New Vernon Investment Management LLC Has $703,000 Stock Position in Teck Resources Ltd $TECK

Key Points

• New Vernon Investment Management LLC increased its stake in Teck Resources Ltd by 64.5%, holding 19,300 shares valued at $703,000 after acquiring 7,565 additional shares.
• Analysts have recently adjusted their price targets for Teck Resources, with Royal Bank Of Canada decreasing its target from $82.00 to $67.00 while multiple firms downgraded their ratings.
• Teck Resources announced a quarterly dividend increase, declaring $0.0918 per share, up from $0.09, with an annualized yield of 1.1%.

New Vernon Investment Management LLC boosted its stake in shares of Teck Resources Ltd (NYSE:TECK - Free Report) TSE: TECK by 64.5% during the first quarter, according to its most recent disclosure with the SEC. The institutional investor owned 19,300 shares of the basic materials company's stock after purchasing an additional 7,565 shares during the period. New Vernon Investment Management LLC's holdings in Teck Resources were worth $703,000 at the end of the most recent reporting period.

Several other large investors also recently added to or reduced their stakes in the business. Canada Pension Plan Investment Board grew its position in Teck Resources by 37.3% in the first quarter. Canada Pension Plan Investment Board now owns 3,715,016 shares of the basic materials company's stock worth $135,349,000 after acquiring an additional 1,009,545 shares in the last quarter. Trexquant Investment LP acquired a new stake in shares of Teck Resources in the first quarter worth $8,527,000. Itau Unibanco Holding S.A. raised its stake in Teck Resources by 46.1% during the 1st quarter. Itau Unibanco Holding S.A. now owns 30,222 shares of the basic materials company's stock valued at $1,101,000 after purchasing an additional 9,543 shares during the last quarter. Campbell & CO Investment Adviser LLC acquired a new position in Teck Resources during the 1st quarter valued at $2,503,000. Finally, Oliver Luxxe Assets LLC raised its stake in Teck Resources by 24.4% during the 1st quarter. Oliver Luxxe Assets LLC now owns 10,158 shares of the basic materials company's stock valued at $370,000 after purchasing an additional 1,993 shares during the last quarter. 78.06% of the stock is owned by institutional investors.

Teck Resources Trading Down 2.0%

Teck Resources stock traded down $0.67 during trading hours on Tuesday, reaching $33.52. 3,738,940 shares of the company's stock traded hands, compared to its average volume of 3,722,935. 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 Ltd has a fifty-two week low of $28.32 and a fifty-two week high of $54.13. The firm has a market capitalization of $16.19 billion, a price-to-earnings ratio of 88.20, a PEG ratio of 0.53 and a beta of 0.78. The firm's 50 day moving average is $35.62 and its 200-day moving average is $36.76.

Teck Resources (NYSE:TECK - Get Free Report) TSE: TECK last released its earnings results on Thursday, July 24th. The basic materials company reported $0.27 earnings per share (EPS) for the quarter, beating 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 company had revenue of $1.49 billion for the quarter, compared to the consensus estimate of $2.25 billion. During the same period in the prior year, the company posted $0.79 EPS. The company's revenue was up 12.3% compared to the same quarter last year. On average, analysts predict that Teck Resources Ltd will post 1.53 earnings per share for the current year.

Teck Resources Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, September 29th. Shareholders 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. The ex-dividend date is Monday, September 15th. This represents a $0.37 annualized dividend and a yield of 1.1%. Teck Resources's dividend payout ratio is 94.74%.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on TECK shares. Stifel Canada raised shares of Teck Resources to a "hold" rating in a report on Tuesday, July 8th. JPMorgan Chase & Co. reaffirmed a "neutral" rating and issued a $41.00 target price (down previously from $46.00) on shares of Teck Resources in a report on Friday, July 25th. Stifel Nicolaus initiated coverage on shares of Teck Resources in a report on Wednesday, July 9th. They issued a "hold" rating on the stock. Morgan Stanley lowered shares of Teck Resources from an "overweight" rating to an "equal weight" rating and upped their target price for the stock from $42.00 to $44.00 in a report on Tuesday, July 15th. Finally, Benchmark lowered their target price 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. One analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and twelve have issued a Hold rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Hold" and a consensus price target 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.