Cetera Investment Advisers Increases Stock Holdings in Teck Resources Ltd (NYSE:TECK)

Key Points

• Cetera Investment Advisers increased its ownership in Teck Resources Ltd by 20.9%, purchasing an additional 12,092 shares, bringing its total holdings to 69,885 shares worth $2,546,000.
• Teck Resources announced a quarterly dividend of $0.0918 per share, increasing from its previous dividend of $0.09, with a dividend yield of 1.1%.
• Analysts have mixed views on Teck Resources, with 13 ratings for a hold, 7 for buy, and 1 for strong buy, resulting in a consensus rating of "Hold" and an average price target of $60.11.

Cetera Investment Advisers increased its position in Teck Resources Ltd (NYSE:TECK - Free Report) TSE: TECK by 20.9% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 69,885 shares of the basic materials company's stock after acquiring an additional 12,092 shares during the period. Cetera Investment Advisers' holdings in Teck Resources were worth $2,546,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in TECK. Golden State Wealth Management LLC lifted its holdings in 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 valued at $42,000 after acquiring an additional 1,134 shares during the period. Ameriflex Group Inc. purchased a new stake in Teck Resources during the fourth quarter valued at approximately $50,000. Bruce G. Allen Investments LLC lifted its stake in shares of Teck Resources by 104.8% during the 1st quarter. Bruce G. Allen Investments LLC now owns 1,636 shares of the basic materials company's stock worth $60,000 after acquiring an additional 837 shares during the last quarter. Altshuler Shaham Ltd purchased a new position in shares of Teck Resources during the fourth quarter worth approximately $70,000. Finally, Parallel Advisors LLC lifted its position in shares of Teck Resources by 49.3% in the 1st quarter. Parallel Advisors LLC now owns 3,457 shares of the basic materials company's stock worth $126,000 after purchasing an additional 1,141 shares during the period. 78.06% of the stock is owned by institutional investors.

Teck Resources Stock Down 0.5%

Shares of TECK traded down $0.17 during midday trading on Friday, reaching $33.03. The stock had a trading volume of 3,807,747 shares, compared to its average volume of 3,794,261. 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 Ltd has a 1-year low of $28.32 and a 1-year high of $54.13. The company has a market cap of $15.95 billion, a price-to-earnings ratio of 86.92, a PEG ratio of 0.52 and a beta of 0.81. The company's fifty day simple moving average is $37.47 and its two-hundred day simple moving average is $37.97.

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

Teck Resources Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 29th. Investors of record on Monday, September 15th will be issued 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 dividend on an annualized basis and a yield of 1.1%. The ex-dividend date of this dividend is Monday, September 15th. Teck Resources's payout ratio is presently 94.74%.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on the company. CIBC cut Teck Resources from a "sector outperform" rating to a "neutral" rating in a research report on Friday, July 25th. Desjardins downgraded Teck Resources from a "buy" rating to a "hold" rating in a report on Friday, July 18th. Stifel Nicolaus began coverage on shares of Teck Resources in a report on Wednesday, July 9th. They issued a "hold" rating for the company. JPMorgan Chase & Co. restated a "neutral" rating and set a $41.00 price target (down from $46.00) on shares of Teck Resources in a research report on Friday, July 25th. Finally, Royal Bank Of Canada reduced their price target on shares of Teck Resources from $82.00 to $67.00 and set an "outperform" rating on the stock in a research report on Friday, July 25th. Thirteen investment analysts have rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Teck Resources presently has an average rating of "Hold" and a consensus price target of $60.11.

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.