Ninety One SA PTY Ltd Raises Holdings in Teck Resources Ltd $TECK

Key Points

• Ninety One SA PTY Ltd significantly increased its stake in Teck Resources by 425.1% during the 2nd quarter, now holding 321,421 shares worth approximately $13.06 million.
• Teck Resources recently raised its quarterly dividend from $0.09 to $0.0918 per share, with a current yield of 0.8%.
• Despite a 12.3% increase in revenue year-over-year, Teck's quarterly earnings fell short of analysts' expectations, reporting $0.27 EPS against a consensus estimate of $0.20.

Ninety One SA PTY Ltd boosted its holdings in shares of Teck Resources Ltd (NYSE:TECK - Free Report) TSE: TECK by 425.1% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 321,421 shares of the basic materials company's stock after buying an additional 260,209 shares during the quarter. Teck Resources makes up approximately 2.1% of Ninety One SA PTY Ltd's investment portfolio, making the stock its 14th biggest holding. Ninety One SA PTY Ltd owned about 0.07% of Teck Resources worth $13,056,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Union Bancaire Privee UBP SA increased its position in Teck Resources by 4.3% during the 2nd quarter. Union Bancaire Privee UBP SA now owns 6,402 shares of the basic materials company's stock valued at $259,000 after buying an additional 264 shares in the last quarter. Smartleaf Asset Management LLC grew its stake in shares of Teck Resources by 69.2% during the first quarter. Smartleaf Asset Management LLC now owns 856 shares of the basic materials company's stock worth $32,000 after acquiring an additional 350 shares during the last quarter. Vontobel Holding Ltd. boosted its stake in Teck Resources by 0.5% in the 1st quarter. Vontobel Holding Ltd. now owns 88,303 shares of the basic materials company's stock worth $3,217,000 after purchasing an additional 400 shares in the last quarter. Assetmark Inc. grew its position in Teck Resources by 2.4% during the 1st quarter. Assetmark Inc. now owns 19,945 shares of the basic materials company's stock worth $727,000 after purchasing an additional 471 shares during the last quarter. Finally, Sumitomo Mitsui Trust Group Inc. grew its position in Teck Resources by 1.0% during the 1st quarter. Sumitomo Mitsui Trust Group Inc. now owns 53,616 shares of the basic materials company's stock worth $1,953,000 after purchasing an additional 535 shares during the last quarter. Institutional investors own 78.06% of the company's stock.

Analyst Ratings Changes

A number of research analysts have issued reports on the stock. CIBC cut shares of Teck Resources from a "sector outperform" rating to a "neutral" rating in a report on Friday, July 25th. B. Riley downgraded Teck Resources from a "buy" rating to a "neutral" rating in a research report on Monday, July 28th. Wall Street Zen raised Teck Resources from a "sell" rating to a "hold" rating in a research report on Saturday, July 26th. Royal Bank Of Canada dropped their price target on Teck Resources from $82.00 to $67.00 and set an "outperform" rating on the stock in a research note on Friday, July 25th. Finally, Scotiabank reiterated an "outperform" rating on shares of Teck Resources in a research note on Wednesday, September 10th. One research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and ten have given a Hold rating to the company. Based on data from MarketBeat, Teck Resources has a consensus rating of "Moderate Buy" and a consensus price target of $56.88.

Teck Resources Stock Performance

Shares of TECK stock opened at $43.86 on Wednesday. The stock has a market cap of $21.07 billion, a PE ratio of 115.42, a price-to-earnings-growth ratio of 0.65 and a beta of 0.78. The business has a 50-day simple moving average of $35.54 and a 200-day simple moving average of $36.54. The company has a quick ratio of 2.45, a current ratio of 3.47 and a debt-to-equity ratio of 0.15. Teck Resources Ltd has a 52-week low of $28.32 and a 52-week high of $52.98.

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

Teck Resources Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, September 29th. Investors of record on Monday, September 15th were issued a dividend of $0.0918 per share. This represents a $0.37 dividend on an annualized basis and a yield of 0.8%. This is a boost from Teck Resources's previous quarterly dividend of $0.09. The ex-dividend date of this dividend was Monday, September 15th. Teck Resources's payout ratio is currently 94.74%.

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.

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