33,500 Shares in Teck Resources Limited (NYSE:TECK) Bought by Itau Unibanco Holding S.A.

Itau Unibanco Holding S.A. purchased a new stake in Teck Resources Limited (NYSE:TECK) (TSE:TECK) during the second quarter, Holdings Channel reports. The institutional investor purchased 33,500 shares of the basic materials company’s stock, valued at approximately $1,605,000.

Several other hedge funds and other institutional investors have also made changes to their positions in TECK. Hexagon Capital Partners LLC increased its stake in shares of Teck Resources by 143.0% during the first quarter. Hexagon Capital Partners LLC now owns 656 shares of the basic materials company’s stock worth $30,000 after buying an additional 386 shares during the period. Creekmur Asset Management LLC acquired a new position in Teck Resources during the 4th quarter worth approximately $35,000. Headlands Technologies LLC purchased a new stake in shares of Teck Resources in the 2nd quarter valued at approximately $38,000. Optiver Holding B.V. raised its holdings in shares of Teck Resources by 81.9% in the 4th quarter. Optiver Holding B.V. now owns 973 shares of the basic materials company’s stock valued at $41,000 after purchasing an additional 438 shares in the last quarter. Finally, Blue Trust Inc. lifted its position in shares of Teck Resources by 583.1% during the 2nd quarter. Blue Trust Inc. now owns 1,052 shares of the basic materials company’s stock worth $48,000 after purchasing an additional 898 shares during the last quarter. Hedge funds and other institutional investors own 78.06% of the company’s stock.

Teck Resources Trading Down 0.1 %

Shares of Teck Resources stock opened at $48.91 on Friday. The company’s fifty day moving average is $46.85 and its two-hundred day moving average is $47.69. Teck Resources Limited has a 1 year low of $34.38 and a 1 year high of $55.13. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.77 and a current ratio of 1.48. The company has a market capitalization of $25.02 billion, a P/E ratio of 21.64 and a beta of 1.01.

Teck Resources (NYSE:TECK) (TSE:TECK) last released its quarterly earnings results on Wednesday, July 24th. The basic materials company reported $0.79 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.47 by $0.32. The firm had revenue of $3.87 billion for the quarter, compared to analyst estimates of $2.67 billion. Teck Resources had a return on equity of 6.52% and a net margin of 9.40%. The business’s revenue was up 10.1% on a year-over-year basis. During the same quarter last year, the company posted $0.91 earnings per share. Analysts forecast that Teck Resources Limited will post 2.02 earnings per share for the current year.

Teck Resources Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, September 27th. Stockholders of record on Friday, September 13th will be issued a $0.625 dividend. The ex-dividend date is Friday, September 13th. This represents a $2.50 dividend on an annualized basis and a dividend yield of 5.11%. This is a positive change from Teck Resources’s previous quarterly dividend of $0.09. Teck Resources’s payout ratio is presently 16.37%.

Analyst Ratings Changes

TECK has been the topic of several recent analyst reports. UBS Group raised Teck Resources from a “neutral” rating to a “buy” rating and increased their target price for the company from $76.00 to $78.00 in a report on Wednesday, September 4th. Morgan Stanley increased their price objective on Teck Resources from $55.00 to $60.00 and gave the company an “overweight” rating in a report on Friday, June 21st. StockNews.com upgraded Teck Resources from a “sell” rating to a “hold” rating in a research note on Tuesday, September 17th. CIBC increased their price target on shares of Teck Resources from $70.00 to $80.00 and gave the company an “outperformer” rating in a research note on Friday, July 12th. Finally, JPMorgan Chase & Co. reduced their price objective on shares of Teck Resources from $56.00 to $54.00 and set an “overweight” rating for the company in a research report on Thursday, July 25th. Three research analysts have rated the stock with a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $65.00.

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.