TD Asset Management Inc Boosts Stock Position in Teck Resources Ltd $TECK

Key Points

• TD Asset Management Inc increased its stake in Teck Resources by 0.4% in Q2, now owning 6,032,354 shares valued at approximately $243.46 million.
• Teck Resources reported Q2 earnings per share of $0.27, exceeding analysts' estimates, despite revenue falling short at $1.49 billion compared to a consensus of $2.25 billion.
• The company declared a quarterly dividend of $0.0918 per share, marking an increase from the previous dividend of $0.09, with a current dividend yield of 0.8%.

TD Asset Management Inc boosted its holdings in shares of Teck Resources Ltd (NYSE:TECK - Free Report) TSE: TECK by 0.4% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 6,032,354 shares of the basic materials company's stock after acquiring an additional 25,489 shares during the quarter. TD Asset Management Inc owned 1.25% of Teck Resources worth $243,460,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. GAMMA Investing LLC lifted its stake in shares of Teck Resources by 13,171.4% during the 1st quarter. GAMMA Investing LLC now owns 3,716 shares of the basic materials company's stock worth $135,000 after purchasing an additional 3,688 shares during the last quarter. Fifth Third Bancorp increased its position in Teck Resources by 8.4% during the 1st quarter. Fifth Third Bancorp now owns 7,698 shares of the basic materials company's stock valued at $280,000 after buying an additional 596 shares in the last quarter. FNY Investment Advisers LLC increased its holdings in shares of Teck Resources by 48.1% in the first quarter. FNY Investment Advisers LLC now owns 25,180 shares of the basic materials company's stock valued at $917,000 after purchasing an additional 8,180 shares during the period. PKO Investment Management Joint Stock Co increased its holdings in shares of Teck Resources by 40.6% in the first quarter. PKO Investment Management Joint Stock Co now owns 17,324 shares of the basic materials company's stock valued at $633,000 after purchasing an additional 5,000 shares during the period. Finally, Clarius Group LLC increased its holdings in shares of Teck Resources by 12.9% in the first quarter. Clarius Group LLC now owns 8,159 shares of the basic materials company's stock valued at $297,000 after purchasing an additional 931 shares during the period. 78.06% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on TECK shares. Wall Street Zen upgraded Teck Resources from a "sell" rating to a "hold" rating in a research note on Saturday, July 26th. Citigroup restated a "neutral" rating on shares of Teck Resources in a research note on Wednesday, October 8th. Deutsche Bank Aktiengesellschaft upgraded Teck Resources from a "hold" rating to a "buy" rating and set a $42.00 target price on the stock in a research note on Monday, September 8th. Stifel Nicolaus started coverage on Teck Resources in a research note on Wednesday, July 9th. They issued a "hold" rating on the stock. Finally, CIBC downgraded Teck Resources from a "sector outperform" rating to a "neutral" rating in a research note on Friday, July 25th. One investment analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, eleven have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Hold" and a consensus price target of $54.00.

Teck Resources Stock Performance

Shares of TECK stock opened at $44.52 on Tuesday. The company has a market capitalization of $21.39 billion, a P/E ratio of 117.16, a P/E/G ratio of 0.59 and a beta of 0.92. The business's 50 day moving average is $37.28 and its two-hundred day moving average is $36.63. 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 $51.48.

Teck Resources (NYSE:TECK - Get Free Report) TSE: TECK last issued its quarterly earnings results 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. The company 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%.Teck Resources's revenue for the quarter was up 12.3% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.79 earnings per share. Analysts expect that Teck Resources Ltd will post 1.53 EPS for the current fiscal year.

Teck Resources Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, September 29th. Shareholders of record on Monday, September 15th were given a dividend of $0.0918 per share. 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 yield of 0.8%. The ex-dividend date was Monday, September 15th. Teck Resources's dividend payout ratio (DPR) 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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