Norges Bank Makes New Investment in Teck Resources Ltd $TECK

Norges Bank acquired a new position in Teck Resources Ltd (NYSE:TECK) (TSE:TECK) during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor acquired 10,815,283 shares of the basic materials company’s stock, valued at approximately $437,657,000.

A number of other institutional investors have also added to or reduced their stakes in the company. Scotia Capital Inc. increased its position in shares of Teck Resources by 13.1% during the 2nd quarter. Scotia Capital Inc. now owns 438,444 shares of the basic materials company’s stock valued at $17,703,000 after purchasing an additional 50,818 shares during the last quarter. Hsbc Holdings PLC grew its stake in shares of Teck Resources by 4.5% during the second quarter. Hsbc Holdings PLC now owns 333,782 shares of the basic materials company’s stock valued at $13,514,000 after buying an additional 14,382 shares during the last quarter. Bank of Nova Scotia Trust Co. increased its holdings in shares of Teck Resources by 7.9% in the second quarter. Bank of Nova Scotia Trust Co. now owns 50,893 shares of the basic materials company’s stock worth $2,055,000 after buying an additional 3,735 shares during the period. Korea Investment CORP lifted its stake in shares of Teck Resources by 164.5% in the 2nd quarter. Korea Investment CORP now owns 713,096 shares of the basic materials company’s stock valued at $28,780,000 after acquiring an additional 443,472 shares during the last quarter. Finally, Drummond Knight Asset Management Pty Ltd boosted its holdings in Teck Resources by 32.6% during the 2nd quarter. Drummond Knight Asset Management Pty Ltd now owns 322,530 shares of the basic materials company’s stock valued at $13,024,000 after acquiring an additional 79,302 shares during the period. Institutional investors own 78.06% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have recently weighed in on the company. Veritas lowered Teck Resources from a “hold” rating to a “strong sell” rating in a research note on Tuesday, October 14th. Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating and set a $46.00 price objective on shares of Teck Resources in a research report on Wednesday. Benchmark reaffirmed a “buy” rating on shares of Teck Resources in a research report on Thursday, October 23rd. Weiss Ratings upgraded Teck Resources from a “sell (d+)” rating to a “hold (c)” rating in a research note on Friday, October 24th. Finally, Raymond James Financial reissued an “outperform” rating on shares of Teck Resources in a research report on Friday, October 10th. One research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, twelve have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $54.57.

Teck Resources Stock Performance

TECK stock opened at $42.61 on Friday. The stock’s fifty day moving average price is $42.18 and its 200-day moving average price is $38.53. The company has a market cap of $20.48 billion, a P/E ratio of 23.94, a price-to-earnings-growth ratio of 0.74 and a beta of 0.90. Teck Resources Ltd has a 1 year low of $28.32 and a 1 year high of $48.47. The company has a debt-to-equity ratio of 0.15, a current ratio of 2.78 and a quick ratio of 2.08.

Teck Resources (NYSE:TECK) (TSE:TECK) last released its quarterly earnings results on Wednesday, October 22nd. The basic materials company reported $0.55 EPS for the quarter, beating 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 firm had revenue of $2.43 billion during the quarter, compared to analyst estimates of $2.93 billion. During the same quarter in the prior year, the firm earned $0.60 EPS. The business’s revenue for the quarter was up 18.4% compared to the same quarter last year. On average, equities analysts forecast that Teck Resources Ltd will post 1.53 earnings per share for the current year.

Teck Resources Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, December 31st. Shareholders of record on Monday, December 15th will be issued 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 1.2%. The ex-dividend date of this dividend is Monday, December 15th. Teck Resources’s dividend payout ratio is presently 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.