Raymond James Financial Inc. Boosts Holdings in Teck Resources Ltd $TECK

Key Points

• Raymond James Financial Inc. increased its holdings in Teck Resources Ltd by 6.6%, owning 377,109 shares valued at approximately $13.74 million after acquiring an additional 23,204 shares in the first quarter.
• Teck Resources recently declared a quarterly dividend of $0.0918 per share, slightly above the previous quarter's dividend, with an annualized yield of 1.1%.
• Despite reporting a 12.3% year-over-year revenue increase, Teck Resources fell short of analysts' expectations, earning $0.27 per share against a forecast of $0.20.

Raymond James Financial Inc. boosted its holdings in Teck Resources Ltd (NYSE:TECK - Free Report) TSE: TECK by 6.6% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund owned 377,109 shares of the basic materials company's stock after buying an additional 23,204 shares during the quarter. Raymond James Financial Inc. owned 0.08% of Teck Resources worth $13,738,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in the business. Sequoia Financial Advisors LLC grew its holdings in shares of Teck Resources by 5.6% during the 1st quarter. Sequoia Financial Advisors LLC now owns 10,354 shares of the basic materials company's stock valued at $377,000 after acquiring an additional 545 shares in the last quarter. Golden State Wealth Management LLC grew its stake in Teck Resources by 7,560.0% during the first quarter. Golden State Wealth Management LLC now owns 1,149 shares of the basic materials company's stock worth $42,000 after buying an additional 1,134 shares during the last quarter. Cetera Investment Advisers grew its stake in shares of Teck Resources by 20.9% during the first quarter. Cetera Investment Advisers now owns 69,885 shares of the basic materials company's stock valued at $2,546,000 after purchasing an additional 12,092 shares during the last quarter. Oppenheimer Asset Management Inc. grew its stake in shares of Teck Resources by 22.6% during the first quarter. Oppenheimer Asset Management Inc. now owns 12,141 shares of the basic materials company's stock valued at $442,000 after purchasing an additional 2,240 shares during the last quarter. Finally, GAMMA Investing LLC boosted its stake in Teck Resources by 13,171.4% in the first quarter. GAMMA Investing LLC now owns 3,716 shares of the basic materials company's stock valued at $135,000 after acquiring an additional 3,688 shares during the last quarter. Institutional investors and hedge funds own 78.06% of the company's stock.

Teck Resources Stock Down 1.5%

Shares of TECK stock traded down $0.50 on Tuesday, hitting $33.69. The stock had a trading volume of 1,493,129 shares, compared to its average volume of 3,708,477. The business has a 50 day moving average of $35.62 and a 200 day moving average of $36.76. The stock has a market cap of $16.28 billion, a price-to-earnings ratio of 88.82, a price-to-earnings-growth ratio of 0.53 and a beta of 0.78. The company has a debt-to-equity ratio of 0.15, a current ratio of 3.47 and a quick ratio of 2.45. Teck Resources Ltd has a 12-month low of $28.32 and a 12-month high of $54.13.

Teck Resources (NYSE:TECK - Get Free Report) TSE: TECK last posted its quarterly earnings data on Thursday, July 24th. The basic materials company reported $0.27 earnings per share (EPS) for the quarter, topping 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 business had revenue of $1.49 billion during the quarter, compared to the consensus estimate of $2.25 billion. During the same quarter last year, the company posted $0.79 earnings per share. The firm's quarterly revenue was up 12.3% compared to the same quarter last year. As a group, analysts expect that Teck Resources Ltd will post 1.53 EPS for the current year.

Teck Resources Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 29th. Stockholders of record on Monday, September 15th will be paid a $0.0918 dividend. The ex-dividend date is Monday, September 15th. This is a positive change from Teck Resources's previous quarterly dividend of $0.09. This represents a $0.37 annualized dividend and a dividend yield of 1.1%. Teck Resources's dividend payout ratio is 94.74%.

Analysts Set New Price Targets

A number of equities research analysts recently commented on TECK shares. B. Riley lowered shares of Teck Resources from a "buy" rating to a "neutral" rating in a report on Monday, July 28th. Royal Bank Of Canada cut their price objective on shares of Teck Resources from $82.00 to $67.00 and set an "outperform" rating for the company in a report on Friday, July 25th. Benchmark lowered their price objective on shares of Teck Resources from $55.00 to $48.00 and set a "buy" rating for the company in a research report on Monday, July 28th. CIBC lowered shares of Teck Resources from a "sector outperform" rating to a "neutral" rating in a report on Friday, July 25th. Finally, Cibc World Mkts lowered shares of Teck Resources from a "strong-buy" rating to a "hold" rating in a research note on Friday, July 25th. One equities research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and twelve have assigned a Hold rating to the company. According to MarketBeat, the stock presently has an average rating of "Hold" and an average target price 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.