Geode Capital Management LLC Increases Stock Holdings in Teck Resources Ltd $TECK

Geode Capital Management LLC boosted its holdings in shares of Teck Resources Ltd (NYSE:TECK) (TSE:TECK) by 15.1% during the 2nd quarter, HoldingsChannel reports. The institutional investor owned 3,687,704 shares of the basic materials company’s stock after buying an additional 485,039 shares during the quarter. Geode Capital Management LLC’s holdings in Teck Resources were worth $150,286,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Smartleaf Asset Management LLC grew its stake in shares of Teck Resources by 69.2% during the first quarter. Smartleaf Asset Management LLC now owns 856 shares of the basic materials company’s stock worth $32,000 after acquiring an additional 350 shares during the last quarter. Costello Asset Management INC acquired a new stake in Teck Resources in the 1st quarter worth approximately $33,000. Banque Cantonale Vaudoise purchased a new stake in Teck Resources during the 1st quarter worth approximately $36,000. Mirae Asset Global Investments Co. Ltd. acquired a new position in Teck Resources during the 2nd quarter valued at approximately $49,000. Finally, MassMutual Private Wealth & Trust FSB increased its stake in Teck Resources by 102.5% during the 2nd quarter. MassMutual Private Wealth & Trust FSB now owns 1,320 shares of the basic materials company’s stock valued at $53,000 after purchasing an additional 668 shares in the last quarter. 78.06% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on the stock. Canaccord Genuity Group lowered shares of Teck Resources from a “buy” rating to a “hold” rating in a report on Wednesday, October 8th. CIBC cut Teck Resources from a “sector outperform” rating to a “neutral” rating in a research report on Friday, July 25th. Scotiabank downgraded Teck Resources from an “outperform” rating to a “hold” rating in a research note on Thursday, November 6th. UBS Group upgraded Teck Resources from a “neutral” rating to a “buy” rating in a research note on Wednesday, September 3rd. Finally, JPMorgan Chase & Co. lifted their target price on Teck Resources from $41.00 to $43.00 and gave the stock a “neutral” rating in a report on Thursday, October 9th. One 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 given a Sell rating to the company. Based on data from MarketBeat, Teck Resources presently has an average rating of “Hold” and an average target price of $54.00.

Teck Resources Stock Down 3.4%

Teck Resources stock opened at $39.04 on Wednesday. The business’s 50-day moving average price is $42.08 and its 200 day moving average price is $38.25. The company has a quick ratio of 2.08, a current ratio of 2.78 and a debt-to-equity ratio of 0.15. The firm has a market cap of $18.76 billion, a price-to-earnings ratio of 21.93, a price-to-earnings-growth ratio of 0.74 and a beta of 0.90. Teck Resources Ltd has a 52 week low of $28.32 and a 52 week high of $48.47.

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

Teck Resources Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, December 31st. Investors of record on Monday, December 15th will be given a dividend of $0.125 per share. This is a boost from Teck Resources’s previous quarterly dividend of $0.09. This represents a $0.50 annualized dividend and a yield of 1.3%. The ex-dividend date is Monday, December 15th. Teck Resources’s dividend payout ratio (DPR) is 19.66%.

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.