Mackenzie Financial Corp Boosts Stock Position in Teck Resources Ltd (NYSE:TECK)

Key Points

• Mackenzie Financial Corp has increased its holdings in Teck Resources Ltd by 2.3%, now owning approximately 6 million shares valued at $219 million.
• Teck Resources recently declared a quarterly dividend increase, with the new dividend of $0.0918 reflecting a yield of 1.11% and a payout ratio of 94.74%.
• Analyst ratings for Teck Resources are mixed, with most analysts giving it a "Hold" rating and a target price averaging $61.63, reflecting recent adjustments in price objectives.

Mackenzie Financial Corp lifted its holdings in Teck Resources Ltd (NYSE:TECK - Free Report) TSE: TECK by 2.3% during the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 6,020,429 shares of the basic materials company's stock after purchasing an additional 137,886 shares during the period. Mackenzie Financial Corp owned about 1.22% of Teck Resources worth $219,297,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Golden State Wealth Management LLC lifted its stake in shares of 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 worth $42,000 after purchasing an additional 1,134 shares during the period. Ameriflex Group Inc. bought a new position in shares of Teck Resources in the 4th quarter worth approximately $50,000. Pilgrim Partners Asia Pte Ltd bought a new position in shares of Teck Resources in the 4th quarter worth approximately $55,000. Bruce G. Allen Investments LLC lifted its stake in shares of Teck Resources by 104.8% in the 1st quarter. Bruce G. Allen Investments LLC now owns 1,636 shares of the basic materials company's stock worth $60,000 after purchasing an additional 837 shares during the period. Finally, Altshuler Shaham Ltd bought a new position in shares of Teck Resources in the 4th quarter worth approximately $70,000. Institutional investors own 78.06% of the company's stock.

Teck Resources Price Performance

TECK traded up $0.77 during trading on Monday, reaching $33.77. 9,070,350 shares of the company traded hands, compared to its average volume of 4,764,063. The company has a debt-to-equity ratio of 0.15, a quick ratio of 2.57 and a current ratio of 3.36. Teck Resources Ltd has a 12-month low of $28.32 and a 12-month high of $54.13. The firm has a fifty day simple moving average of $38.17 and a 200 day simple moving average of $38.54. The company has a market cap of $16.31 billion, a P/E ratio of 88.87, a PEG ratio of 0.52 and a beta of 0.80.

Teck Resources (NYSE:TECK - Get Free Report) TSE: TECK last announced its quarterly earnings data 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. Teck Resources had a net margin of 2.51% and a return on equity of 3.87%. The business had revenue of $1.49 billion during the quarter, compared to analyst estimates of $2.25 billion. During the same period last year, the firm posted $0.79 EPS. The company's revenue was up 12.3% on a year-over-year basis. On average, equities analysts forecast 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. Investors of record on Monday, September 15th will be issued 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 dividend on an annualized basis and a dividend yield of 1.09%. Teck Resources's dividend payout ratio (DPR) is 94.74%.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on TECK. Veritas upgraded shares of Teck Resources to a "hold" rating in a research note on Friday, April 11th. Benchmark decreased their target price on shares of Teck Resources from $55.00 to $48.00 and set a "buy" rating on the stock in a research note on Monday. National Bankshares upgraded shares of Teck Resources from a "sector perform" rating to an "outperform" rating in a research note on Thursday, April 24th. Cibc World Mkts cut shares of Teck Resources from a "strong-buy" rating to a "hold" rating in a research note on Friday. Finally, Morgan Stanley cut shares of Teck Resources from an "overweight" rating to an "equal weight" rating and raised their target price for the stock from $42.00 to $44.00 in a research note on Tuesday, July 15th. Thirteen investment analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat, Teck Resources currently has an average rating of "Hold" and an average target price of $60.11.

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.