Maryland State Retirement & Pension System Has $2.27 Million Position in Teck Resources Limited (NYSE:TECK)

Maryland State Retirement & Pension System grew its position in Teck Resources Limited (NYSE:TECK) (TSE:TECK) by 6.3% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 55,961 shares of the basic materials company’s stock after acquiring an additional 3,294 shares during the period. Maryland State Retirement & Pension System’s holdings in Teck Resources were worth $2,268,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently modified their holdings of TECK. Principal Financial Group Inc. grew its position in shares of 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 during the period. Empowered Funds LLC boosted its holdings in shares of Teck Resources by 3.4% during the 3rd quarter. Empowered Funds LLC now owns 21,607 shares of the basic materials company’s stock worth $1,129,000 after buying an additional 707 shares during the period. Natixis Advisors LLC boosted its holdings in shares of Teck Resources by 129.6% during the 3rd quarter. Natixis Advisors LLC now owns 246,190 shares of the basic materials company’s stock worth $12,861,000 after buying an additional 138,952 shares during the period. Intech Investment Management LLC boosted its holdings in shares of Teck Resources by 20.9% during the 3rd quarter. Intech Investment Management LLC now owns 98,145 shares of the basic materials company’s stock worth $5,132,000 after buying an additional 16,981 shares during the period. Finally, Charles Schwab Investment Management Inc. raised its stake in Teck Resources by 14.2% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,394,120 shares of the basic materials company’s stock worth $72,893,000 after purchasing an additional 173,130 shares in the last quarter. Institutional investors own 78.06% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have weighed in on TECK. 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 research note on Monday, March 10th. National Bank Financial cut shares of Teck Resources from an “outperform” rating to a “sector perform” rating in a research report on Tuesday, December 10th. JPMorgan Chase & Co. dropped their target price on shares of Teck Resources from $55.00 to $51.00 and set an “overweight” rating for the company in a research report on Thursday, January 16th. Finally, Raymond James dropped their target price 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 equities research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Teck Resources has a consensus rating of “Moderate Buy” and an average price target of $65.22.

Teck Resources Trading Down 0.4 %

TECK opened at $42.43 on Friday. 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 debt-to-equity ratio of 0.16, a current ratio of 2.92 and a quick ratio of 2.35. The firm has a market capitalization of $21.35 billion, a price-to-earnings ratio of 77.14 and a beta of 0.93. The company’s 50 day moving average price is $41.80 and its two-hundred day moving average price is $44.83.

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

Teck Resources Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Friday, March 14th will be paid a $0.0879 dividend. This represents a $0.35 dividend on an annualized basis and a dividend yield of 0.83%. The ex-dividend date of this dividend is Friday, March 14th. Teck Resources’s dividend payout ratio is currently 61.82%.

About Teck Resources

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.