Bank of Nova Scotia Has $54.10 Million Holdings in Teck Resources Ltd (NYSE:TECK)

Key Points

• Bank of Nova Scotia increased its stake in Teck Resources by 2.2%, owning 1,484,904 shares valued at approximately $54 million as of the latest SEC filing.
• Teck Resources reported a quarterly earnings per share (EPS) of $0.27, exceeding analyst expectations, though its total revenue of $1.49 billion fell short of the expected $2.25 billion.
• The company plans to distribute a quarterly dividend of $0.0918 per share, representing an increase from its previous dividend of $0.09, with a dividend yield of 1.2%.

Bank of Nova Scotia lifted its holdings in Teck Resources Ltd (NYSE:TECK - Free Report) TSE: TECK by 2.2% in the 1st quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 1,484,904 shares of the basic materials company's stock after purchasing an additional 31,684 shares during the quarter. Bank of Nova Scotia owned 0.30% of Teck Resources worth $54,098,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently modified their holdings of the business. R Squared Ltd boosted its stake in Teck Resources by 95.5% during the first quarter. R Squared Ltd now owns 5,650 shares of the basic materials company's stock valued at $206,000 after buying an additional 2,760 shares in the last quarter. Klein Pavlis & Peasley Financial Inc. boosted its position in shares of Teck Resources by 19.0% in the 1st quarter. Klein Pavlis & Peasley Financial Inc. now owns 42,600 shares of the basic materials company's stock valued at $1,564,000 after purchasing an additional 6,800 shares during the period. PNC Financial Services Group Inc. boosted its position in shares of Teck Resources by 9.0% in the 1st quarter. PNC Financial Services Group Inc. now owns 12,674 shares of the basic materials company's stock valued at $462,000 after purchasing an additional 1,042 shares during the period. US Bancorp DE lifted its stake in Teck Resources by 5.6% in the 1st quarter. US Bancorp DE now owns 21,922 shares of the basic materials company's stock worth $799,000 after acquiring an additional 1,162 shares in the last quarter. Finally, Natixis Advisors LLC lifted its stake in Teck Resources by 2.6% in the 1st quarter. Natixis Advisors LLC now owns 174,763 shares of the basic materials company's stock worth $6,367,000 after acquiring an additional 4,487 shares in the last quarter. Institutional investors own 78.06% of the company's stock.

Teck Resources Stock Performance

Shares of TECK stock traded down $0.66 during trading on Tuesday, reaching $31.85. The company had a trading volume of 555,707 shares, compared to its average volume of 3,791,940. The firm's 50 day simple moving average is $37.76 and its two-hundred day simple moving average is $38.12. The company has a debt-to-equity ratio of 0.15, a current ratio of 3.47 and a quick ratio of 2.45. Teck Resources Ltd has a one year low of $28.32 and a one year high of $54.13. The company has a market capitalization of $15.39 billion, a PE ratio of 83.58, a PEG ratio of 0.50 and a beta of 0.81.

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 EPS for the quarter, topping the consensus estimate 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%. The company's revenue for the quarter was up 12.3% on a year-over-year basis. During the same period in the previous year, the business posted $0.79 EPS. Sell-side analysts forecast that Teck Resources Ltd will post 1.53 earnings per share for the current year.

Teck Resources Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 29th. Shareholders of record on Monday, September 15th will be given a $0.0918 dividend. The ex-dividend date of this dividend is Monday, September 15th. This represents a $0.37 annualized dividend and a yield of 1.2%. This is an increase from Teck Resources's previous quarterly dividend of $0.09. Teck Resources's dividend payout ratio (DPR) is presently 94.74%.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on TECK. Cibc World Mkts downgraded Teck Resources from a "strong-buy" rating to a "hold" rating in a research note on Friday, July 25th. National Bank Financial raised Teck Resources from a "hold" rating to a "strong-buy" rating in a research note on Thursday, April 24th. CIBC downgraded Teck Resources from a "sector outperform" rating to a "neutral" rating in a research note on Friday, July 25th. JPMorgan Chase & Co. reaffirmed a "neutral" rating and set a $41.00 price target (down from $46.00) on shares of Teck Resources in a research note on Friday, July 25th. Finally, National Bankshares raised Teck Resources from a "sector perform" rating to an "outperform" rating in a research note on Thursday, April 24th. Thirteen equities research analysts have rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Hold" and a consensus price target of $60.11.

About Teck Resources

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.