Gulf International Bank UK Ltd Acquires 26,061 Shares of Teck Resources Ltd $TECK

Key Points

• Gulf International Bank UK Ltd increased its stake in Teck Resources Ltd by 2,905.4%, owning nearly 27,000 shares worth approximately $982,000 as of the latest SEC filing.
• Teck Resources announced a quarterly dividend increase to $0.0918 per share, reflecting a dividend yield of 1.1%, with the increase effective for payments on September 29th.
• The company reported Q2 earnings of $0.27 per share, surpassing expectations, but revenue was below estimates at $1.49 billion, leading to a 12.3% year-over-year growth.

Gulf International Bank UK Ltd grew its holdings in shares of Teck Resources Ltd (NYSE:TECK - Free Report) TSE: TECK by 2,905.4% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 26,958 shares of the basic materials company's stock after purchasing an additional 26,061 shares during the quarter. Gulf International Bank UK Ltd's holdings in Teck Resources were worth $982,000 at the end of the most recent reporting period.

Other large investors have also recently modified their holdings of the company. Principal Financial Group Inc. boosted its position in shares of Teck Resources by 56.9% during the first quarter. Principal Financial Group Inc. now owns 11,530,742 shares of the basic materials company's stock valued at $419,970,000 after buying an additional 4,180,623 shares during the last quarter. Carrhae Capital LLP purchased a new position in Teck Resources during the 1st quarter worth $46,478,000. D. E. Shaw & Co. Inc. grew its stake in Teck Resources by 18.8% during the 4th quarter. D. E. Shaw & Co. Inc. now owns 5,882,044 shares of the basic materials company's stock valued at $238,381,000 after purchasing an additional 932,058 shares during the last quarter. The Manufacturers Life Insurance Company raised its holdings in Teck Resources by 38.7% in the 4th quarter. The Manufacturers Life Insurance Company now owns 2,638,973 shares of the basic materials company's stock worth $107,135,000 after purchasing an additional 736,721 shares during the period. Finally, Kapitalo Investimentos Ltda acquired a new position in Teck Resources in the 1st quarter worth about $22,284,000. Institutional investors own 78.06% of the company's stock.

Teck Resources Trading Down 0.7%

NYSE:TECK traded down $0.2260 during trading hours on Tuesday, hitting $31.4040. The stock had a trading volume of 2,474,787 shares, compared to its average volume of 3,755,404. The company has a market cap of $15.17 billion, a price-to-earnings ratio of 82.64, a P/E/G ratio of 0.51 and a beta of 0.81. Teck Resources Ltd has a one year low of $28.32 and a one year high of $54.13. The business's 50 day moving average is $36.71 and its 200-day moving average is $37.43. The company has a debt-to-equity ratio of 0.15, a quick ratio of 2.45 and a current ratio of 3.47.

Teck Resources (NYSE:TECK - Get Free Report) TSE: TECK last issued its quarterly earnings data on Thursday, July 24th. The basic materials company reported $0.27 earnings per share for the quarter, topping the consensus estimate of $0.20 by $0.07. Teck Resources had a net margin of 2.51% and a return on equity of 3.91%. The business had revenue of $1.49 billion during the quarter, compared to analysts' expectations of $2.25 billion. During the same quarter in the previous year, the company earned $0.79 EPS. The business's revenue was up 12.3% on a year-over-year basis. Sell-side 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 issued a $0.0918 dividend. The ex-dividend date of this dividend is Monday, September 15th. This is a positive change from Teck Resources's previous quarterly dividend of $0.09. This represents a $0.37 dividend on an annualized basis and a dividend yield of 1.2%. Teck Resources's payout ratio is currently 94.74%.

Analysts Set New Price Targets

TECK has been the subject of a number of analyst reports. Stifel Nicolaus started coverage on Teck Resources in a research report on Wednesday, July 9th. They issued a "hold" rating for the company. Stifel Canada raised Teck Resources to a "hold" rating in a report on Tuesday, July 8th. Morgan Stanley downgraded shares of Teck Resources from an "overweight" rating to an "equal weight" rating and lifted their price target for the company from $42.00 to $44.00 in a research report on Tuesday, July 15th. CIBC cut shares of Teck Resources from a "sector outperform" rating to a "neutral" rating in a research note on Friday, July 25th. Finally, Cibc World Mkts lowered shares of Teck Resources from a "strong-buy" rating to a "hold" rating in a report on Friday, July 25th. One investment analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and twelve have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Hold" and an average target price of $60.11.

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.