Swiss Life Asset Management Ltd Boosts Stock Position in Teck Resources Ltd $TECK

Swiss Life Asset Management Ltd boosted its stake in shares of Teck Resources Ltd (NYSE:TECK) (TSE:TECK) by 72.7% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 77,161 shares of the basic materials company’s stock after buying an additional 32,494 shares during the period. Swiss Life Asset Management Ltd’s holdings in Teck Resources were worth $3,695,000 at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. Versant Capital Management Inc bought a new position in shares of Teck Resources during the third quarter valued at $26,000. Smartleaf Asset Management LLC boosted its stake in Teck Resources by 72.4% in the 3rd quarter. Smartleaf Asset Management LLC now owns 836 shares of the basic materials company’s stock worth $37,000 after purchasing an additional 351 shares in the last quarter. SouthState Bank Corp purchased a new stake in Teck Resources during the 3rd quarter valued at about $50,000. Mirae Asset Global Investments Co. Ltd. grew its position in Teck Resources by 43.1% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,741 shares of the basic materials company’s stock valued at $76,000 after purchasing an additional 524 shares during the last quarter. Finally, Tobam increased its stake in Teck Resources by 30.9% during the 3rd quarter. Tobam now owns 2,011 shares of the basic materials company’s stock valued at $88,000 after purchasing an additional 475 shares in the last quarter. 78.06% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several research analysts have recently issued reports on TECK shares. Scotiabank reiterated a “sector perform” rating on shares of Teck Resources in a research note on Tuesday, April 14th. Zacks Research downgraded shares of Teck Resources from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, April 22nd. TD Securities restated a “hold” rating on shares of Teck Resources in a report on Friday, April 24th. Benchmark upped their price objective on Teck Resources from $48.00 to $67.00 and gave the company a “buy” rating in a research report on Monday, February 23rd. Finally, Veritas upgraded Teck Resources from a “strong sell” rating to a “strong-buy” rating in a research note on Thursday, January 15th. One equities research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and thirteen have assigned a Hold rating to the stock. According to MarketBeat, Teck Resources currently has an average rating of “Hold” and an average price target of $59.17.

Teck Resources Stock Performance

Shares of NYSE TECK opened at $65.42 on Friday. The firm’s 50-day moving average price is $55.27 and its 200-day moving average price is $51.16. The company has a quick ratio of 2.16, a current ratio of 2.83 and a debt-to-equity ratio of 0.13. The company has a market cap of $31.53 billion, a PE ratio of 23.96, a PEG ratio of 4.90 and a beta of 0.86. Teck Resources Ltd has a 52-week low of $30.98 and a 52-week high of $67.67.

Teck Resources (NYSE:TECK) (TSE:TECK) last released its quarterly earnings data on Thursday, February 19th. The basic materials company reported $0.98 earnings per share for the quarter, beating the consensus estimate of $0.59 by $0.39. The firm had revenue of $2.23 billion during the quarter, compared to analysts’ expectations of $2.28 billion. Teck Resources had a net margin of 14.91% and a return on equity of 7.94%. The firm’s quarterly revenue was up 9.8% on a year-over-year basis. During the same period in the previous year, the company earned $0.45 earnings per share. As a group, analysts anticipate that Teck Resources Ltd will post 2.68 EPS for the current year.

Teck Resources Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, June 30th. Shareholders of record on Monday, June 15th will be paid a dividend of $0.125 per share. The ex-dividend date is Monday, June 15th. This represents a $0.50 dividend on an annualized basis and a yield of 0.8%. Teck Resources’s payout ratio is currently 13.55%.

Teck Resources Profile

Teck Resources Ltd. is a diversified natural resource company headquartered in Canada that explores for, develops and produces a portfolio of metallic and energy commodities. Its core businesses center on copper, steelmaking (metallurgical) coal and zinc, with related smelting and refining activities. Teck supplies raw materials and intermediate products to global steelmakers, metals markets and industrial customers, and operates integrated mining and processing facilities as well as earlier-stage exploration and development projects.

The company’s operations and projects are located across multiple geographies, with a significant presence in western Canada and North America and additional exploration and development activities in Latin America.