The Manufacturers Life Insurance Company Purchases 736,721 Shares of Teck Resources Limited (NYSE:TECK)

The Manufacturers Life Insurance Company lifted its position in Teck Resources Limited (NYSE:TECK) (TSE:TECK) by 38.7% in the 4th quarter, HoldingsChannel.com reports. The fund owned 2,638,973 shares of the basic materials company’s stock after buying an additional 736,721 shares during the period. The Manufacturers Life Insurance Company’s holdings in Teck Resources were worth $107,135,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently made changes to their positions in TECK. Synergy Asset Management LLC lifted its position in Teck Resources by 77.7% during the fourth quarter. Synergy Asset Management LLC now owns 16,892 shares of the basic materials company’s stock valued at $685,000 after acquiring an additional 7,387 shares during the last quarter. FNY Investment Advisers LLC lifted its position in Teck Resources by 709.5% during the fourth quarter. FNY Investment Advisers LLC now owns 17,000 shares of the basic materials company’s stock valued at $689,000 after acquiring an additional 14,900 shares during the last quarter. Douglas Lane & Associates LLC lifted its position in Teck Resources by 10.6% during the fourth quarter. Douglas Lane & Associates LLC now owns 950,612 shares of the basic materials company’s stock valued at $38,528,000 after acquiring an additional 91,370 shares during the last quarter. State Street Corp purchased a new stake in Teck Resources during the third quarter valued at approximately $2,500,000. Finally, Franklin Resources Inc. lifted its position in Teck Resources by 11.4% during the third quarter. Franklin Resources Inc. now owns 324,870 shares of the basic materials company’s stock valued at $16,724,000 after acquiring an additional 33,235 shares during the last quarter. 78.06% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of research firms recently commented on TECK. National Bankshares raised shares of Teck Resources from a “sector perform” rating to an “outperform” rating in a research report on Thursday. Raymond James decreased their target price on shares of Teck Resources from $75.00 to $70.00 and set an “outperform” rating for the company in a research report on Wednesday, January 22nd. Veritas raised shares of Teck Resources to a “hold” rating in a research report on Friday, April 11th. UBS Group reaffirmed a “neutral” rating on shares of Teck Resources in a report on Tuesday, April 15th. Finally, Bank of America raised their price target on shares of Teck Resources from $62.00 to $64.00 and gave the stock a “buy” rating in a report on Monday, March 10th. Six analysts have rated the stock with a hold rating, nine have given a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $64.11.

Teck Resources Stock Down 0.5 %

TECK stock opened at $35.40 on Tuesday. The firm has a market cap of $17.44 billion, a PE ratio of 64.36 and a beta of 0.81. The company has a debt-to-equity ratio of 0.16, a quick ratio of 2.35 and a current ratio of 2.92. The firm’s fifty day moving average is $37.41 and its 200 day moving average is $42.04. Teck Resources Limited has a one year low of $28.32 and a one year high of $55.13.

Teck Resources (NYSE:TECK) (TSE:TECK) last released its quarterly earnings results on Thursday, April 24th. The basic materials company reported $0.42 EPS for the quarter, beating the consensus estimate of $0.24 by $0.18. The company had revenue of $1.60 billion for the quarter, compared to analyst estimates of $2.19 billion. Teck Resources had a net margin of 2.96% and a return on equity of 4.59%. The firm’s revenue was up 41.4% on a year-over-year basis. During the same quarter last year, the business earned $0.75 earnings per share. On average, research analysts forecast that Teck Resources Limited will post 1.53 EPS for the current year.

Teck Resources Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Investors of record on Monday, June 16th will be given a dividend of $0.0901 per share. This represents a $0.36 annualized dividend and a yield of 1.02%. The ex-dividend date of this dividend is Monday, June 16th. This is a positive change from Teck Resources’s previous quarterly dividend of $0.09. Teck Resources’s dividend payout ratio (DPR) is currently 61.82%.

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.