Prudential PLC Purchases New Stake in Teck Resources Limited (NYSE:TECK)

Prudential PLC purchased a new position in shares of Teck Resources Limited (NYSE:TECK - Free Report) TSE: TECK during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 10,531 shares of the basic materials company's stock, valued at approximately $426,000.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Norges Bank purchased a new position in shares of Teck Resources in the 4th quarter valued at $470,101,000. Swedbank AB acquired a new position in Teck Resources during the 4th quarter worth approximately $103,878,000. Arrowstreet Capital Limited Partnership purchased a new position in Teck Resources in the fourth quarter worth $65,197,000. AMF Tjanstepension AB increased its holdings in shares of Teck Resources by 32.2% in the 4th quarter. AMF Tjanstepension AB now owns 6,020,023 shares of the basic materials company's stock valued at $244,252,000 after purchasing an additional 1,467,516 shares in the last quarter. Finally, Principal Financial Group Inc. lifted its position in shares of 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 acquiring an additional 1,326,241 shares during the period. Hedge funds and other institutional investors own 78.06% of the company's stock.

Teck Resources Price Performance

NYSE:TECK traded up $0.65 on Monday, reaching $34.25. The stock had a trading volume of 519,292 shares, compared to its average volume of 3,186,779. The stock has a fifty day moving average price of $39.35 and a 200-day moving average price of $43.35. 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 1-year low of $28.32 and a 1-year high of $55.13. The company has a market capitalization of $16.95 billion, a P/E ratio of 62.27 and a beta of 0.81.

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

Teck Resources Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Friday, March 14th were issued a $0.0879 dividend. This represents a $0.35 annualized dividend and a dividend yield of 1.03%. The ex-dividend date of this dividend was Friday, March 14th. Teck Resources's payout ratio is presently 61.82%.

Analysts Set New Price Targets

Several equities analysts recently weighed in on TECK shares. National Bankshares reiterated a "sector perform" rating on shares of Teck Resources in a research report on Wednesday, April 2nd. Desjardins initiated coverage on shares of Teck Resources in a research note on Friday, April 4th. They issued a "buy" rating for the company. Raymond James cut their price objective on Teck Resources from $75.00 to $70.00 and set an "outperform" rating on the stock in a research note on Wednesday, January 22nd. JPMorgan Chase & Co. cut their target price on shares of Teck Resources from $50.00 to $41.00 and set an "overweight" rating on the stock in a report on Thursday. Finally, Bank of America boosted their price target on shares of Teck Resources from $62.00 to $64.00 and gave the company a "buy" rating in a report on Monday, March 10th. Seven analysts have rated the stock with a hold rating, eight have given a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat, Teck Resources has an average rating of "Moderate Buy" and a consensus price target of $64.11.

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.