Wellington Management Group LLP Buys 707,249 Shares of Teck Resources Ltd $TECK

Key Points

• Wellington Management Group LLP significantly increased its stake in Teck Resources Ltd by 1,611.2% during the 1st quarter, acquiring an additional 707,249 shares, bringing its total holdings to approximately 751,146 shares worth $27.36 million.
• Teck Resources recently announced a quarterly dividend increase to $0.0918 per share, representing an annualized dividend of $0.37, which offers a dividend yield of 1.1%.
• The stock has received mixed ratings from analysts, with a consensus rating of "Hold" and an average target price of $60.11 following multiple adjustments from various firms.

Wellington Management Group LLP increased its stake in shares of Teck Resources Ltd (NYSE:TECK - Free Report) TSE: TECK by 1,611.2% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 751,146 shares of the basic materials company's stock after acquiring an additional 707,249 shares during the quarter. Wellington Management Group LLP owned approximately 0.15% of Teck Resources worth $27,358,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also bought and sold shares of the company. Sequoia Financial Advisors LLC grew its position in Teck Resources by 5.6% during the 1st quarter. Sequoia Financial Advisors LLC now owns 10,354 shares of the basic materials company's stock worth $377,000 after acquiring an additional 545 shares during the last quarter. Golden State Wealth Management LLC grew its position in Teck Resources by 7,560.0% during the 1st quarter. Golden State Wealth Management LLC now owns 1,149 shares of the basic materials company's stock worth $42,000 after acquiring an additional 1,134 shares during the last quarter. Cetera Investment Advisers grew its position in Teck Resources by 20.6% during the 4th quarter. Cetera Investment Advisers now owns 57,793 shares of the basic materials company's stock worth $2,342,000 after acquiring an additional 9,887 shares during the last quarter. Oppenheimer Asset Management Inc. grew its position in Teck Resources by 22.6% during the 1st quarter. Oppenheimer Asset Management Inc. now owns 12,141 shares of the basic materials company's stock worth $442,000 after acquiring an additional 2,240 shares during the last quarter. Finally, GAMMA Investing LLC grew its position in Teck Resources by 13,171.4% during the 1st quarter. GAMMA Investing LLC now owns 3,716 shares of the basic materials company's stock worth $135,000 after acquiring an additional 3,688 shares during the last quarter. 78.06% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

TECK has been the subject of several research analyst reports. JPMorgan Chase & Co. reiterated a "neutral" rating and issued a $41.00 price objective (down previously from $46.00) on shares of Teck Resources in a report on Friday, July 25th. CIBC cut Teck Resources from a "sector outperform" rating to a "neutral" rating in a report on Friday, July 25th. Desjardins cut Teck Resources from a "buy" rating to a "hold" rating in a report on Friday, July 18th. Stifel Canada upgraded Teck Resources to a "hold" rating in a report on Tuesday, July 8th. Finally, B. Riley cut Teck Resources from a "buy" rating to a "neutral" rating in a report on Monday, July 28th. One research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and twelve have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average target price of $60.11.

Teck Resources Trading Up 5.8%

TECK opened at $33.60 on Monday. The stock has a market cap of $16.23 billion, a PE ratio of 88.42, a PEG ratio of 0.53 and a beta of 0.81. The company has a quick ratio of 2.45, a current ratio of 3.47 and a debt-to-equity ratio of 0.15. The business has a 50 day moving average of $36.19 and a 200-day moving average of $37.16. Teck Resources Ltd has a 52 week low of $28.32 and a 52 week high of $54.13.

Teck Resources (NYSE:TECK - Get Free Report) TSE: TECK last released its earnings results on Thursday, July 24th. The basic materials company reported $0.27 EPS 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 analysts' expectations of $2.25 billion. Teck Resources had a return on equity of 3.91% and a net margin of 2.51%.The firm's revenue for the quarter was up 12.3% compared to the same quarter last year. During the same quarter last year, the business posted $0.79 EPS. Equities research analysts predict that Teck Resources Ltd will post 1.53 earnings per share for the current fiscal year.

Teck Resources Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, September 29th. Stockholders of record on Monday, September 15th will be paid a $0.0918 dividend. This represents a $0.37 dividend on an annualized basis and a dividend yield of 1.1%. The ex-dividend date is Monday, September 15th. This is a boost from Teck Resources's previous quarterly dividend of $0.09. Teck Resources's dividend payout ratio (DPR) is 94.74%.

Teck Resources Profile

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.

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