Cardinal Point Capital Management ULC Takes $319,000 Position in Teck Resources Ltd $TECK

Key Points

• Cardinal Point Capital Management ULC has purchased a new stake in Teck Resources Ltd, acquiring 7,900 shares valued at approximately $319,000.
• Several institutional investors, including Wellington Management Group LLP and Golden State Wealth Management LLC, have significantly increased their stakes in Teck Resources during the first quarter.
• Teck Resources has announced an increase in its quarterly dividend to $0.125 per share, reflecting a positive change from a previous $0.09 dividend.

Cardinal Point Capital Management ULC acquired a new stake in shares of Teck Resources Ltd (NYSE:TECK - Free Report) TSE: TECK during the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 7,900 shares of the basic materials company's stock, valued at approximately $319,000.

Several other institutional investors have also bought and sold shares of the stock. Sequoia Financial Advisors LLC boosted its stake in Teck Resources by 5.6% in the first quarter. Sequoia Financial Advisors LLC now owns 10,354 shares of the basic materials company's stock worth $377,000 after purchasing an additional 545 shares in the last quarter. Golden State Wealth Management LLC increased its holdings in shares of Teck Resources by 7,560.0% in the first quarter. Golden State Wealth Management LLC now owns 1,149 shares of the basic materials company's stock worth $42,000 after acquiring an additional 1,134 shares in the last quarter. Cetera Investment Advisers increased its holdings in shares of Teck Resources by 20.9% in the first quarter. Cetera Investment Advisers now owns 69,885 shares of the basic materials company's stock worth $2,546,000 after acquiring an additional 12,092 shares in the last quarter. Oppenheimer Asset Management Inc. grew its holdings in shares of Teck Resources by 22.6% during the first quarter. Oppenheimer Asset Management Inc. now owns 12,141 shares of the basic materials company's stock worth $442,000 after buying an additional 2,240 shares in the last quarter. Finally, Wellington Management Group LLP boosted its position in Teck Resources by 1,611.2% during the first quarter. Wellington Management Group LLP now owns 751,146 shares of the basic materials company's stock valued at $27,358,000 after purchasing an additional 707,249 shares during the last quarter. Institutional investors and hedge funds own 78.06% of the company's stock.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on TECK. Royal Bank Of Canada cut their price objective 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. Citigroup restated a "neutral" rating on shares of Teck Resources in a research report on Wednesday, October 8th. Benchmark reiterated a "buy" rating on shares of Teck Resources in a research report on Thursday. Stifel Nicolaus assumed coverage on Teck Resources in a research note on Wednesday, July 9th. They set a "hold" rating for the company. Finally, Deutsche Bank Aktiengesellschaft upgraded Teck Resources from a "hold" rating to a "buy" rating and set a $42.00 price target on the stock in a report on Monday, September 8th. One investment analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, eleven have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average price target of $54.00.

Teck Resources Price Performance

TECK opened at $42.52 on Friday. Teck Resources Ltd has a 12-month low of $28.32 and a 12-month high of $51.34. 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 stock has a 50-day moving average price of $39.19 and a 200-day moving average price of $37.19. The stock has a market capitalization of $20.43 billion, a P/E ratio of 23.89, a PEG ratio of 0.62 and a beta of 0.92.

Teck Resources (NYSE:TECK - Get Free Report) TSE: TECK last released its quarterly earnings results on Wednesday, October 22nd. The basic materials company reported $0.55 EPS for the quarter, beating analysts' consensus estimates of $0.39 by $0.16. The business had revenue of $2.43 billion during the quarter, compared to analyst estimates of $2.93 billion. Teck Resources had a return on equity of 4.13% and a net margin of 11.93%.Teck Resources's quarterly revenue was up 18.4% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.60 EPS. Equities analysts predict that Teck Resources Ltd will post 1.53 earnings per share for the current fiscal year.

Teck Resources Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, December 31st. Shareholders of record on Monday, December 15th will be paid a dividend of $0.125 per share. The ex-dividend date is Monday, December 15th. This represents a $0.50 annualized dividend and a yield of 1.2%. This is a positive change from Teck Resources's previous quarterly dividend of $0.09. Teck Resources's dividend payout ratio (DPR) 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.

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