Mirae Asset Global Investments Co. Ltd. Takes $49,000 Position in Teck Resources Ltd $TECK

Mirae Asset Global Investments Co. Ltd. acquired a new stake in shares of Teck Resources Ltd (NYSE:TECK) (TSE:TECK) in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 1,217 shares of the basic materials company’s stock, valued at approximately $49,000.

Several other institutional investors also recently made changes to their positions in TECK. Principal Financial Group Inc. grew its stake in shares of Teck Resources by 56.9% during the 1st quarter. Principal Financial Group Inc. now owns 11,530,742 shares of the basic materials company’s stock valued at $419,970,000 after buying an additional 4,180,623 shares during the period. Canoe Financial LP purchased a new stake in shares of Teck Resources during the 2nd quarter valued at $97,536,000. Temasek Holdings Private Ltd grew its stake in shares of Teck Resources by 125.8% during the 1st quarter. Temasek Holdings Private Ltd now owns 2,479,555 shares of the basic materials company’s stock valued at $90,330,000 after buying an additional 1,381,355 shares during the period. Carrhae Capital LLP purchased a new stake in shares of Teck Resources during the 1st quarter valued at $46,478,000. Finally, Ninety One UK Ltd grew its stake in shares of Teck Resources by 436.6% during the 2nd quarter. Ninety One UK Ltd now owns 1,480,334 shares of the basic materials company’s stock valued at $59,768,000 after buying an additional 1,204,440 shares during the period. 78.06% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

TECK has been the subject of a number of research reports. UBS Group raised shares of Teck Resources from a “neutral” rating to a “buy” rating in a research report on Wednesday, September 3rd. CIBC cut shares of Teck Resources from a “sector outperform” rating to a “neutral” rating in a research report on Friday, July 25th. Royal Bank Of Canada decreased their price target on shares of Teck Resources from $82.00 to $67.00 and set an “outperform” rating for the company in a research report on Friday, July 25th. Wall Street Zen raised shares of Teck Resources from a “sell” rating to a “hold” rating in a research report on Saturday, July 26th. Finally, Stifel Canada raised shares of Teck Resources to a “hold” rating in a research report on Tuesday, July 8th. One investment analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, eleven have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, Teck Resources presently has an average rating of “Hold” and an average price target of $54.00.

Teck Resources Stock Performance

Shares of Teck Resources stock opened at $41.90 on Monday. The company has a debt-to-equity ratio of 0.15, a quick ratio of 2.45 and a current ratio of 3.47. Teck Resources Ltd has a 1 year low of $28.32 and a 1 year high of $51.58. The firm’s 50-day simple moving average is $37.04 and its 200-day simple moving average is $36.58. The firm has a market cap of $20.13 billion, a PE ratio of 110.28, a price-to-earnings-growth ratio of 0.59 and a beta of 0.92.

Teck Resources (NYSE:TECK) (TSE:TECK) last announced its quarterly earnings data on Thursday, July 24th. The basic materials company reported $0.27 earnings per share for the quarter, beating analysts’ consensus estimates of $0.20 by $0.07. Teck Resources had a net margin of 2.51% and a return on equity of 3.91%. The business had revenue of $1.49 billion during the quarter, compared to the consensus estimate of $2.25 billion. During the same quarter in the prior year, the firm earned $0.79 EPS. The company’s revenue for the quarter was up 12.3% compared to the same quarter last year. Equities analysts forecast that Teck Resources Ltd will post 1.53 earnings per share for the current fiscal year.

Teck Resources Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, September 29th. Shareholders of record on Monday, September 15th were paid a $0.0918 dividend. The ex-dividend date was Monday, September 15th. This is an increase from Teck Resources’s previous quarterly dividend of $0.09. This represents a $0.37 annualized dividend and a dividend yield of 0.9%. Teck Resources’s dividend payout ratio (DPR) is 94.74%.

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.