Teck Resources Ltd (NYSE:TECK) Shares Acquired by Mackenzie Financial Corp

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% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 6,020,429 shares of the basic materials company's stock after acquiring an additional 137,886 shares during the period. Mackenzie Financial Corp owned 1.22% of Teck Resources worth $219,297,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in TECK. Golden State Wealth Management LLC boosted its stake in 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 during the fourth quarter worth $50,000. Pilgrim Partners Asia Pte Ltd purchased a new position in Teck Resources during the fourth quarter valued at $55,000. Bruce G. Allen Investments LLC increased its holdings in 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 valued at $60,000 after acquiring an additional 837 shares during the last quarter. Finally, Altshuler Shaham Ltd purchased a new stake in Teck Resources in the 4th quarter worth $70,000. Hedge funds and other institutional investors own 78.06% of the company's stock.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on TECK shares. National Bank Financial upgraded Teck Resources from a "hold" rating to a "strong-buy" rating in a research report on Thursday, April 24th. Benchmark reduced their price objective on Teck Resources from $55.00 to $48.00 and set a "buy" rating on the stock in a research note on Monday. Stifel Canada raised Teck Resources to a "hold" rating in a report on Tuesday, July 8th. B. Riley lowered shares of Teck Resources from a "buy" rating to a "neutral" rating in a report on Monday. Finally, UBS Group reaffirmed a "neutral" rating on shares of Teck Resources in a research note on Tuesday, April 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 stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus target price of $60.11.

Teck Resources Stock Up 0.6%

NYSE TECK traded up $0.20 on Thursday, reaching $32.33. 3,099,542 shares of the stock traded hands, compared to its average volume of 3,803,045. Teck Resources Ltd has a 12 month low of $28.32 and a 12 month high of $54.13. The company has a debt-to-equity ratio of 0.15, a quick ratio of 2.57 and a current ratio of 3.47. The company has a fifty day moving average price of $38.07 and a 200-day moving average price of $38.44. The company has a market cap of $15.62 billion, a price-to-earnings ratio of 84.82, 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 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. Teck Resources had a return on equity of 3.91% and a net margin of 2.51%. The business had revenue of $1.49 billion for the quarter, compared to the consensus estimate of $2.25 billion. During the same period last year, the business posted $0.79 EPS. The business's revenue was up 12.3% compared to the same quarter last year. As a group, research analysts forecast that Teck Resources Ltd will post 1.53 EPS for the current fiscal year.

Teck Resources Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, September 29th. Shareholders of record on Monday, September 15th will be issued a $0.0918 dividend. This is a positive change from Teck Resources's previous quarterly dividend of $0.09. This represents a $0.37 annualized dividend and a yield of 1.14%. The ex-dividend date is Monday, September 15th. Teck Resources's 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.