Teck Resources Ltd $TECK Stock Purchased by Ninety One UK Ltd

Key Points

• Ninety One UK Ltd more than doubled its Teck Resources position in the third quarter, purchasing 203,568 additional shares to own 374,409 shares valued at approximately $24.6 million.
• Institutional investors and hedge funds own 78.06% of Teck Resources, with several major firms—including HBK Investments, Principal Financial Group, Arrowstreet Capital and Amundi—also increasing their stakes.
• Analysts maintain a generally positive outlook, with a consensus “Moderate Buy” rating and an average price target of $62.25. Teck also reported quarterly EPS of $1.35, exceeding estimates, while paying a quarterly dividend of C$0.12.

Ninety One UK Ltd raised its position in Teck Resources Ltd (NYSE:TECK - Free Report) TSE: TECK by 119.2% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 374,409 shares of the basic materials company's stock after purchasing an additional 203,568 shares during the quarter. Ninety One UK Ltd owned approximately 0.08% of Teck Resources worth $24,632,000 at the end of the most recent quarter.

Other hedge funds also recently bought and sold shares of the company. HBK Investments L P raised its stake in shares of Teck Resources by 264.2% during the 2nd quarter. HBK Investments L P now owns 5,773,121 shares of the basic materials company's stock worth $343,270,000 after purchasing an additional 4,188,029 shares in the last quarter. Principal Financial Group Inc. grew its stake in shares of Teck Resources by 17.1% in the 1st quarter. Principal Financial Group Inc. now owns 22,044,284 shares of the basic materials company's stock valued at $1,139,051,000 after buying an additional 3,211,985 shares in the last quarter. Arrowstreet Capital Limited Partnership grew its stake in shares of Teck Resources by 48.4% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 5,270,386 shares of the basic materials company's stock valued at $272,955,000 after buying an additional 1,720,066 shares in the last quarter. Amundi grew its stake in shares of Teck Resources by 71.0% in the 1st quarter. Amundi now owns 1,424,706 shares of the basic materials company's stock valued at $73,729,000 after buying an additional 591,600 shares in the last quarter. Finally, Healthcare of Ontario Pension Plan Trust Fund increased its holdings in Teck Resources by 161.3% in the first quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 885,158 shares of the basic materials company's stock worth $45,817,000 after buying an additional 546,394 shares during the last quarter. 78.06% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities analysts recently weighed in on TECK shares. Weiss Ratings raised shares of Teck Resources from a "buy (b-)" rating to a "buy (b)" rating in a research report on Thursday, October 8th. Deutsche Bank Aktiengesellschaft boosted their target price on shares of Teck Resources from $64.00 to $68.00 and gave the stock a "buy" rating in a research report on Thursday, July 2nd. Raymond James Financial upgraded shares of Teck Resources from a "market perform" rating to an "outperform" rating in a research note on Thursday, July 23rd. JPMorgan Chase & Co. increased their price target on shares of Teck Resources from $46.00 to $47.00 and gave the stock a "neutral" rating in a research note on Tuesday, July 28th. Finally, Wall Street Zen downgraded shares of Teck Resources from a "strong-buy" rating to a "buy" rating in a report on Sunday, July 26th. Six analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. According to MarketBeat.com, Teck Resources currently has a consensus rating of "Moderate Buy" and a consensus target price of $62.25.

Teck Resources Price Performance

Shares of NYSE:TECK opened at $65.80 on Friday. Teck Resources Ltd has a fifty-two week low of $38.00 and a fifty-two week high of $72.56. The business has a 50-day moving average of $66.97 and a two-hundred day moving average of $62.67. The stock has a market capitalization of $31.79 billion, a P/E ratio of 15.69, a P/E/G ratio of 2.08 and a beta of 1.01. The company has a debt-to-equity ratio of 0.12, a current ratio of 3.12 and a quick ratio of 2.33.

Teck Resources (NYSE:TECK - Get Free Report) TSE: TECK last released its quarterly earnings results on Thursday, July 23rd. The basic materials company reported $1.35 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.95 by $0.40. The company had revenue of $2.54 billion during the quarter, compared to the consensus estimate of $2.38 billion. Teck Resources had a return on equity of 10.42% and a net margin of 17.85%. The firm's revenue was up 78.2% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.38 EPS. On average, equities research analysts predict that Teck Resources Ltd will post 4.28 EPS for the current fiscal year.

Teck Resources Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, September 29th. Investors of record on Tuesday, September 15th were issued a C$0.12 dividend. This represents a $0.50 annualized dividend and a yield of 0.8%. The ex-dividend date was Tuesday, September 15th. Teck Resources's payout ratio is 9.76%.

Teck Resources Profile

Teck Resources Limited is a Canadian mining and metals company headquartered in Vancouver, British Columbia. The company focuses primarily on the exploration, development and production of copper and zinc, which are used in construction, infrastructure, manufacturing and the global energy transition.

Teck's copper operations include the Highland Valley Copper mine in British Columbia, the Carmen de Andacollo mine in Chile and the Quebrada Blanca operation in northern Chile. Its zinc business includes the Red Dog mine in Alaska, one of the world's significant zinc-producing operations.

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