Connor Clark & Lunn Investment Management Ltd. Has $76.05 Million Stake in Teck Resources Ltd $TECK

Connor Clark & Lunn Investment Management Ltd. raised its stake in shares of Teck Resources Ltd (NYSE:TECK) (TSE:TECK) by 168.9% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 1,879,437 shares of the basic materials company’s stock after purchasing an additional 1,180,519 shares during the period. Connor Clark & Lunn Investment Management Ltd. owned 0.39% of Teck Resources worth $76,054,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Atria Investments Inc raised its position in shares of Teck Resources by 27.1% in the 2nd quarter. Atria Investments Inc now owns 33,303 shares of the basic materials company’s stock worth $1,345,000 after acquiring an additional 7,095 shares in the last quarter. Cetera Investment Advisers grew its stake in Teck Resources by 20.9% during the first quarter. Cetera Investment Advisers now owns 69,885 shares of the basic materials company’s stock worth $2,546,000 after purchasing an additional 12,092 shares during the period. Wellington Management Group LLP increased its holdings in Teck Resources by 1,611.2% in the first quarter. Wellington Management Group LLP now owns 751,146 shares of the basic materials company’s stock worth $27,358,000 after purchasing an additional 707,249 shares in the last quarter. PNC Financial Services Group Inc. increased its holdings in Teck Resources by 9.0% in the first quarter. PNC Financial Services Group Inc. now owns 12,674 shares of the basic materials company’s stock worth $462,000 after purchasing an additional 1,042 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its stake in Teck Resources by 2.8% in the first quarter. Charles Schwab Investment Management Inc. now owns 1,455,546 shares of the basic materials company’s stock valued at $53,014,000 after buying an additional 40,010 shares during the period. 78.06% of the stock is owned by institutional investors and hedge funds.

Teck Resources Stock Down 1.0%

Teck Resources stock opened at $41.05 on Friday. Teck Resources Ltd has a 1-year low of $28.32 and a 1-year high of $49.71. The firm has a market capitalization of $19.72 billion, a price-to-earnings ratio of 23.06, a price-to-earnings-growth ratio of 0.74 and a beta of 0.90. The firm’s fifty day moving average price is $41.11 and its two-hundred day moving average price is $37.91. The company has a current ratio of 2.78, a quick ratio of 2.08 and a debt-to-equity ratio of 0.15.

Teck Resources (NYSE:TECK) (TSE:TECK) last posted its earnings results on Wednesday, October 22nd. The basic materials company reported $0.55 EPS for the quarter, topping the consensus estimate of $0.39 by $0.16. Teck Resources had a net margin of 11.93% and a return on equity of 4.14%. The company had revenue of $2.43 billion during the quarter, compared to the consensus estimate of $2.93 billion. During the same period in the previous year, the firm posted $0.60 earnings per share. The firm’s revenue for the quarter was up 18.4% on a year-over-year basis. On average, equities research analysts predict that Teck Resources Ltd will post 1.53 earnings per share for the current fiscal year.

Teck Resources Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 31st. Stockholders of record on Monday, December 15th will be paid a $0.125 dividend. This represents a $0.50 annualized dividend and a dividend yield of 1.2%. This is a boost from Teck Resources’s previous quarterly dividend of $0.09. The ex-dividend date of this dividend is Monday, December 15th. Teck Resources’s dividend payout ratio (DPR) is currently 19.66%.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on the stock. Wall Street Zen raised shares of Teck Resources from a “sell” rating to a “hold” rating in a research report on Saturday, July 26th. Citigroup restated a “neutral” rating on shares of Teck Resources in a report on Wednesday, October 8th. Canaccord Genuity Group downgraded shares of Teck Resources from a “buy” rating to a “hold” rating in a research note on Wednesday, October 8th. Cibc World Mkts lowered shares of Teck Resources from a “strong-buy” rating to a “hold” rating in a report on Friday, July 25th. Finally, Benchmark restated a “buy” rating on shares of Teck Resources in a research note on Thursday, October 23rd. One equities research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, twelve have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $54.00.

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.