OLD National Bancorp IN Takes Position in Teck Resources Limited (NYSE:TECK)

OLD National Bancorp IN purchased a new stake in shares of Teck Resources Limited (NYSE:TECK) (TSE:TECK) in the fourth quarter, HoldingsChannel reports. The institutional investor purchased 5,245 shares of the basic materials company’s stock, valued at approximately $222,000.

Other large investors have also recently modified their holdings of the company. Baystate Wealth Management LLC bought a new stake in shares of Teck Resources during the 3rd quarter valued at about $31,000. JFS Wealth Advisors LLC raised its holdings in shares of Teck Resources by 249.0% during the 3rd quarter. JFS Wealth Advisors LLC now owns 841 shares of the basic materials company’s stock valued at $36,000 after buying an additional 600 shares in the last quarter. Blue Trust Inc. raised its holdings in shares of Teck Resources by 187.3% during the 4th quarter. Blue Trust Inc. now owns 1,494 shares of the basic materials company’s stock valued at $64,000 after buying an additional 974 shares in the last quarter. Allworth Financial LP raised its holdings in shares of Teck Resources by 17.9% during the 3rd quarter. Allworth Financial LP now owns 2,558 shares of the basic materials company’s stock valued at $110,000 after buying an additional 388 shares in the last quarter. Finally, Pacer Advisors Inc. purchased a new position in shares of Teck Resources during the 4th quarter valued at about $182,000. Institutional investors own 78.06% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on the company. Morgan Stanley reissued an “overweight” rating and set a $55.00 price objective on shares of Teck Resources in a report on Thursday, April 11th. JPMorgan Chase & Co. raised their price objective on Teck Resources from $44.00 to $50.00 and gave the company an “overweight” rating in a report on Wednesday, April 17th. UBS Group started coverage on Teck Resources in a report on Tuesday, January 16th. They set a “buy” rating on the stock. Finally, Benchmark lifted their price target on Teck Resources from $50.00 to $52.00 and gave the stock a “buy” rating in a research note on Monday, April 8th. Two analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $62.80.

Teck Resources Stock Performance

Shares of TECK stock opened at $50.38 on Friday. The company has a quick ratio of 0.60, a current ratio of 1.10 and a debt-to-equity ratio of 0.21. The stock has a fifty day moving average of $43.71 and a 200 day moving average of $40.34. The firm has a market capitalization of $25.72 billion, a price-to-earnings ratio of 22.29, a PEG ratio of 8.34 and a beta of 1.15. Teck Resources Limited has a 52 week low of $34.38 and a 52 week high of $50.93.

Teck Resources (NYSE:TECK) (TSE:TECK) last announced its earnings results on Thursday, February 22nd. The basic materials company reported $1.02 earnings per share for the quarter, beating analysts’ consensus estimates of $1.01 by $0.01. Teck Resources had a net margin of 10.59% and a return on equity of 7.70%. The firm had revenue of $3.02 billion for the quarter, compared to analyst estimates of $3.11 billion. As a group, research analysts expect that Teck Resources Limited will post 2.87 earnings per share for the current year.

Teck Resources Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, March 28th. Shareholders of record on Friday, March 15th were issued a dividend of $0.0925 per share. The ex-dividend date was Thursday, March 14th. This represents a $0.37 dividend on an annualized basis and a dividend yield of 0.73%. Teck Resources’s dividend payout ratio (DPR) is 16.37%.

About Teck Resources

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.