NewEdge Advisors LLC Increases Stake in Teck Resources Ltd $TECK

Key Points

• NewEdge Advisors increased its Teck Resources stake by 92% in the first quarter, ending with 37,143 shares valued at approximately $1.92 million. Institutional investors collectively own 78.06% of the company.
• Analyst sentiment is mixed: six analysts rate Teck Resources a “Buy” and seven rate it a “Hold,” resulting in an average “Hold” rating and a consensus price target of $62.25.
• Teck Resources shares opened at $63.53, while the company declared a quarterly dividend of $0.125 per share, equivalent to a $0.50 annualized dividend and a 0.8% yield.

NewEdge Advisors LLC increased its stake in Teck Resources Ltd (NYSE:TECK - Free Report) TSE: TECK by 92.0% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 37,143 shares of the basic materials company's stock after purchasing an additional 17,793 shares during the period. NewEdge Advisors LLC's holdings in Teck Resources were worth $1,922,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors also recently bought and sold shares of TECK. Norges Bank acquired a new position in Teck Resources during the 4th quarter valued at approximately $404,880,000. Wellington Management Group LLP lifted its stake in shares of Teck Resources by 264.5% during the third quarter. Wellington Management Group LLP now owns 5,781,060 shares of the basic materials company's stock worth $253,695,000 after buying an additional 4,194,868 shares during the period. Pentwater Capital Management LP lifted its stake in shares of Teck Resources by 124.1% during the fourth quarter. Pentwater Capital Management LP now owns 6,500,000 shares of the basic materials company's stock worth $311,285,000 after buying an additional 3,600,000 shares during the period. Arrowstreet Capital Limited Partnership purchased a new stake in shares of Teck Resources during the fourth quarter valued at $169,999,000. Finally, Principal Financial Group Inc. grew its holdings in shares of Teck Resources by 17.1% during the first quarter. Principal Financial Group Inc. now owns 22,044,284 shares of the basic materials company's stock valued at $1,139,051,000 after buying an additional 3,211,985 shares during the last quarter. Hedge funds and other institutional investors own 78.06% of the company's stock.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on TECK shares. Raymond James Financial upgraded Teck Resources from a "market perform" rating to an "outperform" rating in a research note on Thursday, July 23rd. Veritas lowered Teck Resources from a "strong-buy" rating to a "hold" rating in a report on Thursday, June 4th. Zacks Research lowered Teck Resources from a "strong-buy" rating to a "hold" rating in a report on Wednesday, April 22nd. Scotiabank restated a "sector perform" rating on shares of Teck Resources in a research note on Monday, June 15th. Finally, TD Securities reaffirmed a "hold" rating on shares of Teck Resources in a report on Friday, April 24th. Six investment analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company's stock. According to data from MarketBeat, Teck Resources presently has an average rating of "Hold" and an average target price of $62.25.

Teck Resources Trading Down 0.4%

Shares of Teck Resources stock opened at $63.53 on Friday. The company has a debt-to-equity ratio of 0.12, a current ratio of 3.12 and a quick ratio of 2.33. The firm has a fifty day moving average price of $61.11 and a 200 day moving average price of $58.79. Teck Resources Ltd has a 1 year low of $30.98 and a 1 year high of $71.25. The stock has a market cap of $30.68 billion, a PE ratio of 17.22, a price-to-earnings-growth ratio of 1.86 and a beta of 0.92.

Teck Resources Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 29th. Shareholders of record on Tuesday, September 15th will be given a dividend of $0.125 per share. This represents a $0.50 annualized dividend and a yield of 0.8%. The ex-dividend date of this dividend is Tuesday, September 15th. Teck Resources's dividend payout ratio (DPR) is currently 9.76%.

Teck Resources Profile

Teck Resources Ltd. is a diversified natural resource company headquartered in Canada that explores for, develops and produces a portfolio of metallic and energy commodities. Its core businesses center on copper, steelmaking (metallurgical) coal and zinc, with related smelting and refining activities. Teck supplies raw materials and intermediate products to global steelmakers, metals markets and industrial customers, and operates integrated mining and processing facilities as well as earlier-stage exploration and development projects.

The company's operations and projects are located across multiple geographies, with a significant presence in western Canada and North America and additional exploration and development activities in Latin America.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source