44 Wealth Management LLC Boosts Stock Position in Teck Resources Ltd $TECK

Key Points

• 44 Wealth Management LLC boosted its stake in Teck by 250.8% in Q3 to 31,077 shares (adding 22,219 shares) worth about $1.36M, while institutional ownership overall is high at 78.06% with large additions from Principal Financial and a new position by Norges Bank.
• Teck beat quarterly EPS expectations ($0.98 vs. $0.59) and reported revenue up 9.8% year‑over‑year to $2.23B (slightly below estimates); analysts project roughly 1.53 EPS for the current year.
• Teck declared a quarterly dividend of $0.125 (annualized $0.50, ~1.0% yield) and holds a consensus analyst rating of Hold with an average target price of $57 (some firms have higher targets up to $67).

44 Wealth Management LLC increased its position in shares of Teck Resources Ltd (NYSE:TECK - Free Report) TSE: TECK by 250.8% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 31,077 shares of the basic materials company's stock after acquiring an additional 22,219 shares during the quarter. 44 Wealth Management LLC's holdings in Teck Resources were worth $1,364,000 as of its most recent SEC filing.

Several other hedge funds also recently added to or reduced their stakes in the business. Principal Financial Group Inc. raised its position in shares of Teck Resources by 36.1% in the 3rd quarter. Principal Financial Group Inc. now owns 16,879,229 shares of the basic materials company's stock valued at $740,604,000 after purchasing an additional 4,474,637 shares during the last quarter. Norges Bank acquired a new position in Teck Resources in the second quarter valued at approximately $437,657,000. Boston Partners lifted its stake in shares of Teck Resources by 1.2% in the 2nd quarter. Boston Partners now owns 9,365,206 shares of the basic materials company's stock valued at $378,167,000 after purchasing an additional 113,431 shares during the period. Mackenzie Financial Corp boosted its stake in shares of Teck Resources by 32.7% during the 2nd quarter. Mackenzie Financial Corp now owns 7,989,715 shares of the basic materials company's stock worth $323,311,000 after acquiring an additional 1,969,286 shares in the last quarter. Finally, Hancock Prospecting Pty Ltd boosted its position in Teck Resources by 19.1% during the second quarter. Hancock Prospecting Pty Ltd now owns 7,695,949 shares of the basic materials company's stock worth $310,762,000 after purchasing an additional 1,232,373 shares in the last quarter. 78.06% of the stock is owned by institutional investors and hedge funds.

Teck Resources Price Performance

Shares of TECK opened at $49.51 on Friday. The stock has a market cap of $23.83 billion, a PE ratio of 24.51, a price-to-earnings-growth ratio of 3.02 and a beta of 0.77. The company has a debt-to-equity ratio of 0.13, a current ratio of 2.54 and a quick ratio of 1.91. Teck Resources Ltd has a 1-year low of $28.32 and a 1-year high of $62.41. The firm has a fifty day moving average price of $54.81 and a 200 day moving average price of $46.51.

Teck Resources (NYSE:TECK - Get Free Report) TSE: TECK last released its quarterly earnings results on Thursday, February 19th. The basic materials company reported $0.98 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.59 by $0.39. The firm had revenue of $2.23 billion for the quarter, compared to the consensus estimate of $2.28 billion. Teck Resources had a return on equity of 5.90% and a net margin of 12.98%.The firm's quarterly revenue was up 9.8% compared to the same quarter last year. During the same quarter last year, the business posted $0.45 EPS. As a group, sell-side analysts anticipate that Teck Resources Ltd will post 1.53 EPS for the current year.

Teck Resources Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, March 31st. Investors of record on Friday, March 13th will be issued a dividend of $0.125 per share. The ex-dividend date of this dividend is Friday, March 13th. This represents a $0.50 dividend on an annualized basis and a dividend yield of 1.0%. Teck Resources's dividend payout ratio (DPR) is currently 17.82%.

Analysts Set New Price Targets

Several equities analysts have issued reports on the stock. Raymond James Financial downgraded shares of Teck Resources from an "outperform" rating to a "market perform" rating in a report on Wednesday, January 14th. Scotiabank restated a "sector perform" rating on shares of Teck Resources in a report on Tuesday, February 24th. Weiss Ratings reissued a "hold (c)" rating on shares of Teck Resources in a research note on Wednesday, January 21st. Benchmark raised their price objective on Teck Resources from $48.00 to $67.00 and gave the stock a "buy" rating in a research report on Monday, February 23rd. Finally, Citigroup upgraded shares of Teck Resources from a "neutral" rating to a "buy" rating in a report on Monday, February 2nd. One investment analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and twelve have assigned a Hold rating to the company. According to MarketBeat.com, Teck Resources currently has a consensus rating of "Hold" and an average target price of $57.00.

About Teck Resources

Teck Resources Ltd. is a diversified natural resource company headquartered in Canada that explores for, develops and produces a portfolio of metallic and energy commodities. Its core businesses center on copper, steelmaking (metallurgical) coal and zinc, with related smelting and refining activities. Teck supplies raw materials and intermediate products to global steelmakers, metals markets and industrial customers, and operates integrated mining and processing facilities as well as earlier-stage exploration and development projects.

The company's operations and projects are located across multiple geographies, with a significant presence in western Canada and North America and additional exploration and development activities in Latin America.

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