102 shares of the company's stock were exchanged, compared to its average volume of 3,114,025. The company has a quick ratio of 2.35, a current ratio of 2.92 and a debt-to-equity ratio of 0.16. Teck Resources Limited has a twelve month low of $37.75 and a twelve month high of $55.13. The firm has a fifty day moving average of $41.82 and a two-hundred day moving average of $45.35. The stock has a market cap of $19.75 billion, a price-to-earnings ratio of 72.39 and a beta of 0.93.

Teck Resources (NYSE:TECK - Get Free Report) TSE: TECK last posted its earnings results on Thursday, February 20th. The basic materials company reported $0.33 EPS for the quarter, topping the consensus estimate of $0.26 by $0.07. Teck Resources had a net margin of 2.96% and a return on equity of 4.59%. The firm had revenue of $1.99 billion for the quarter, compared to the consensus estimate of $2.58 billion. On average, sell-side analysts forecast that Teck Resources Limited will post 1.53 earnings per share for the current year.

Teck Resources Cuts Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Friday, March 14th will be given a dividend of $0.0879 per share. The ex-dividend date is Friday, March 14th. This represents a $0.35 dividend on an annualized basis and a yield of 0.88%. Teck Resources's payout ratio is currently 61.82%.

Teck Resources Company Profile

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.