Temasek Holdings Private Ltd Boosts Stock Holdings in Teck Resources Ltd $TECK

Key Points

• Temasek Holdings raised its stake in Teck Resources by 47.2% in Q3 to 5,250,004 shares (about 1.09% of Teck, valued at roughly $230.4M), making TECK its 26th-largest holding and ~0.8% of Temasek's portfolio.
• Large institutions also increased exposure—Norges Bank opened a ~$437.7M position and Principal Financial boosted its stake to ~16.9M shares—leaving about 78.06% of TECK held by hedge funds and institutional investors.
• Teck beat quarterly EPS estimates ($0.98 vs. $0.59) with revenue up 9.8% YoY, announced a $0.125 quarterly dividend (1.0% yield), and carries a sell‑side consensus rating of "Hold" with a $57 price target.

Temasek Holdings Private Ltd raised its position in shares of Teck Resources Ltd (NYSE:TECK - Free Report) TSE: TECK by 47.2% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 5,250,004 shares of the basic materials company's stock after purchasing an additional 1,682,625 shares during the period. Teck Resources accounts for approximately 0.8% of Temasek Holdings Private Ltd's portfolio, making the stock its 26th largest holding. Temasek Holdings Private Ltd owned 1.09% of Teck Resources worth $230,423,000 at the end of the most recent reporting period.

A number of other large investors have also bought and sold shares of TECK. Norges Bank bought a new position in shares of Teck Resources during the 2nd quarter worth $437,657,000. 1832 Asset Management L.P. lifted its holdings in Teck Resources by 1,555.9% during the second quarter. 1832 Asset Management L.P. now owns 5,738,457 shares of the basic materials company's stock valued at $231,719,000 after purchasing an additional 5,391,907 shares during the last quarter. Principal Financial Group Inc. boosted its position in Teck Resources by 36.1% during the third quarter. Principal Financial Group Inc. now owns 16,879,229 shares of the basic materials company's stock worth $740,604,000 after purchasing an additional 4,474,637 shares during the period. Picton Mahoney Asset Management purchased a new position in shares of Teck Resources in the second quarter worth about $83,322,000. Finally, Mackenzie Financial Corp raised its position in shares of Teck Resources by 32.7% in the second quarter. Mackenzie Financial Corp now owns 7,989,715 shares of the basic materials company's stock valued at $323,311,000 after purchasing an additional 1,969,286 shares during the period. 78.06% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

TECK has been the topic of a number of recent research reports. Truist Financial set a $67.00 price target on shares of Teck Resources in a research note on Monday, February 23rd. Citigroup raised shares of Teck Resources from a "neutral" rating to a "buy" rating in a report on Monday, February 2nd. Raymond James Financial downgraded Teck Resources from an "outperform" rating to a "market perform" rating in a research report on Wednesday, January 14th. TD Securities reaffirmed a "hold" rating on shares of Teck Resources in a report on Monday, February 23rd. Finally, Scotiabank reiterated a "sector perform" rating on shares of Teck Resources in a research report on Tuesday, February 24th. One equities research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and twelve have issued a Hold rating to the company's stock. According to data from MarketBeat, Teck Resources presently has a consensus rating of "Hold" and a consensus price target of $57.00.

Teck Resources Price Performance

TECK stock opened at $49.51 on Friday. The firm has a 50 day moving average of $54.81 and a 200-day moving average of $46.42. The firm has a market capitalization of $23.83 billion, a P/E ratio of 24.51, a price-to-earnings-growth ratio of 3.16 and a beta of 0.77. Teck Resources Ltd has a 12 month low of $28.32 and a 12 month high of $62.41. The company has a current ratio of 2.54, a quick ratio of 1.91 and a debt-to-equity ratio of 0.13.

Teck Resources (NYSE:TECK - Get Free Report) TSE: TECK last posted its earnings results on Thursday, February 19th. The basic materials company reported $0.98 earnings per share for the quarter, topping analysts' consensus estimates of $0.59 by $0.39. Teck Resources had a net margin of 12.98% and a return on equity of 5.90%. The business had revenue of $2.23 billion for the quarter, compared to analyst estimates of $2.28 billion. During the same quarter in the prior year, the firm posted $0.45 EPS. Teck Resources's revenue was up 9.8% on a year-over-year basis. As a group, sell-side analysts predict that Teck Resources Ltd will post 1.53 earnings per share for the current fiscal year.

Teck Resources Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, March 31st. Stockholders of record on Friday, March 13th will be given a dividend of $0.125 per share. This represents a $0.50 dividend on an annualized basis and a dividend yield of 1.0%. The ex-dividend date is Friday, March 13th. Teck Resources's payout ratio is 17.82%.

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.

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