Swiss National Bank Acquires 26,000 Shares of Teck Resources Ltd (NYSE:TECK)

Key Points

• The Swiss National Bank increased its stake in Teck Resources Ltd by 2.0%, acquiring an additional 26,000 shares, bringing its total holdings to approximately 1.35 million shares valued at $49.15 million.
• Research analysts have adjusted their ratings on Teck Resources, with Morgan Stanley downgrading it to "equal weight" while setting a price target increase to $44.00 amidst several other mixed ratings from different firms.
• Teck Resources announced a quarterly dividend increase to $0.0918 per share, resulting in an annualized dividend of $0.37 and a dividend yield of 1.1%, with a payout ratio currently at 94.74%.

Swiss National Bank raised its holdings in Teck Resources Ltd (NYSE:TECK - Free Report) TSE: TECK by 2.0% during the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 1,348,379 shares of the basic materials company's stock after buying an additional 26,000 shares during the quarter. Swiss National Bank owned about 0.27% of Teck Resources worth $49,153,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in the business. Vanguard Group Inc. grew its position in shares of Teck Resources by 1.1% in the 1st quarter. Vanguard Group Inc. now owns 19,531,542 shares of the basic materials company's stock worth $711,475,000 after buying an additional 215,410 shares during the last quarter. Principal Financial Group Inc. boosted its position in shares of Teck Resources by 56.9% during the first quarter. Principal Financial Group Inc. now owns 11,530,742 shares of the basic materials company's stock valued at $419,970,000 after purchasing an additional 4,180,623 shares in the last quarter. Mackenzie Financial Corp boosted its position in shares of Teck Resources by 2.3% during the first quarter. Mackenzie Financial Corp now owns 6,020,429 shares of the basic materials company's stock valued at $219,297,000 after purchasing an additional 137,886 shares in the last quarter. TD Asset Management Inc boosted its position in shares of Teck Resources by 0.6% during the first quarter. TD Asset Management Inc now owns 6,006,865 shares of the basic materials company's stock valued at $218,781,000 after purchasing an additional 33,475 shares in the last quarter. Finally, D. E. Shaw & Co. Inc. boosted its position in shares of Teck Resources by 18.8% during the fourth quarter. D. E. Shaw & Co. Inc. now owns 5,882,044 shares of the basic materials company's stock valued at $238,381,000 after purchasing an additional 932,058 shares in the last quarter. 78.06% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on TECK shares. Morgan Stanley lowered Teck Resources from an "overweight" rating to an "equal weight" rating and lifted their price target for the company from $42.00 to $44.00 in a research report on Tuesday, July 15th. JPMorgan Chase & Co. restated a "neutral" rating and set a $41.00 price target (down from $46.00) on shares of Teck Resources in a research report on Friday, July 25th. Desjardins lowered Teck Resources from a "buy" rating to a "hold" rating in a research report on Friday, July 18th. B. Riley lowered Teck Resources from a "buy" rating to a "neutral" rating in a research report on Monday, July 28th. Finally, National Bank Financial upgraded Teck Resources from a "hold" rating to a "strong-buy" rating in a research report on Thursday, April 24th. Thirteen equities research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company has an average rating of "Hold" and a consensus price target of $60.11.

Teck Resources Trading Down 0.5%

Teck Resources stock opened at $33.03 on Monday. The company has a market capitalization of $15.95 billion, a price-to-earnings ratio of 86.92, a price-to-earnings-growth ratio of 0.53 and a beta of 0.81. The company has a current ratio of 3.47, a quick ratio of 2.45 and a debt-to-equity ratio of 0.15. Teck Resources Ltd has a 12 month low of $28.32 and a 12 month high of $54.13. The business's fifty day simple moving average is $37.39 and its two-hundred day simple moving average is $37.83.

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 (EPS) for the quarter, beating analysts' consensus estimates of $0.20 by $0.07. The firm had revenue of $1.49 billion for the quarter, compared to the consensus estimate of $2.25 billion. Teck Resources had a return on equity of 3.91% and a net margin of 2.51%. The company's quarterly revenue was up 12.3% on a year-over-year basis. During the same period in the prior year, the company posted $0.79 earnings per share. As a group, equities analysts predict that Teck Resources Ltd will post 1.53 earnings per share for the current fiscal year.

Teck Resources Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 29th. Stockholders of record on Monday, September 15th will be issued a dividend of $0.0918 per share. The ex-dividend date of this dividend is Monday, September 15th. This is an increase from Teck Resources's previous quarterly dividend of $0.09. This represents a $0.37 dividend on an annualized basis and a dividend yield of 1.1%. Teck Resources's dividend 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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