The Manufacturers Life Insurance Company Increases Stake in Teck Resources Ltd $TECK

Key Points

• The Manufacturers Life Insurance Company increased its Teck Resources stake by 10.6% in the first quarter, adding 309,203 shares to own 3.21 million shares valued at approximately $166.4 million. Institutional investors collectively hold 78.06% of the company.
• Analyst sentiment remains mixed, with five Buy ratings and eight Hold ratings. Teck has a consensus rating of Hold and an average price target of $62.25, including Deutsche Bank’s increase of its target to $68.
• Teck shares opened at $58.70, while the company declared a quarterly dividend of $0.125 per share, equivalent to a $0.50 annualized dividend and a 0.9% yield.

The Manufacturers Life Insurance Company grew its stake in Teck Resources Ltd (NYSE:TECK - Free Report) TSE: TECK by 10.6% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 3,213,104 shares of the basic materials company's stock after purchasing an additional 309,203 shares during the period. The Manufacturers Life Insurance Company owned about 0.67% of Teck Resources worth $166,375,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Brown Brothers Harriman & Co. acquired a new position in shares of Teck Resources in the 4th quarter valued at $25,000. Geneos Wealth Management Inc. increased its holdings in Teck Resources by 117.4% in the first quarter. Geneos Wealth Management Inc. now owns 561 shares of the basic materials company's stock valued at $29,000 after buying an additional 303 shares in the last quarter. Blue Trust Inc. increased its holdings in Teck Resources by 411.8% in the first quarter. Blue Trust Inc. now owns 563 shares of the basic materials company's stock valued at $29,000 after buying an additional 453 shares in the last quarter. Oslo Pensjonsforsikring AS acquired a new position in shares of Teck Resources in the first quarter worth about $83,000. Finally, Flagship Harbor Advisors LLC purchased a new stake in shares of Teck Resources during the 4th quarter worth about $103,000. Institutional investors and hedge funds own 78.06% of the company's stock.

Analysts Set New Price Targets

Several equities analysts recently weighed in on TECK shares. Weiss Ratings restated a "hold (c+)" rating on shares of Teck Resources in a research note on Tuesday, July 21st. Scotiabank reiterated a "sector perform" rating on shares of Teck Resources in a research report on Monday, June 15th. TD Securities reissued a "hold" rating on shares of Teck Resources in a report on Friday, April 24th. Wall Street Zen cut Teck Resources from a "strong-buy" rating to a "buy" rating in a research report on Sunday. Finally, Deutsche Bank Aktiengesellschaft upped their target price on Teck Resources from $64.00 to $68.00 and gave the stock a "buy" rating in a research note on Thursday, July 2nd. Five research analysts have rated the stock with a Buy rating and eight have given a Hold rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and an average target price of $62.25.

Teck Resources Stock Down 1.8%

Shares of NYSE TECK opened at $58.70 on Wednesday. The firm has a market cap of $28.35 billion, a price-to-earnings ratio of 15.91, a price-to-earnings-growth ratio of 1.77 and a beta of 0.92. The company's 50-day simple moving average is $61.43 and its 200-day simple moving average is $57.66. The company has a quick ratio of 2.16, a current ratio of 3.12 and a debt-to-equity ratio of 0.12. Teck Resources Ltd has a 52-week low of $30.98 and a 52-week high of $71.25.

Teck Resources Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 29th. Investors of record on Tuesday, September 15th will be issued a $0.125 dividend. This represents a $0.50 annualized dividend and a yield of 0.9%. The ex-dividend date is Tuesday, September 15th. Teck Resources's payout ratio is presently 9.76%.

Teck Resources Profile

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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