Teck Resources Ltd $TECK Position Boosted by Credit Agricole S A

Key Points

• Credit Agricole S A increased its stake in Teck Resources Ltd by 130.2%, owning 31,748 shares worth approximately $1.16 million after purchasing an additional 17,957 shares.
• Teck Resources recently announced a quarterly dividend of $0.0918 per share, reflecting an increase from the previous dividend and yielding 1.1%.
• Analysts have mixed opinions on Teck Resources, with one upgrade and multiple downgrades, leading to a current consensus rating of "Hold" and an average price target of $60.11.

Credit Agricole S A increased its holdings in Teck Resources Ltd (NYSE:TECK - Free Report) TSE: TECK by 130.2% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 31,748 shares of the basic materials company's stock after buying an additional 17,957 shares during the quarter. Credit Agricole S A's holdings in Teck Resources were worth $1,157,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in TECK. Principal Financial Group Inc. grew its holdings in Teck Resources by 56.9% in the 1st quarter. Principal Financial Group Inc. now owns 11,530,742 shares of the basic materials company's stock worth $419,970,000 after buying an additional 4,180,623 shares in the last quarter. Carrhae Capital LLP bought a new position in Teck Resources in the 1st quarter worth approximately $46,478,000. D. E. Shaw & Co. Inc. grew its holdings in Teck Resources by 18.8% in the 4th quarter. D. E. Shaw & Co. Inc. now owns 5,882,044 shares of the basic materials company's stock worth $238,381,000 after buying an additional 932,058 shares in the last quarter. The Manufacturers Life Insurance Company grew its holdings in Teck Resources by 38.7% in the 4th quarter. The Manufacturers Life Insurance Company now owns 2,638,973 shares of the basic materials company's stock worth $107,135,000 after buying an additional 736,721 shares in the last quarter. Finally, Wellington Management Group LLP grew its holdings in Teck Resources by 1,611.2% in the 1st quarter. Wellington Management Group LLP now owns 751,146 shares of the basic materials company's stock worth $27,358,000 after buying an additional 707,249 shares in the last quarter. 78.06% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several equities analysts have recently issued reports on TECK shares. Wall Street Zen upgraded Teck Resources from a "sell" rating to a "hold" rating in a research report on Saturday, July 26th. Cibc World Mkts cut Teck Resources from a "strong-buy" rating to a "hold" rating in a research report on Friday, July 25th. CIBC cut shares of Teck Resources from a "sector outperform" rating to a "neutral" rating in a research report on Friday, July 25th. Benchmark dropped their price target on shares of Teck Resources from $55.00 to $48.00 and set a "buy" rating on the stock in a research report on Monday, July 28th. Finally, Desjardins cut shares of Teck Resources from a "buy" rating to a "hold" rating in a research report on Friday, July 18th. One investment analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and twelve have given a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average price target of $60.11.

Teck Resources Stock Performance

TECK opened at $33.60 on Monday. The firm has a market cap of $16.23 billion, a PE ratio of 88.42, a P/E/G ratio of 0.53 and a beta of 0.81. The company has a quick ratio of 2.45, a current ratio of 3.47 and a debt-to-equity ratio of 0.15. The business has a fifty day simple moving average of $36.19 and a 200-day simple moving average of $37.16. Teck Resources Ltd has a fifty-two week low of $28.32 and a fifty-two week high of $54.13.

Teck Resources (NYSE:TECK - Get Free Report) TSE: TECK last released its quarterly earnings data on Thursday, July 24th. The basic materials company reported $0.27 earnings per share for the quarter, topping the consensus estimate of $0.20 by $0.07. The business had revenue of $1.49 billion during the quarter, compared to analyst estimates 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 was up 12.3% compared to the same quarter last year. During the same period last year, the company posted $0.79 EPS. As a group, equities analysts predict that Teck Resources Ltd will post 1.53 EPS for the current fiscal year.

Teck Resources Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 29th. Stockholders of record on Monday, September 15th will be paid a dividend of $0.0918 per share. The ex-dividend date of this dividend is Monday, September 15th. This represents a $0.37 annualized dividend and a dividend yield of 1.1%. This is a boost from Teck Resources's previous quarterly dividend of $0.09. Teck Resources's dividend payout ratio is 94.74%.

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.

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