Raymond James Financial Inc. Takes $14.34 Million Position in Teck Resources Limited (NYSE:TECK)

Raymond James Financial Inc. bought a new stake in shares of Teck Resources Limited (NYSE:TECK - Free Report) TSE: TECK in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 353,905 shares of the basic materials company's stock, valued at approximately $14,344,000. Raymond James Financial Inc. owned about 0.07% of Teck Resources at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. APG Asset Management N.V. grew its position in Teck Resources by 545.0% in the 4th quarter. APG Asset Management N.V. now owns 287,667 shares of the basic materials company's stock worth $11,258,000 after purchasing an additional 243,066 shares during the last quarter. Renaissance Technologies LLC lifted its holdings in shares of Teck Resources by 167.8% in the fourth quarter. Renaissance Technologies LLC now owns 552,176 shares of the basic materials company's stock valued at $22,380,000 after buying an additional 346,000 shares during the period. Invesco Ltd. raised its position in Teck Resources by 4.7% in the fourth quarter. Invesco Ltd. now owns 7,711,727 shares of the basic materials company's stock worth $312,556,000 after acquiring an additional 347,235 shares in the last quarter. Employees Retirement System of Texas bought a new position in shares of Teck Resources during the 4th quarter valued at about $230,000. Finally, Polymer Capital Management US LLC bought a new stake in Teck Resources during the fourth quarter worth approximately $632,000. Institutional investors and hedge funds own 78.06% of the company's stock.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on the company. Bank of America lifted their price target on Teck Resources from $62.00 to $64.00 and gave the stock a "buy" rating in a research note on Monday, March 10th. BMO Capital Markets initiated coverage on shares of Teck Resources in a research note on Wednesday, April 16th. They issued an "outperform" rating for the company. Veritas upgraded Teck Resources to a "hold" rating in a report on Friday, April 11th. Desjardins initiated coverage on Teck Resources in a report on Friday, April 4th. They issued a "buy" rating on the stock. Finally, JPMorgan Chase & Co. lowered their target price on Teck Resources from $50.00 to $41.00 and set an "overweight" rating on the stock in a research note on Thursday, April 10th. Seven analysts have rated the stock with a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $64.11.

Teck Resources Stock Performance

Shares of Teck Resources stock traded down $0.57 during trading on Friday, reaching $35.67. The company's stock had a trading volume of 2,793,690 shares, compared to its average volume of 3,177,073. Teck Resources Limited has a 52 week low of $28.32 and a 52 week high of $55.13. The firm has a market cap of $17.57 billion, a PE ratio of 64.83 and a beta of 0.81. The business's 50-day moving average price is $37.71 and its 200-day moving average price is $42.34. 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 (NYSE:TECK - Get Free Report) TSE: TECK last announced its earnings results on Thursday, April 24th. The basic materials company reported $0.42 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.24 by $0.18. Teck Resources had a net margin of 2.96% and a return on equity of 4.59%. The firm had revenue of $1.60 billion for the quarter, compared to analyst estimates of $2.19 billion. Equities analysts forecast that Teck Resources Limited will post 1.53 earnings per share for the current year.

Teck Resources Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Friday, March 14th were issued a $0.0879 dividend. This represents a $0.35 annualized dividend and a yield of 0.99%. The ex-dividend date of this dividend was Friday, March 14th. Teck Resources's dividend payout ratio is currently 61.82%.

About Teck Resources

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.