Norges Bank Invests $470.10 Million in Teck Resources Limited (NYSE:TECK)

Norges Bank bought a new stake in Teck Resources Limited (NYSE:TECK) (TSE:TECK) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund bought 11,609,774 shares of the basic materials company’s stock, valued at approximately $470,101,000.

Other institutional investors have also added to or reduced their stakes in the company. Vanguard Group Inc. lifted its stake in shares of Teck Resources by 0.3% in the fourth quarter. Vanguard Group Inc. now owns 19,316,132 shares of the basic materials company’s stock valued at $783,153,000 after buying an additional 58,985 shares in the last quarter. Amundi lifted its position in Teck Resources by 5.6% in the 4th quarter. Amundi now owns 14,949,233 shares of the basic materials company’s stock valued at $619,765,000 after acquiring an additional 791,725 shares in the last quarter. Principal Financial Group Inc. lifted its position in Teck Resources by 21.7% in the 3rd quarter. Principal Financial Group Inc. now owns 7,429,981 shares of the basic materials company’s stock valued at $388,507,000 after acquiring an additional 1,326,241 shares in the last quarter. CIBC Asset Management Inc boosted its stake in Teck Resources by 2.0% during the 4th quarter. CIBC Asset Management Inc now owns 6,623,228 shares of the basic materials company’s stock valued at $269,956,000 after purchasing an additional 127,348 shares during the last quarter. Finally, AMF Tjanstepension AB increased its holdings in Teck Resources by 32.2% during the 4th quarter. AMF Tjanstepension AB now owns 6,020,023 shares of the basic materials company’s stock worth $244,252,000 after purchasing an additional 1,467,516 shares in the last quarter. 78.06% of the stock is owned by institutional investors and hedge funds.

Teck Resources Stock Down 4.8 %

TECK stock opened at $37.43 on Friday. The stock has a fifty day moving average of $41.56 and a 200-day moving average of $44.64. Teck Resources Limited has a fifty-two week low of $36.54 and a fifty-two week high of $55.13. The company has a market capitalization of $18.84 billion, a price-to-earnings ratio of 68.05 and a beta of 0.93. The company has a debt-to-equity ratio of 0.16, a quick ratio of 2.35 and a current ratio of 2.92.

Teck Resources (NYSE:TECK) (TSE:TECK) last posted its earnings results on Thursday, February 20th. The basic materials company reported $0.33 earnings per share for the quarter, topping the consensus estimate of $0.26 by $0.07. The firm had revenue of $1.99 billion during the quarter, compared to the consensus estimate of $2.58 billion. Teck Resources had a net margin of 2.96% and a return on equity of 4.59%. As a group, equities research analysts predict that Teck Resources Limited will post 1.53 earnings per share for the current year.

Teck Resources Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Friday, March 14th will be issued a $0.0879 dividend. This represents a $0.35 dividend on an annualized basis and a dividend yield of 0.94%. The ex-dividend date is Friday, March 14th. Teck Resources’s payout ratio is currently 61.82%.

Analyst Ratings Changes

TECK has been the topic of a number of recent research reports. National Bank Financial cut Teck Resources from an “outperform” rating to a “sector perform” rating in a research report on Tuesday, December 10th. Bank of America lifted their price objective on shares of Teck Resources from $62.00 to $64.00 and gave the stock a “buy” rating in a report on Monday, March 10th. JPMorgan Chase & Co. lowered their target price on shares of Teck Resources from $55.00 to $51.00 and set an “overweight” rating for the company in a report on Thursday, January 16th. Finally, Raymond James reduced their price objective on shares of Teck Resources from $75.00 to $70.00 and set an “outperform” rating for the company in a research report on Wednesday, January 22nd. Six analysts have rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, Teck Resources currently has a consensus rating of “Moderate Buy” and a consensus price target of $65.22.

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.