Itau Unibanco Holding S.A. Has $1.10 Million Stock Position in Teck Resources Ltd $TECK

Key Points

• Itau Unibanco Holding S.A. increased its stake in Teck Resources Ltd by 46.1%, acquiring 30,222 shares valued at approximately $1.1 million at the end of the most recent quarter.
• Teck Resources announced a quarterly dividend increase, now at $0.0918 per share, reflecting a dividend yield of 1.1% with a payout ratio of around 94.74%.
• Analysts have mixed ratings on Teck Resources, with one "Strong Buy," seven "Buy," and twelve "Hold" ratings, amidst a price target range from $42.00 to $82.00.

Itau Unibanco Holding S.A. boosted its stake in Teck Resources Ltd (NYSE:TECK - Free Report) TSE: TECK by 46.1% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 30,222 shares of the basic materials company's stock after buying an additional 9,543 shares during the period. Itau Unibanco Holding S.A.'s holdings in Teck Resources were worth $1,101,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Smartleaf Asset Management LLC increased its holdings in shares of Teck Resources by 69.2% in the 1st quarter. Smartleaf Asset Management LLC now owns 856 shares of the basic materials company's stock worth $32,000 after acquiring an additional 350 shares during the period. Costello Asset Management INC acquired a new stake in shares of Teck Resources in the first quarter valued at approximately $33,000. Banque Cantonale Vaudoise acquired a new stake in shares of Teck Resources in the first quarter valued at approximately $36,000. Golden State Wealth Management LLC raised its holdings 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. Finally, Ameriflex Group Inc. acquired a new position in shares of Teck Resources during the fourth quarter worth approximately $50,000. Institutional investors and hedge funds own 78.06% of the company's stock.

Analyst Upgrades and Downgrades

TECK has been the topic of several analyst reports. Cibc World Mkts cut Teck Resources from a "strong-buy" rating to a "hold" rating in a research report on Friday, July 25th. JPMorgan Chase & Co. reissued a "neutral" rating and set a $41.00 price target (down from $46.00) on shares of Teck Resources in a report on Friday, July 25th. Stifel Canada raised shares of Teck Resources to a "hold" rating in a report on Tuesday, July 8th. Desjardins lowered shares of Teck Resources from a "buy" rating to a "hold" rating in a research report on Friday, July 18th. Finally, B. Riley cut shares of Teck Resources from a "buy" rating to a "neutral" rating in a research note on Monday, July 28th. One investment analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and twelve have given a Hold rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average price target of $60.11.

Teck Resources Price Performance

NYSE:TECK traded up $0.44 during mid-day trading on Friday, reaching $34.21. 2,497,911 shares of the stock were exchanged, compared to its average volume of 3,087,228. The company has a current ratio of 3.47, a quick ratio of 2.45 and a debt-to-equity ratio of 0.15. The business has a fifty day moving average price of $35.70 and a 200 day moving average price of $36.87. Teck Resources Ltd has a 1-year low of $28.32 and a 1-year high of $54.13. The firm has a market capitalization of $16.52 billion, a PE ratio of 90.03, a PEG ratio of 0.53 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 earnings per share for the quarter, beating analysts' consensus estimates of $0.20 by $0.07. The company had revenue of $1.49 billion during the quarter, compared to the consensus estimate of $2.25 billion. Teck Resources had a net margin of 2.51% and a return on equity of 3.91%. Teck Resources's revenue was up 12.3% on a year-over-year basis. During the same period in the prior year, the company earned $0.79 EPS. Research analysts expect that Teck Resources Ltd will post 1.53 earnings per share for the current fiscal 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. This represents a $0.37 annualized dividend and a yield of 1.1%. This is a positive change from Teck Resources's previous quarterly dividend of $0.09. The ex-dividend date is Monday, September 15th. Teck Resources's dividend payout ratio (DPR) is presently 94.74%.

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.