BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp Increases Position in Teck Resources Ltd $TECK

Key Points

• BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp increased its stake in Teck Resources Ltd by 65.5%, owning 1,249,138 shares valued at approximately $45.51 million.
• Teck Resources reported a quarterly earnings per share of $0.27, exceeding the consensus estimate of $0.20, and had a revenue of $1.49 billion.
• The company has announced a dividend increase, with a quarterly payment of $0.0918, up from the previous $0.09, highlighting ongoing shareholder returns.

BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp increased its holdings in shares of Teck Resources Ltd (NYSE:TECK - Free Report) TSE: TECK by 65.5% during the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 1,249,138 shares of the basic materials company's stock after purchasing an additional 494,485 shares during the period. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp owned 0.25% of Teck Resources worth $45,510,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of TECK. Costello Asset Management INC purchased a new position in shares of Teck Resources in the 1st quarter valued at $33,000. Banque Cantonale Vaudoise bought a new position in Teck Resources in the first quarter worth about $36,000. Golden State Wealth Management LLC lifted its position in shares of Teck Resources by 7,560.0% during the first quarter. Golden State Wealth Management LLC now owns 1,149 shares of the basic materials company's stock valued at $42,000 after buying an additional 1,134 shares during the last quarter. Ameriflex Group Inc. purchased a new position in shares of Teck Resources in the 4th quarter worth approximately $50,000. Finally, Bruce G. Allen Investments LLC raised its stake in shares of Teck Resources by 104.8% during the 1st quarter. Bruce G. Allen Investments LLC now owns 1,636 shares of the basic materials company's stock worth $60,000 after acquiring an additional 837 shares in the last quarter. 78.06% of the stock is owned by hedge funds and other institutional investors.

Teck Resources Stock Performance

Shares of TECK stock traded down $0.06 on Tuesday, hitting $33.25. The company had a trading volume of 3,589,313 shares, compared to its average volume of 3,738,239. Teck Resources Ltd has a twelve month low of $28.32 and a twelve month high of $54.13. 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 firm has a market cap of $16.06 billion, a P/E ratio of 87.50, a price-to-earnings-growth ratio of 0.53 and a beta of 0.81. The company has a 50-day moving average price of $36.07 and a 200-day moving average price of $37.09.

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 for the quarter, beating the consensus estimate of $0.20 by $0.07. Teck Resources had a return on equity of 3.91% and a net margin of 2.51%.The company had revenue of $1.49 billion during the quarter, compared to analysts' expectations of $2.25 billion. During the same period last year, the business earned $0.79 earnings per share. Teck Resources's quarterly revenue was up 12.3% on a year-over-year basis. As a group, equities research analysts predict that Teck Resources Ltd will post 1.53 earnings per share 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. Investors of record on Monday, September 15th will be issued a dividend of $0.0918 per share. This represents a $0.37 dividend on an annualized basis and a yield of 1.1%. This is a boost from Teck Resources's previous quarterly dividend of $0.09. The ex-dividend date of this dividend is Monday, September 15th. Teck Resources's payout ratio is currently 94.74%.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on TECK shares. Royal Bank Of Canada reduced their price target on Teck Resources from $82.00 to $67.00 and set an "outperform" rating on the stock in a research report on Friday, July 25th. Wall Street Zen raised Teck Resources from a "sell" rating to a "hold" rating in a research report on Saturday, July 26th. Morgan Stanley downgraded Teck Resources from an "overweight" rating to an "equal weight" rating and raised their price target for the stock from $42.00 to $44.00 in a report on Tuesday, July 15th. Stifel Nicolaus initiated coverage on Teck Resources in a research note on Wednesday, July 9th. They set a "hold" rating on the stock. Finally, JPMorgan Chase & Co. reaffirmed a "neutral" rating and issued a $41.00 price objective (down from $46.00) on shares of Teck Resources in a research report on Friday, July 25th. One investment analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and twelve have assigned a Hold rating to the stock. According to MarketBeat, the company has an average rating of "Hold" and an average target price 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.