Nuveen Asset Management LLC Boosts Stock Position in Teck Resources Limited (NYSE:TECK)

Nuveen Asset Management LLC increased its stake in Teck Resources Limited (NYSE:TECK - Free Report) TSE: TECK by 16.1% during the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 1,449,731 shares of the basic materials company's stock after buying an additional 201,097 shares during the period. Nuveen Asset Management LLC owned 0.29% of Teck Resources worth $58,748,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in TECK. Norges Bank purchased a new stake in shares of Teck Resources in the 4th quarter worth approximately $470,101,000. Swedbank AB purchased a new stake in shares of Teck Resources in the 4th quarter worth approximately $103,878,000. Arrowstreet Capital Limited Partnership purchased a new stake in shares of Teck Resources in the 4th quarter worth approximately $65,197,000. AMF Tjanstepension AB grew its stake in shares of Teck Resources by 32.2% in the 4th quarter. AMF Tjanstepension AB now owns 6,020,023 shares of the basic materials company's stock worth $244,252,000 after buying an additional 1,467,516 shares during the last quarter. Finally, FMR LLC grew its stake in shares of Teck Resources by 29.7% in the 4th quarter. FMR LLC now owns 4,715,144 shares of the basic materials company's stock worth $191,133,000 after buying an additional 1,080,714 shares during the last quarter. Hedge funds and other institutional investors own 78.06% of the company's stock.

Wall Street Analysts Forecast Growth

TECK has been the topic of several recent analyst reports. BMO Capital Markets initiated coverage on Teck Resources in a research note on Wednesday, April 16th. They set an "outperform" rating on the stock. Raymond James cut their target price on Teck Resources from $75.00 to $70.00 and set an "outperform" rating on the stock in a research note on Wednesday, January 22nd. JPMorgan Chase & Co. cut their target price on Teck Resources from $50.00 to $41.00 and set an "overweight" rating on the stock in a research note on Thursday, April 10th. National Bank Financial upgraded Teck Resources from a "hold" rating to a "strong-buy" rating in a research note on Thursday, April 24th. Finally, Veritas upgraded Teck Resources to a "hold" rating in a research note on Friday, April 11th. Six investment analysts have rated the stock with a hold rating, nine have assigned a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $64.11.

Teck Resources Stock Performance

TECK stock opened at $35.65 on Monday. The company has a market cap of $17.57 billion, a P/E ratio of 64.82 and a beta of 0.79. Teck Resources Limited has a 1 year low of $28.32 and a 1 year high of $55.13. The company has a debt-to-equity ratio of 0.16, a current ratio of 2.92 and a quick ratio of 2.35. The stock's fifty day moving average price is $36.10 and its 200-day moving average price is $40.74.

Teck Resources (NYSE:TECK - Get Free Report) TSE: TECK last released its quarterly earnings results on Thursday, April 24th. The basic materials company reported $0.42 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.24 by $0.18. The firm had revenue of $1.60 billion for the quarter, compared to the consensus estimate of $2.19 billion. Teck Resources had a return on equity of 4.59% and a net margin of 2.96%. The company's revenue for the quarter was up 41.4% on a year-over-year basis. During the same period last year, the business posted $0.75 EPS. On average, equities analysts forecast that Teck Resources Limited 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, June 30th. Investors of record on Monday, June 16th will be issued a $0.0901 dividend. This is a boost from Teck Resources's previous quarterly dividend of $0.09. This represents a $0.36 dividend on an annualized basis and a yield of 1.01%. The ex-dividend date is Monday, June 16th. Teck Resources's dividend payout ratio (DPR) is currently 58.62%.

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.

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