OLD National Bancorp IN Makes New Investment in Teck Resources Limited (NYSE:TECK)

OLD National Bancorp IN acquired a new position in shares of Teck Resources Limited (NYSE:TECK) (TSE:TECK) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 5,245 shares of the basic materials company’s stock, valued at approximately $222,000.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in TECK. Wealthsource Partners LLC boosted its position in shares of Teck Resources by 4.0% in the third quarter. Wealthsource Partners LLC now owns 7,747 shares of the basic materials company’s stock valued at $334,000 after acquiring an additional 300 shares during the period. Shell Asset Management Co. boosted its position in shares of Teck Resources by 2.9% in the third quarter. Shell Asset Management Co. now owns 13,649 shares of the basic materials company’s stock valued at $590,000 after acquiring an additional 386 shares during the period. Allworth Financial LP boosted its position in shares of Teck Resources by 17.9% in the third quarter. Allworth Financial LP now owns 2,558 shares of the basic materials company’s stock valued at $110,000 after acquiring an additional 388 shares during the period. Cigna Investments Inc. New boosted its position in shares of Teck Resources by 4.6% in the fourth quarter. Cigna Investments Inc. New now owns 8,800 shares of the basic materials company’s stock valued at $374,000 after acquiring an additional 391 shares during the period. Finally, FDx Advisors Inc. boosted its position in shares of Teck Resources by 1.7% in the third quarter. FDx Advisors Inc. now owns 24,223 shares of the basic materials company’s stock valued at $1,044,000 after acquiring an additional 396 shares during the period. 78.06% of the stock is owned by institutional investors.

Teck Resources Stock Up 1.7 %

Shares of NYSE TECK opened at $50.38 on Friday. The company has a current ratio of 1.10, a quick ratio of 0.60 and a debt-to-equity ratio of 0.21. The company has a market cap of $25.72 billion, a price-to-earnings ratio of 22.29, a PEG ratio of 8.34 and a beta of 1.15. Teck Resources Limited has a 12 month low of $34.38 and a 12 month high of $50.93. The stock has a 50-day moving average price of $43.71 and a two-hundred day moving average price of $40.34.

Teck Resources (NYSE:TECK) (TSE:TECK) last issued its earnings results on Thursday, February 22nd. The basic materials company reported $1.02 EPS for the quarter, topping the consensus estimate of $1.01 by $0.01. The firm had revenue of $3.02 billion during the quarter, compared to the consensus estimate of $3.11 billion. Teck Resources had a return on equity of 7.70% and a net margin of 10.59%. As a group, analysts forecast that Teck Resources Limited will post 2.87 earnings per share for the current fiscal year.

Teck Resources Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, March 28th. Stockholders of record on Friday, March 15th were paid a $0.0925 dividend. This represents a $0.37 annualized dividend and a dividend yield of 0.73%. The ex-dividend date of this dividend was Thursday, March 14th. Teck Resources’s dividend payout ratio is currently 16.37%.

Analysts Set New Price Targets

TECK has been the subject of a number of recent research reports. Benchmark boosted their target price on shares of Teck Resources from $50.00 to $52.00 and gave the company a “buy” rating in a research report on Monday, April 8th. JPMorgan Chase & Co. boosted their price target on Teck Resources from $44.00 to $50.00 and gave the company an “overweight” rating in a research note on Wednesday, April 17th. Morgan Stanley reaffirmed an “overweight” rating and issued a $55.00 price target on shares of Teck Resources in a research note on Thursday, April 11th. Finally, UBS Group started coverage on Teck Resources in a research note on Tuesday, January 16th. They issued a “buy” rating for the company. Two investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $62.80.

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.