TD Asset Management Inc Grows Stock Position in Teck Resources Ltd $TECK

TD Asset Management Inc grew its position in Teck Resources Ltd (NYSE:TECK) (TSE:TECK) by 0.4% during the 2nd quarter, HoldingsChannel.com reports. The fund owned 6,032,354 shares of the basic materials company’s stock after buying an additional 25,489 shares during the quarter. TD Asset Management Inc’s holdings in Teck Resources were worth $243,460,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Vanguard Group Inc. lifted its position in shares of Teck Resources by 1.1% in the first quarter. Vanguard Group Inc. now owns 19,531,542 shares of the basic materials company’s stock valued at $711,475,000 after acquiring an additional 215,410 shares in the last quarter. Principal Financial Group Inc. increased its holdings in shares of Teck Resources by 56.9% in the first quarter. Principal Financial Group Inc. now owns 11,530,742 shares of the basic materials company’s stock valued at $419,970,000 after purchasing an additional 4,180,623 shares during the last quarter. Boston Partners increased its holdings in shares of Teck Resources by 1.9% in the first quarter. Boston Partners now owns 9,251,775 shares of the basic materials company’s stock valued at $337,042,000 after purchasing an additional 173,203 shares during the last quarter. Mackenzie Financial Corp increased its holdings in shares of Teck Resources by 2.3% in the first quarter. Mackenzie Financial Corp now owns 6,020,429 shares of the basic materials company’s stock valued at $219,297,000 after purchasing an additional 137,886 shares during the last quarter. Finally, Alliancebernstein L.P. increased its holdings in shares of Teck Resources by 19.5% in the first quarter. Alliancebernstein L.P. now owns 4,189,902 shares of the basic materials company’s stock valued at $152,638,000 after purchasing an additional 683,836 shares during the last quarter. Hedge funds and other institutional investors own 78.06% of the company’s stock.

Teck Resources Price Performance

TECK stock opened at $44.52 on Tuesday. The business has a fifty day moving average of $37.28 and a two-hundred day moving average of $36.63. 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 stock has a market cap of $21.39 billion, a price-to-earnings ratio of 117.16, a price-to-earnings-growth ratio of 0.59 and a beta of 0.92. Teck Resources Ltd has a 52-week low of $28.32 and a 52-week high of $51.48.

Teck Resources (NYSE:TECK) (TSE:TECK) last posted its earnings results on Thursday, July 24th. The basic materials company reported $0.27 earnings per share (EPS) for the quarter, topping the consensus estimate 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 quarterly revenue was up 12.3% compared to the same quarter last year. During the same quarter last year, the firm earned $0.79 earnings per share. As a group, research analysts anticipate that Teck Resources Ltd will post 1.53 earnings per share for the current year.

Teck Resources Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, September 29th. Shareholders of record on Monday, September 15th were paid a dividend of $0.0918 per share. This represents a $0.37 annualized dividend and a yield of 0.8%. This is a positive change from Teck Resources’s previous quarterly dividend of $0.09. The ex-dividend date of this dividend was Monday, September 15th. Teck Resources’s payout ratio is 94.74%.

Analyst Upgrades and Downgrades

TECK has been the subject of several recent research reports. Morgan Stanley cut Teck Resources from an “overweight” rating to an “equal weight” rating and increased their price target for the company from $42.00 to $44.00 in a report on Tuesday, July 15th. Stifel Canada raised Teck Resources to a “hold” rating in a report on Tuesday, July 8th. Stifel Nicolaus initiated coverage on Teck Resources in a report on Wednesday, July 9th. They issued a “hold” rating for the company. JPMorgan Chase & Co. increased their price target on Teck Resources from $41.00 to $43.00 and gave the company a “neutral” rating in a report on Thursday, October 9th. Finally, UBS Group raised Teck Resources from a “neutral” rating to a “buy” rating in a report on Wednesday, September 3rd. One equities research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, eleven have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $54.00.

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.