Teck Resources Limited (NYSE:TECK) Shares Acquired by CIBC Asset Management Inc

CIBC Asset Management Inc raised its holdings in Teck Resources Limited (NYSE:TECK) (TSE:TECK) by 1.4% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 6,330,121 shares of the basic materials company’s stock after purchasing an additional 90,089 shares during the quarter. Teck Resources accounts for about 1.1% of CIBC Asset Management Inc’s holdings, making the stock its 24th biggest position. CIBC Asset Management Inc owned approximately 1.24% of Teck Resources worth $303,161,000 at the end of the most recent quarter.

Other institutional investors also recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its stake in shares of Teck Resources by 1.8% during the 1st quarter. Vanguard Group Inc. now owns 16,721,130 shares of the basic materials company’s stock worth $765,493,000 after purchasing an additional 290,034 shares during the period. FIL Ltd grew its position in Teck Resources by 98.8% during the fourth quarter. FIL Ltd now owns 11,937,233 shares of the basic materials company’s stock worth $504,588,000 after buying an additional 5,933,226 shares during the period. Boston Partners lifted its position in shares of Teck Resources by 28.8% during the 4th quarter. Boston Partners now owns 10,881,781 shares of the basic materials company’s stock valued at $484,995,000 after acquiring an additional 2,432,378 shares during the period. Janus Henderson Group PLC lifted its position in shares of Teck Resources by 2.4% during the 1st quarter. Janus Henderson Group PLC now owns 8,604,605 shares of the basic materials company’s stock valued at $394,178,000 after acquiring an additional 203,607 shares during the period. Finally, Principal Financial Group Inc. lifted its position in shares of Teck Resources by 7.3% during the 2nd quarter. Principal Financial Group Inc. now owns 6,103,740 shares of the basic materials company’s stock valued at $292,441,000 after acquiring an additional 416,070 shares during the period. Hedge funds and other institutional investors own 78.06% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on the company. CIBC raised their price objective on Teck Resources from $70.00 to $80.00 and gave the company an “outperformer” rating in a research note on Friday, July 12th. TD Securities upgraded shares of Teck Resources to a “strong-buy” rating in a research report on Tuesday, July 16th. Eight Capital cut shares of Teck Resources from a “strong-buy” rating to a “hold” rating in a research note on Thursday, July 11th. Morgan Stanley raised their target price on shares of Teck Resources from $55.00 to $60.00 and gave the company an “overweight” rating in a report on Friday, June 21st. Finally, JPMorgan Chase & Co. dropped their price objective on shares of Teck Resources from $56.00 to $54.00 and set an “overweight” rating for the company in a research note on Thursday, July 25th. Three equities research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, Teck Resources has an average rating of “Moderate Buy” and a consensus target price of $62.40.

Teck Resources Trading Up 1.1 %

NYSE TECK traded up $0.53 during mid-day trading on Monday, reaching $47.90. 1,163,400 shares of the stock were exchanged, compared to its average volume of 3,485,205. The stock has a market capitalization of $24.51 billion, a PE ratio of 21.19 and a beta of 1.05. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.77 and a current ratio of 1.48. Teck Resources Limited has a 1-year low of $34.38 and a 1-year high of $55.13. The business’s fifty day simple moving average is $47.73 and its 200 day simple moving average is $46.97.

Teck Resources (NYSE:TECK) (TSE:TECK) last posted its quarterly earnings data on Wednesday, July 24th. The basic materials company reported $0.79 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.47 by $0.32. The business had revenue of $3.87 billion for the quarter, compared to analysts’ expectations of $2.67 billion. Teck Resources had a return on equity of 6.52% and a net margin of 9.40%. The business’s revenue was up 10.1% on a year-over-year basis. During the same quarter last year, the firm earned $0.91 earnings per share. On average, research analysts anticipate that Teck Resources Limited will post 2.01 earnings per share for the current fiscal year.

Teck Resources Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 27th. Shareholders of record on Friday, September 13th will be issued a $0.625 dividend. This is a boost from Teck Resources’s previous quarterly dividend of $0.09. The ex-dividend date is Friday, September 13th. This represents a $2.50 annualized dividend and a yield of 5.22%. Teck Resources’s payout ratio is 16.37%.

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.