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

Raymond James Financial Inc. acquired a new stake in shares of Teck Resources Limited (NYSE:TECK - Free Report) TSE: TECK in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 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 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also made changes to their positions in TECK. Synergy Asset Management LLC grew its stake in Teck Resources by 77.7% during the fourth quarter. Synergy Asset Management LLC now owns 16,892 shares of the basic materials company's stock worth $685,000 after buying an additional 7,387 shares during the last quarter. Forest Avenue Capital Management LP grew its stake in shares of Teck Resources by 3.7% during the third quarter. Forest Avenue Capital Management LP now owns 720,920 shares of the basic materials company's stock valued at $37,661,000 after purchasing an additional 25,430 shares during the last quarter. Public Employees Retirement System of Ohio bought a new stake in shares of Teck Resources during the third quarter valued at approximately $1,937,000. Intech Investment Management LLC grew its stake in shares of Teck Resources by 20.9% during the third quarter. Intech Investment Management LLC now owns 98,145 shares of the basic materials company's stock valued at $5,132,000 after purchasing an additional 16,981 shares during the last quarter. Finally, Paloma Partners Management Co bought a new stake in shares of Teck Resources during the third quarter valued at approximately $20,896,000. Institutional investors and hedge funds own 78.06% of the company's stock.

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Wall Street Analysts Forecast Growth

Several analysts have recently commented on TECK shares. National Bank Financial cut shares of Teck Resources from an "outperform" rating to a "sector perform" rating in a research note on Tuesday, December 10th. Raymond James decreased their price target on shares of 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. reduced their price objective on shares of Teck Resources from $55.00 to $51.00 and set an "overweight" rating on the stock in a research note on Thursday, January 16th. Finally, Bank of America raised their price objective on shares of Teck Resources from $62.00 to $64.00 and gave the company a "buy" rating in a research note on Monday, March 10th. Six research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $65.22.

Teck Resources Stock Performance

TECK traded down $0.96 on Friday, reaching $41.53. The company had a trading volume of 3,531,829 shares, compared to its average volume of 3,097,012. Teck Resources Limited has a fifty-two week low of $36.54 and a fifty-two week high of $55.13. The stock has a market cap of $20.90 billion, a P/E ratio of 75.50 and a beta of 0.93. The company's fifty day moving average is $41.79 and its 200 day moving average is $44.78. The company has a debt-to-equity ratio of 0.16, a quick ratio of 2.35 and a current ratio of 2.92.

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 EPS for the quarter, beating 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 business had revenue of $1.99 billion for the quarter, compared to analyst estimates of $2.58 billion. As a group, analysts predict that Teck Resources Limited will post 1.53 earnings per share for the current fiscal year.

Teck Resources Cuts Dividend

The firm 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 dividend yield of 0.85%. Teck Resources's payout ratio is presently 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.