Swiss National Bank Boosts Stake in Teck Resources Ltd $TECK

Key Points

• Swiss National Bank boosted its Teck Resources stake by 26.8% in the first quarter, buying 325,000 additional shares and bringing its total holdings to 1,536,979 shares worth about $79.5 million.
• Institutional ownership remains high, with hedge funds and other investors holding 78.06% of Teck’s stock. Several firms increased positions, including Principal Financial Group, which added more than 3.2 million shares.
• Analyst sentiment is mixed but leans cautious: Teck has five Buy ratings and eleven Hold ratings, with a consensus price target of $63. Deutsche Bank raised its target to $68, while JPMorgan trimmed its target to $46.

Swiss National Bank increased its holdings in shares of Teck Resources Ltd (NYSE:TECK - Free Report) TSE: TECK by 26.8% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 1,536,979 shares of the basic materials company's stock after acquiring an additional 325,000 shares during the period. Swiss National Bank owned approximately 0.32% of Teck Resources worth $79,544,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of TECK. Geneos Wealth Management Inc. boosted its position in Teck Resources by 117.4% during the first quarter. Geneos Wealth Management Inc. now owns 561 shares of the basic materials company's stock worth $29,000 after purchasing an additional 303 shares in the last quarter. AMG National Trust Bank grew its holdings in Teck Resources by 13.1% in the first quarter. AMG National Trust Bank now owns 5,531 shares of the basic materials company's stock valued at $286,000 after purchasing an additional 640 shares during the period. Principal Financial Group Inc. increased its position in shares of Teck Resources by 17.1% in the first quarter. Principal Financial Group Inc. now owns 22,044,284 shares of the basic materials company's stock valued at $1,139,051,000 after buying an additional 3,211,985 shares in the last quarter. Candriam S.C.A. increased its position in shares of Teck Resources by 15.3% in the first quarter. Candriam S.C.A. now owns 15,242 shares of the basic materials company's stock valued at $787,000 after buying an additional 2,027 shares in the last quarter. Finally, Credit Industriel ET Commercial acquired a new position in shares of Teck Resources during the 1st quarter worth approximately $5,444,000. 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 a number of recent analyst reports. Weiss Ratings upgraded Teck Resources from a "hold (c)" rating to a "hold (c+)" rating in a research report on Friday, April 24th. Deutsche Bank Aktiengesellschaft boosted their price target on shares of Teck Resources from $64.00 to $68.00 and gave the stock a "buy" rating in a report on Thursday, July 2nd. JPMorgan Chase & Co. reduced their price objective on shares of Teck Resources from $48.00 to $46.00 and set a "neutral" rating for the company in a research report on Thursday, July 9th. TD Securities reaffirmed a "hold" rating on shares of Teck Resources in a report on Friday, April 24th. Finally, Scotiabank reiterated a "sector perform" rating on shares of Teck Resources in a research report on Monday, June 15th. Five analysts have rated the stock with a Buy rating and eleven have assigned a Hold rating to the stock. According to MarketBeat, the company has an average rating of "Hold" and a consensus price target of $63.00.

Teck Resources Stock Up 4.2%

Shares of NYSE TECK opened at $56.80 on Wednesday. The stock has a market cap of $27.42 billion, a PE ratio of 20.80, a P/E/G ratio of 1.61 and a beta of 0.92. The company has a current ratio of 2.83, a quick ratio of 2.16 and a debt-to-equity ratio of 0.13. Teck Resources Ltd has a 12-month low of $30.98 and a 12-month high of $71.25. The company has a 50-day moving average of $61.78 and a 200 day moving average of $57.32.

Teck Resources Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, June 30th. Investors of record on Monday, June 15th were issued a $0.125 dividend. This represents a $0.50 annualized dividend and a dividend yield of 0.9%. The ex-dividend date of this dividend was Monday, June 15th. Teck Resources's dividend payout ratio (DPR) is currently 13.19%.

Teck Resources Company Profile

Teck Resources Ltd. is a diversified natural resource company headquartered in Canada that explores for, develops and produces a portfolio of metallic and energy commodities. Its core businesses center on copper, steelmaking (metallurgical) coal and zinc, with related smelting and refining activities. Teck supplies raw materials and intermediate products to global steelmakers, metals markets and industrial customers, and operates integrated mining and processing facilities as well as earlier-stage exploration and development projects.

The company's operations and projects are located across multiple geographies, with a significant presence in western Canada and North America and additional exploration and development activities in Latin America.

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