Temasek Holdings Private Ltd Acquires 378,069 Shares of Teck Resources Ltd $TECK

Key Points

• Temasek Holdings increased its stake in Teck Resources by 7.1% in Q1, buying 378,069 additional shares and bringing its total holding to 5,685,453 shares worth about $294 million.
• Institutional ownership remains high, with hedge funds and other investors owning 78.06% of Teck Resources stock, and several major holders also increased positions recently.
• Teck Resources traded up 4.2% and continues to draw mixed analyst views, with a consensus rating of “Hold” and an average price target of $63.00.

Temasek Holdings Private Ltd grew its holdings in Teck Resources Ltd (NYSE:TECK - Free Report) TSE: TECK by 7.1% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 5,685,453 shares of the basic materials company's stock after purchasing an additional 378,069 shares during the quarter. Teck Resources comprises about 1.0% of Temasek Holdings Private Ltd's portfolio, making the stock its 22nd biggest position. Temasek Holdings Private Ltd owned approximately 1.18% of Teck Resources worth $294,015,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Principal Financial Group Inc. increased its holdings in Teck Resources by 17.1% in the first quarter. Principal Financial Group Inc. now owns 22,044,284 shares of the basic materials company's stock worth $1,139,051,000 after purchasing an additional 3,211,985 shares in the last quarter. Vanguard Group Inc. lifted its stake in Teck Resources by 1.4% in the fourth quarter. Vanguard Group Inc. now owns 20,185,694 shares of the basic materials company's stock valued at $966,370,000 after buying an additional 278,481 shares during the period. Davis Selected Advisers boosted its holdings in shares of Teck Resources by 9.0% during the 4th quarter. Davis Selected Advisers now owns 12,019,609 shares of the basic materials company's stock worth $575,620,000 after buying an additional 995,947 shares in the last quarter. Hancock Prospecting Pty Ltd boosted its holdings in shares of Teck Resources by 31.7% during the 4th quarter. Hancock Prospecting Pty Ltd now owns 10,298,293 shares of the basic materials company's stock worth $493,185,000 after buying an additional 2,477,344 shares in the last quarter. Finally, Norges Bank acquired a new stake in shares of Teck Resources during the 4th quarter worth approximately $404,880,000. Institutional investors own 78.06% of the company's stock.

Teck Resources Trading Up 4.2%

NYSE TECK opened at $56.80 on Wednesday. The company has a market cap of $27.42 billion, a price-to-earnings ratio of 20.80, a P/E/G ratio of 1.61 and a beta of 0.92. Teck Resources Ltd has a 52 week low of $30.98 and a 52 week high of $71.25. The business has a 50 day moving average price of $61.78 and a 200-day moving average price of $57.32. The company has a quick ratio of 2.16, a current ratio of 2.83 and a debt-to-equity ratio of 0.13.

Teck Resources Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, June 30th. Investors of record on Monday, June 15th were given a $0.125 dividend. The ex-dividend date of this dividend was Monday, June 15th. This represents a $0.50 annualized dividend and a yield of 0.9%. Teck Resources's dividend payout ratio (DPR) is presently 13.19%.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on TECK. JPMorgan Chase & Co. dropped their target price on shares of Teck Resources from $48.00 to $46.00 and set a "neutral" rating on the stock in a research report on Thursday, July 9th. Zacks Research cut shares of Teck Resources from a "strong-buy" rating to a "hold" rating in a report on Wednesday, April 22nd. Weiss Ratings upgraded shares of Teck Resources from a "hold (c)" rating to a "hold (c+)" rating in a report on Friday, April 24th. Wall Street Zen raised shares of Teck Resources from a "buy" rating to a "strong-buy" rating in a research note on Saturday. Finally, Deutsche Bank Aktiengesellschaft upped their price objective on shares of Teck Resources from $64.00 to $68.00 and gave the company a "buy" rating in a report on Thursday, July 2nd. Five research analysts have rated the stock with a Buy rating and eleven have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Hold" and an average target price of $63.00.

About Teck Resources

Teck Resources Ltd. is a diversified natural resource company headquartered in Canada that explores for, develops and produces a portfolio of metallic and energy commodities. Its core businesses center on copper, steelmaking (metallurgical) coal and zinc, with related smelting and refining activities. Teck supplies raw materials and intermediate products to global steelmakers, metals markets and industrial customers, and operates integrated mining and processing facilities as well as earlier-stage exploration and development projects.

The company's operations and projects are located across multiple geographies, with a significant presence in western Canada and North America and additional exploration and development activities in Latin America.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.