BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp purchased a new position in Teck Resources Ltd (NYSE:TECK) (TSE:TECK) in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 870,696 shares of the basic materials company’s stock, valued at approximately $26,922,000.
Other hedge funds and other institutional investors have also modified their holdings of the company. Quadrant Capital Group LLC raised its stake in shares of Teck Resources by 130.8% in the fourth quarter. Quadrant Capital Group LLC now owns 5,457 shares of the basic materials company’s stock worth $113,000 after purchasing an additional 3,093 shares during the last quarter. We Are One Seven LLC purchased a new position in shares of Teck Resources in the fourth quarter worth about $131,000. Acadian Asset Management LLC raised its stake in shares of Teck Resources by 2,300.0% in the fourth quarter. Acadian Asset Management LLC now owns 7,200 shares of the basic materials company’s stock worth $155,000 after purchasing an additional 6,900 shares during the last quarter. Exane Derivatives purchased a new position in shares of Teck Resources in the fourth quarter worth about $187,000. Finally, Beutel Goodman & Co Ltd. purchased a new position in shares of Teck Resources in the first quarter worth about $252,000. 56.98% of the stock is owned by institutional investors and hedge funds.
Shares of NYSE:TECK opened at $20.25 on Tuesday. Teck Resources Ltd has a 52-week low of $18.17 and a 52-week high of $30.11. The stock has a market capitalization of $11.39 billion, a PE ratio of 6.45 and a beta of 1.25. The company has a debt-to-equity ratio of 0.23, a current ratio of 2.95 and a quick ratio of 2.06.
The business also recently declared a quarterly dividend, which will be paid on Friday, June 28th. Investors of record on Friday, June 14th will be given a dividend of $0.037 per share. This represents a $0.15 annualized dividend and a yield of 0.73%. The ex-dividend date of this dividend is Thursday, June 13th. Teck Resources’s dividend payout ratio is currently 4.78%.
Several research analysts have recently issued reports on the company. Barclays cut Teck Resources to a “positive” rating in a research note on Tuesday, April 9th. They noted that the move was a valuation call. MKM Partners restated a “buy” rating and issued a $28.00 price objective (up from $26.00) on shares of Teck Resources in a research note on Wednesday, April 24th. Raymond James restated a “buy” rating on shares of Teck Resources in a research note on Thursday, April 4th. Bank of America set a $30.00 price objective on Teck Resources and gave the stock a “buy” rating in a research note on Thursday, April 4th. Finally, Zacks Investment Research upgraded Teck Resources from a “hold” rating to a “buy” rating and set a $26.00 price objective for the company in a research note on Saturday, April 27th. One analyst has rated the stock with a sell rating, two have issued a hold rating and fourteen have issued a buy rating to the company. Teck Resources currently has an average rating of “Buy” and an average price target of $29.29.
About Teck Resources
Teck Resources Limited researches, explores for, develops, and produces natural resources in the Asia Pacific, the Americas, and Europe. It operates through five segments: Steelmaking, Coal, Copper, Zinc, Energy, and Corporate. The company's principal products include steelmaking coal; copper concentrates and refined copper cathodes; refined zinc and zinc concentrates; energy products, such as bitumen; and lead concentrates.
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