Legal & General Group Plc Has $149.74 Million Position in Teck Resources Ltd $TECK

Legal & General Group Plc increased its stake in shares of Teck Resources Ltd (NYSE:TECK) (TSE:TECK) by 24.2% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,709,945 shares of the basic materials company’s stock after purchasing an additional 724,050 shares during the quarter. Legal & General Group Plc owned approximately 0.77% of Teck Resources worth $149,740,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also added to or reduced their stakes in TECK. 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 buying an additional 350 shares during the last quarter. Costello Asset Management INC bought a new position in shares of Teck Resources in the 1st quarter valued at $33,000. Banque Cantonale Vaudoise acquired a new stake in shares of Teck Resources during the 1st quarter valued at $36,000. Mirae Asset Global Investments Co. Ltd. acquired a new stake in shares of Teck Resources during the 2nd quarter valued at $49,000. Finally, MassMutual Private Wealth & Trust FSB grew its position 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 worth $53,000 after acquiring an additional 668 shares during the last quarter. Institutional investors own 78.06% of the company’s stock.

Analysts Set New Price Targets

TECK has been the subject of several research reports. Citigroup reiterated a “neutral” rating on shares of Teck Resources in a research report on Wednesday, October 8th. Scotiabank downgraded Teck Resources from an “outperform” rating to a “hold” rating in a research note on Thursday, November 6th. JPMorgan Chase & Co. lifted their target price on shares of Teck Resources from $41.00 to $43.00 and gave the stock a “neutral” rating in a research report on Thursday, October 9th. Canaccord Genuity Group lowered shares of Teck Resources from a “buy” rating to a “hold” rating in a report on Wednesday, October 8th. Finally, Raymond James Financial restated 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 assigned a Buy rating, twelve have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $54.00.

Teck Resources Price Performance

Teck Resources stock opened at $39.86 on Monday. The stock’s 50 day moving average is $41.96 and its 200 day moving average is $38.35. The company has a debt-to-equity ratio of 0.15, a current ratio of 2.78 and a quick ratio of 2.08. The firm has a market cap of $19.16 billion, a P/E ratio of 22.39, a P/E/G ratio of 0.74 and a beta of 0.90. Teck Resources Ltd has a one year low of $28.32 and a one year high of $48.47.

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

Teck Resources Increases Dividend

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

Teck Resources Company 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.