Maverick Capital Ltd. Grows Stock Holdings in Teck Resources Ltd $TECK

Key Points

• Maverick Capital Ltd. increased its holdings in Teck Resources Ltd by 133.3% in the first quarter, owning 21,105 shares valued at $769,000.
• Teck Resources recently announced an increase in its quarterly dividend to $0.0918 per share, up from $0.09, reflecting a 1.1% yield.
• Analyst ratings for Teck Resources show a mix of opinions, with the stock receiving an average rating of "Hold"** and a target price of $60.11.

Maverick Capital Ltd. grew its position in shares of Teck Resources Ltd (NYSE:TECK - Free Report) TSE: TECK by 133.3% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 21,105 shares of the basic materials company's stock after acquiring an additional 12,060 shares during the period. Maverick Capital Ltd.'s holdings in Teck Resources were worth $769,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Vanguard Group Inc. raised its stake in Teck Resources by 1.1% in the first quarter. Vanguard Group Inc. now owns 19,531,542 shares of the basic materials company's stock worth $711,475,000 after buying an additional 215,410 shares in the last quarter. Principal Financial Group Inc. increased its stake 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 purchasing an additional 4,180,623 shares in the last quarter. Boston Partners increased its stake in shares of Teck Resources by 1.9% during the first quarter. Boston Partners now owns 9,251,775 shares of the basic materials company's stock valued at $337,042,000 after purchasing an additional 173,203 shares in the last quarter. Mackenzie Financial Corp increased its stake in shares of Teck Resources by 2.3% during the first quarter. Mackenzie Financial Corp now owns 6,020,429 shares of the basic materials company's stock valued at $219,297,000 after purchasing an additional 137,886 shares in the last quarter. Finally, TD Asset Management Inc increased its stake in shares of Teck Resources by 0.6% during the first quarter. TD Asset Management Inc now owns 6,006,865 shares of the basic materials company's stock valued at $218,781,000 after purchasing an additional 33,475 shares in the last quarter. 78.06% of the stock is owned by institutional investors.

Teck Resources Price Performance

Shares of NYSE:TECK traded up $1.54 on Friday, reaching $34.31. The company's stock had a trading volume of 5,199,901 shares, compared to its average volume of 3,702,271. Teck Resources Ltd has a 52-week low of $28.32 and a 52-week high of $54.13. The company has a market cap of $16.48 billion, a P/E ratio of 90.29, a PEG ratio of 0.54 and a beta of 0.78. The company has a 50-day simple moving average of $35.13 and a 200 day simple moving average of $36.54. 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 EPS for the quarter, topping analysts' consensus estimates 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 period last year, the company posted $0.79 EPS. The business's revenue was up 12.3% on a year-over-year basis. As a group, equities research 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. Investors of record on Monday, September 15th will be paid a dividend of $0.0918 per share. 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 a boost from Teck Resources's previous quarterly dividend of $0.09. Teck Resources's dividend payout ratio is presently 94.74%.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on TECK. Benchmark cut their price target on shares of Teck Resources from $55.00 to $48.00 and set a "buy" rating on the stock in a report on Monday, July 28th. Royal Bank Of Canada dropped 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 note on Friday, July 25th. Stifel Canada upgraded shares of Teck Resources to a "hold" rating in a research report on Tuesday, July 8th. Stifel Nicolaus started coverage on shares of Teck Resources in a research report on Wednesday, July 9th. They set a "hold" rating on the stock. Finally, UBS Group upgraded shares of Teck Resources from a "neutral" rating to a "buy" rating in a report on Wednesday. One equities research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and eleven have given a Hold rating to the company. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target 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.