Hsbc Holdings PLC Purchases 66,302 Shares of Teck Resources Limited (NYSE:TECK)

Hsbc Holdings PLC lifted its stake in shares of Teck Resources Limited (NYSE:TECK - Free Report) TSE: TECK by 24.9% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 332,153 shares of the basic materials company's stock after purchasing an additional 66,302 shares during the quarter. Hsbc Holdings PLC owned about 0.07% of Teck Resources worth $13,463,000 at the end of the most recent reporting period.

Several other large investors also recently made changes to their positions in the company. Stonebridge Financial Group LLC bought a new position in Teck Resources in the fourth quarter worth approximately $25,000. Global Trust Asset Management LLC bought a new position in Teck Resources in the 4th quarter valued at about $27,000. FPC Investment Advisory Inc. purchased a new position in shares of Teck Resources during the fourth quarter valued at approximately $27,000. Community Bank N.A. purchased a new stake in Teck Resources in the 4th quarter valued at $33,000. Finally, Wilmington Savings Fund Society FSB bought a new position in Teck Resources during the 3rd quarter valued at $40,000. 78.06% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several brokerages have recently commented on TECK. Veritas upgraded shares of Teck Resources to a "hold" rating in a report on Friday, April 11th. Bank of America lifted their target price on shares of Teck Resources from $62.00 to $64.00 and gave the stock a "buy" rating in a research report on Monday, March 10th. Raymond James decreased their price target on Teck Resources from $75.00 to $70.00 and set an "outperform" rating for the company in a research report on Wednesday, January 22nd. JPMorgan Chase & Co. cut their price objective on Teck Resources from $50.00 to $41.00 and set an "overweight" rating on the stock in a research report on Thursday, April 10th. Finally, Desjardins began coverage on Teck Resources in a research note on Friday, April 4th. They set a "buy" rating on the stock. Six research analysts have rated the stock with a hold rating, nine have issued a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat, Teck Resources has a consensus rating of "Moderate Buy" and an average target price of $64.11.

Teck Resources Price Performance

Shares of TECK traded up $1.31 during mid-day trading on Friday, reaching $35.51. 3,019,497 shares of the stock traded hands, compared to its average volume of 3,134,443. The company has a current ratio of 2.92, a quick ratio of 2.35 and a debt-to-equity ratio of 0.16. Teck Resources Limited has a 1 year low of $28.32 and a 1 year high of $55.13. The company has a market cap of $17.50 billion, a price-to-earnings ratio of 64.56 and a beta of 0.81. The firm has a fifty day moving average price of $36.88 and a 200 day moving average price of $41.67.

Teck Resources (NYSE:TECK - Get Free Report) TSE: TECK last released its quarterly earnings results on Thursday, April 24th. The basic materials company reported $0.42 earnings per share for the quarter, beating the consensus estimate of $0.24 by $0.18. Teck Resources had a return on equity of 4.59% and a net margin of 2.96%. The firm had revenue of $1.60 billion for the quarter, compared to analysts' expectations of $2.19 billion. During the same quarter last year, the firm posted $0.75 EPS. The company's revenue was up 41.4% compared to the same quarter last year. As a group, equities research analysts predict that Teck Resources Limited will post 1.53 earnings per share for the current year.

Teck Resources Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Stockholders of record on Monday, June 16th will be issued a $0.0901 dividend. This is a positive change from Teck Resources's previous quarterly dividend of $0.09. The ex-dividend date of this dividend is Monday, June 16th. This represents a $0.36 dividend on an annualized basis and a dividend yield of 1.01%. Teck Resources's dividend payout ratio is presently 58.62%.

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.