Invesco Ltd. Raises Holdings in Teck Resources Limited (NYSE:TECK)

Invesco Ltd. raised its stake in Teck Resources Limited (NYSE:TECK) (TSE:TECK) by 4.7% in the 4th quarter, Holdings Channel reports. The institutional investor owned 7,711,727 shares of the basic materials company’s stock after buying an additional 347,235 shares during the period. Invesco Ltd.’s holdings in Teck Resources were worth $312,556,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in the stock. Vanguard Group Inc. grew its holdings in Teck Resources by 0.3% in the 4th 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 grew its holdings 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 buying an additional 791,725 shares in the last quarter. Norges Bank purchased a new stake in Teck Resources in the 4th quarter valued at $470,101,000. Principal Financial Group Inc. grew its holdings 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 buying an additional 1,326,241 shares in the last quarter. Finally, CIBC Asset Management Inc grew its holdings in Teck Resources by 2.0% in 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 buying an additional 127,348 shares in the last quarter. 78.06% of the stock is currently owned by hedge funds and other institutional investors.

Teck Resources Price Performance

TECK opened at $33.47 on Thursday. The company has a current ratio of 2.92, a quick ratio of 2.35 and a debt-to-equity ratio of 0.16. The firm has a market cap of $16.56 billion, a price-to-earnings ratio of 60.86 and a beta of 0.81. The stock’s 50-day moving average price is $39.69 and its 200 day moving average price is $43.67. Teck Resources Limited has a 12-month low of $28.32 and a 12-month high of $55.13.

Teck Resources (NYSE:TECK) (TSE:TECK) last posted its quarterly earnings results on Thursday, February 20th. The basic materials company reported $0.33 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.26 by $0.07. The company had revenue of $1.99 billion for the quarter, compared to analyst estimates of $2.58 billion. Teck Resources had a return on equity of 4.59% and a net margin of 2.96%. As a group, sell-side analysts expect 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 was paid on Monday, March 31st. Shareholders of record on Friday, March 14th were given a $0.0879 dividend. This represents a $0.35 dividend on an annualized basis and a yield of 1.05%. The ex-dividend date was Friday, March 14th. Teck Resources’s dividend payout ratio is currently 61.82%.

Analyst Upgrades and Downgrades

Several analysts have issued reports on TECK shares. Bank of America upped their target price on Teck Resources from $62.00 to $64.00 and gave the company a “buy” rating in a report on Monday, March 10th. JPMorgan Chase & Co. decreased their price target on Teck Resources from $55.00 to $51.00 and set an “overweight” rating on the stock in a research note on Thursday, January 16th. National Bankshares reaffirmed a “sector perform” rating on shares of Teck Resources in a research note on Wednesday, April 2nd. Raymond James decreased their price target on Teck Resources from $75.00 to $70.00 and set an “outperform” rating on the stock in a research note on Wednesday, January 22nd. Finally, Desjardins initiated coverage on Teck Resources in a research note on Friday, April 4th. They issued a “buy” rating on the stock. Seven analysts have rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Teck Resources presently has a consensus rating of “Moderate Buy” and a consensus price target of $65.22.

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.