Nuveen LLC Invests $17.95 Million in Teck Resources Ltd $TECK

Key Points

• Nuveen LLC acquired a new stake in Teck Resources Ltd, purchasing 492,765 shares valued at approximately $17.95 million, which represents 0.10% ownership of the company.
• Teck Resources announced a quarterly dividend increase to $0.0918 per share, with an annualized yield of 1.2% and a payout ratio of 94.74%.
• The company reported quarterly earnings of $0.27 per share, exceeding analysts' expectations, with revenue of $1.49 billion, despite being below projections of $2.25 billion.

Nuveen LLC purchased a new stake in Teck Resources Ltd (NYSE:TECK - Free Report) TSE: TECK in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm purchased 492,765 shares of the basic materials company's stock, valued at approximately $17,947,000. Nuveen LLC owned 0.10% of Teck Resources as of its most recent SEC filing.

Other large investors have also modified their holdings of the company. Sequoia Financial Advisors LLC boosted its holdings in Teck Resources by 5.6% in the first quarter. Sequoia Financial Advisors LLC now owns 10,354 shares of the basic materials company's stock valued at $377,000 after purchasing an additional 545 shares during the period. Golden State Wealth Management LLC raised its position in Teck Resources by 7,560.0% in the 1st quarter. Golden State Wealth Management LLC now owns 1,149 shares of the basic materials company's stock valued at $42,000 after purchasing an additional 1,134 shares in the last quarter. Cetera Investment Advisers boosted its stake in shares of Teck Resources by 20.6% in the 4th quarter. Cetera Investment Advisers now owns 57,793 shares of the basic materials company's stock valued at $2,342,000 after buying an additional 9,887 shares during the period. Oppenheimer Asset Management Inc. boosted its stake in shares of Teck Resources by 22.6% in the 1st quarter. Oppenheimer Asset Management Inc. now owns 12,141 shares of the basic materials company's stock valued at $442,000 after buying an additional 2,240 shares during the period. Finally, GAMMA Investing LLC grew its position in shares of Teck Resources by 13,171.4% during the first quarter. GAMMA Investing LLC now owns 3,716 shares of the basic materials company's stock worth $135,000 after buying an additional 3,688 shares in the last quarter. Hedge funds and other institutional investors own 78.06% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on TECK shares. Morgan Stanley cut shares of Teck Resources from an "overweight" rating to an "equal weight" rating and raised their target price for the company from $42.00 to $44.00 in a report on Tuesday, July 15th. JPMorgan Chase & Co. restated a "neutral" rating and issued a $41.00 price objective (down from $46.00) on shares of Teck Resources in a report on Friday, July 25th. Royal Bank Of Canada decreased their price objective on shares of Teck Resources from $82.00 to $67.00 and set an "outperform" rating for the company in a research report on Friday, July 25th. National Bankshares raised Teck Resources from a "sector perform" rating to an "outperform" rating in a report on Thursday, April 24th. Finally, CIBC cut Teck Resources from a "sector outperform" rating to a "neutral" rating in a research note on Friday, July 25th. One research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and twelve have given a Hold rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Hold" and a consensus target price of $60.11.

Teck Resources Stock Performance

Shares of TECK stock traded up $1.84 during trading hours on Friday, hitting $33.60. The stock had a trading volume of 4,897,497 shares, compared to its average volume of 4,427,304. The company has a debt-to-equity ratio of 0.15, a current ratio of 3.47 and a quick ratio of 2.45. The firm has a market capitalization of $16.23 billion, a PE ratio of 88.42, a PEG ratio of 0.50 and a beta of 0.81. The stock's 50 day moving average is $36.19 and its 200 day moving average is $37.23. Teck Resources Ltd has a twelve month low of $28.32 and a twelve month high of $54.13.

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

Teck Resources Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 29th. Shareholders 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 annualized dividend and a yield of 1.1%. This is a boost from Teck Resources's previous quarterly dividend of $0.09. Teck Resources's dividend payout ratio (DPR) is currently 94.74%.

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.