Drummond Knight Asset Management Pty Ltd acquired a new stake in Teck Resources Limited (NYSE:TECK - Free Report) TSE: TECK during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 475,000 shares of the basic materials company's stock, valued at approximately $19,252,000. Teck Resources accounts for approximately 14.0% of Drummond Knight Asset Management Pty Ltd's portfolio, making the stock its 2nd biggest holding. Drummond Knight Asset Management Pty Ltd owned approximately 0.10% of Teck Resources at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Stonebridge Financial Group LLC purchased a new stake in Teck Resources in the fourth quarter worth $25,000. FPC Investment Advisory Inc. purchased a new stake in shares of Teck Resources in the 4th quarter worth about $27,000. Global Trust Asset Management LLC purchased a new stake in shares of Teck Resources in the 4th quarter worth about $27,000. Wilmington Savings Fund Society FSB purchased a new position in shares of Teck Resources during the third quarter valued at about $40,000. Finally, Community Bank N.A. bought a new position in Teck Resources in the fourth quarter worth about $33,000. 78.06% of the stock is owned by institutional investors.
Teck Resources Stock Up 3.2 %
TECK stock traded up $1.10 during midday trading on Friday, hitting $35.81. The company's stock had a trading volume of 3,074,075 shares, compared to its average volume of 3,126,661. The firm's 50-day moving average is $36.36 and its 200-day moving average is $41.14. The company has a current ratio of 2.92, a quick ratio of 2.35 and a debt-to-equity ratio of 0.16. Teck Resources Limited has a 12 month low of $28.32 and a 12 month high of $55.13. The company has a market cap of $17.64 billion, a PE ratio of 65.11 and a beta of 0.79.
Teck Resources (NYSE:TECK - Get Free Report) TSE: TECK last announced its quarterly earnings results on Thursday, April 24th. The basic materials company reported $0.42 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.24 by $0.18. Teck Resources had a return on equity of 4.59% and a net margin of 2.96%. The firm had revenue of $1.60 billion for the quarter, compared to the consensus estimate of $2.19 billion. During the same period in the prior year, the company posted $0.75 earnings per share. The company's quarterly revenue was up 41.4% on a year-over-year basis. On average, equities research analysts forecast that Teck Resources Limited will post 1.53 earnings per share for the current fiscal year.
Teck Resources Increases Dividend
The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 30th. Stockholders of record on Monday, June 16th will be issued a dividend of $0.0901 per share. This represents a $0.36 annualized dividend and a dividend yield of 1.01%. This is a boost from Teck Resources's previous quarterly dividend of $0.09. The ex-dividend date is Monday, June 16th. Teck Resources's payout ratio is presently 58.62%.
Analyst Upgrades and Downgrades
A number of research firms have weighed in on TECK. Veritas upgraded Teck Resources to a "hold" rating in a report on Friday, April 11th. Bank of America increased their price objective on Teck Resources from $62.00 to $64.00 and gave the stock a "buy" rating in a report on Monday, March 10th. Raymond James dropped their target price on shares of Teck Resources from $75.00 to $70.00 and set an "outperform" rating on the stock in a report on Wednesday, January 22nd. UBS Group reaffirmed a "neutral" rating on shares of Teck Resources in a research report on Tuesday, April 15th. Finally, Desjardins started coverage on shares of Teck Resources in a research note on Friday, April 4th. They set a "buy" rating on the stock. Six equities research analysts have rated the stock with a hold rating, nine have assigned a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $64.11.
Check Out Our Latest Research Report on Teck Resources
About Teck Resources
(
Free Report)
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.
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