Exane Asset Management bought a new stake in Teck Resources Ltd (NYSE:TECK) (TSE:TECK) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund bought 50,600 shares of the basic materials company’s stock, valued at approximately $877,000.
Other hedge funds and other institutional investors also recently modified their holdings of the company. Foundation Resource Management Inc. purchased a new position in shares of Teck Resources during the second quarter worth about $27,915,000. Aperio Group LLC purchased a new position in shares of Teck Resources during the second quarter worth about $8,772,000. NN Investment Partners Holdings N.V. purchased a new position in shares of Teck Resources during the second quarter worth about $623,000. Regent Investment Management LLC purchased a new position in shares of Teck Resources during the second quarter worth about $430,000. Finally, Addison Capital Co purchased a new position in shares of Teck Resources during the second quarter worth about $423,000. 46.72% of the stock is currently owned by institutional investors and hedge funds.
Teck Resources Ltd (NYSE TECK) traded down 0.27% during mid-day trading on Friday, hitting $22.18. The stock had a trading volume of 3,479,015 shares. The company has a 50-day moving average of $19.71 and a 200-day moving average of $20.44. Teck Resources Ltd has a 12-month low of $14.56 and a 12-month high of $33.76. The stock has a market cap of $12.82 billion, a price-to-earnings ratio of 7.87 and a beta of 1.27.
Teck Resources (NYSE:TECK) (TSE:TECK) last announced its earnings results on Thursday, July 27th. The basic materials company reported $0.73 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.71 by $0.02. Teck Resources had a net margin of 17.93% and a return on equity of 13.01%. The company had revenue of $2.82 billion for the quarter, compared to the consensus estimate of $2.75 billion. Teck Resources’s revenue for the quarter was up 62.0% on a year-over-year basis. On average, analysts anticipate that Teck Resources Ltd will post $3.19 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Friday, September 29th. Stockholders of record on Friday, September 15th will be paid a $0.0399 dividend. This represents a $0.16 dividend on an annualized basis and a dividend yield of 0.72%. The ex-dividend date of this dividend is Thursday, September 14th. Teck Resources’s dividend payout ratio (DPR) is presently 5.64%.
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Several equities analysts have issued reports on the stock. Clarkson Capital restated a “buy” rating on shares of Teck Resources in a research note on Friday, May 19th. Bank of America Corporation lowered shares of Teck Resources from a “buy” rating to a “neutral” rating and reduced their target price for the stock from $27.00 to $19.00 in a report on Friday, June 9th. Credit Suisse Group reissued an “outperform” rating on shares of Teck Resources in a report on Tuesday, April 18th. Deutsche Bank AG restated a “buy” rating and issued a $23.00 price target (down from $24.00) on shares of Teck Resources in a research note on Sunday, June 25th. Finally, Royal Bank Of Canada reiterated an “outperform” rating and set a $38.00 target price (down from $39.00) on shares of Teck Resources in a research report on Friday, June 16th. Two investment analysts have rated the stock with a sell rating, three have assigned a hold rating and twenty-one have assigned a buy rating to the stock. The company currently has an average rating of “Buy” and an average target price of $27.03.
About Teck Resources
Teck Resources Ltd is engaged in the business of exploring for, acquiring, developing and producing natural resources. The Company’s activities are organized into business units that are focused on steelmaking coal, copper, zinc and energy. It operates in five segments: steelmaking coal, copper, zinc, energy and corporate.
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