Teck Resources Ltd $TECK Holdings Lifted by Alliancebernstein L.P.

Key Points

• Alliancebernstein L.P. increased its holdings in Teck Resources Ltd by 19.5%, owning approximately 4.19 million shares worth about $152.6 million as of the first quarter.
• Teck Resources recently declared a quarterly dividend of $0.0918 per share, representing an increase from their previous dividend and a yield of 1.1%.
• Analysts are optimistic about Teck Resources, with a consensus rating of "Moderate Buy" and an average price target of $57.88 following multiple rating upgrades.

Alliancebernstein L.P. raised its stake in shares of Teck Resources Ltd (NYSE:TECK - Free Report) TSE: TECK by 19.5% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 4,189,902 shares of the basic materials company's stock after acquiring an additional 683,836 shares during the quarter. Alliancebernstein L.P. owned approximately 0.85% of Teck Resources worth $152,638,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Smartleaf Asset Management LLC lifted its position in shares of Teck Resources by 69.2% during the first quarter. Smartleaf Asset Management LLC now owns 856 shares of the basic materials company's stock worth $32,000 after purchasing an additional 350 shares during the last quarter. Costello Asset Management INC bought a new position in Teck Resources during the 1st quarter worth approximately $33,000. Banque Cantonale Vaudoise acquired a new position in shares of Teck Resources in the 1st quarter worth approximately $36,000. Golden State Wealth Management LLC increased its holdings in shares of Teck Resources by 7,560.0% in the 1st quarter. Golden State Wealth Management LLC now owns 1,149 shares of the basic materials company's stock valued at $42,000 after acquiring an additional 1,134 shares during the last quarter. Finally, Ameriflex Group Inc. acquired a new stake in shares of Teck Resources during the 4th quarter valued at approximately $50,000. Institutional investors own 78.06% of the company's stock.

Teck Resources Stock Performance

TECK traded up $1.54 during trading hours on Friday, hitting $34.31. The company's stock had a trading volume of 5,199,901 shares, compared to its average volume of 3,771,862. The company has a 50-day simple moving average of $35.13 and a 200 day simple moving average of $36.50. The company has a current ratio of 3.47, a quick ratio of 2.45 and a debt-to-equity ratio of 0.15. The firm has a market capitalization of $16.48 billion, a PE ratio of 90.29, a PEG ratio of 0.54 and a beta of 0.78. Teck Resources Ltd has a fifty-two week low of $28.32 and a fifty-two week high of $54.13.

Teck Resources (NYSE:TECK - Get Free Report) TSE: TECK last announced its quarterly earnings results on Thursday, July 24th. The basic materials company reported $0.27 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.20 by $0.07. The company had revenue of $1.49 billion during the quarter, compared to analyst estimates of $2.25 billion. Teck Resources had a return on equity of 3.91% and a net margin of 2.51%.The firm's quarterly revenue was up 12.3% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.79 EPS. As a group, sell-side analysts expect that Teck Resources Ltd will post 1.53 EPS for the current year.

Teck Resources Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, September 29th. Stockholders of record on Monday, September 15th will be paid a $0.0918 dividend. The ex-dividend date of this dividend is Monday, September 15th. This represents a $0.37 dividend on an annualized basis and a dividend yield of 1.1%. This is an increase from Teck Resources's previous quarterly dividend of $0.09. Teck Resources's dividend payout ratio (DPR) is currently 94.74%.

Wall Street Analyst Weigh In

A number of research firms have commented on TECK. Royal Bank Of Canada decreased their price objective on shares of Teck Resources from $82.00 to $67.00 and set an "outperform" rating for the company in a report on Friday, July 25th. JPMorgan Chase & Co. reaffirmed a "neutral" rating and set a $41.00 price objective (down previously from $46.00) on shares of Teck Resources in a research report on Friday, July 25th. Stifel Canada upgraded shares of Teck Resources to a "hold" rating in a research note on Tuesday, July 8th. Stifel Nicolaus initiated coverage on shares of Teck Resources in a report on Wednesday, July 9th. They issued a "hold" rating on the stock. Finally, Desjardins lowered Teck Resources from a "buy" rating to a "hold" rating in a report on Friday, July 18th. One research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and eleven have assigned a Hold rating to the company. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $57.88.

Teck Resources Profile

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.