Canada Pension Plan Investment Board Increases Stake in Teck Resources Ltd $TECK

Key Points

• The Canada Pension Plan Investment Board increased its holdings in Teck Resources Ltd by 37.3%, acquiring an additional 1,009,545 shares, bringing its total to approximately 3.7 million shares worth $135.3 million.
• Teck Resources recently reported quarterly earnings of $0.27 EPS, surpassing analyst expectations of $0.20, despite a revenue of $1.49 billion, which was below the anticipated $2.25 billion.
• The company announced an increase in its quarterly dividend to $0.0918, up from $0.09, resulting in an annualized dividend of $0.37 with a yield of 1.1%.

Canada Pension Plan Investment Board grew its position in shares of Teck Resources Ltd (NYSE:TECK - Free Report) TSE: TECK by 37.3% in the first quarter, according to its most recent filing with the SEC. The fund owned 3,715,016 shares of the basic materials company's stock after acquiring an additional 1,009,545 shares during the quarter. Canada Pension Plan Investment Board owned about 0.75% of Teck Resources worth $135,349,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of TECK. First Trust Advisors LP boosted its position in shares of Teck Resources by 1.6% during the 4th quarter. First Trust Advisors LP now owns 65,749 shares of the basic materials company's stock valued at $2,665,000 after acquiring an additional 1,027 shares during the last quarter. Northern Trust Corp lifted its position in Teck Resources by 55.9% in the fourth quarter. Northern Trust Corp now owns 391,370 shares of the basic materials company's stock worth $15,862,000 after buying an additional 140,404 shares during the last quarter. Itau Unibanco Holding S.A. lifted its position in Teck Resources by 42.4% in the fourth quarter. Itau Unibanco Holding S.A. now owns 20,679 shares of the basic materials company's stock worth $834,000 after buying an additional 6,158 shares during the last quarter. BNP Paribas Financial Markets lifted its position in Teck Resources by 100.1% in the fourth quarter. BNP Paribas Financial Markets now owns 283,346 shares of the basic materials company's stock worth $11,484,000 after buying an additional 141,753 shares during the last quarter. Finally, Bayesian Capital Management LP bought a new stake in Teck Resources in the fourth quarter worth $3,216,000. 78.06% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

TECK has been the subject of a number of analyst reports. Royal Bank Of Canada lowered their price target on Teck Resources from $82.00 to $67.00 and set an "outperform" rating for the company in a research report on Friday, July 25th. UBS Group upgraded Teck Resources from a "neutral" rating to a "buy" rating in a research report on Wednesday. Morgan Stanley downgraded Teck Resources from an "overweight" rating to an "equal weight" rating and raised their price target for the stock from $42.00 to $44.00 in a research report on Tuesday, July 15th. Stifel Nicolaus assumed coverage on Teck Resources in a research report on Wednesday, July 9th. They set a "hold" rating for the company. Finally, Desjardins downgraded Teck Resources from a "buy" rating to a "hold" rating in a research report on Friday, July 18th. One equities research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and eleven have given a Hold rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $60.11.

Teck Resources Trading Up 0.6%

Shares of NYSE:TECK traded up $0.19 on Wednesday, hitting $33.74. 6,867,026 shares of the company's stock were exchanged, compared to its average volume of 3,737,502. Teck Resources Ltd has a 12 month low of $28.32 and a 12 month high of $54.13. The stock has a market capitalization of $16.30 billion, a price-to-earnings ratio of 88.78, a price-to-earnings-growth ratio of 0.53 and a beta of 0.78. The business's 50 day simple moving average is $35.52 and its two-hundred day simple moving average is $36.74. The company has a debt-to-equity ratio of 0.15, a current ratio of 3.47 and a quick ratio of 2.45.

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 EPS for the quarter, beating the consensus estimate of $0.20 by $0.07. The firm had revenue of $1.49 billion for 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 business's revenue for the quarter was up 12.3% on a year-over-year basis. During the same quarter last year, the firm posted $0.79 earnings per share. Analysts anticipate that Teck Resources Ltd will post 1.53 EPS for the current fiscal year.

Teck Resources Increases Dividend

The company 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 dividend of $0.0918 per share. This is an increase from Teck Resources's previous quarterly dividend of $0.09. This represents a $0.37 annualized dividend and a dividend yield of 1.1%. The ex-dividend date is Monday, September 15th. Teck Resources's payout ratio is 94.74%.

Teck Resources Company 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.