Forsta AP Fonden Buys 6,200 Shares of Teck Resources Limited (NYSE:TECK)

Forsta AP Fonden boosted its holdings in Teck Resources Limited (NYSE:TECK) (TSE:TECK) by 7.2% during the 1st quarter, HoldingsChannel reports. The institutional investor owned 92,000 shares of the basic materials company’s stock after acquiring an additional 6,200 shares during the quarter. Forsta AP Fonden’s holdings in Teck Resources were worth $4,215,000 at the end of the most recent quarter.

Several other large investors have also bought and sold shares of TECK. FIL Ltd grew its position in Teck Resources by 98.8% in the fourth quarter. FIL Ltd now owns 11,937,233 shares of the basic materials company’s stock valued at $504,588,000 after purchasing an additional 5,933,226 shares in the last quarter. Norges Bank acquired a new position in shares of Teck Resources in the 4th quarter valued at approximately $172,740,000. Principal Financial Group Inc. grew its holdings in shares of Teck Resources by 115.4% during the 1st quarter. Principal Financial Group Inc. now owns 5,687,670 shares of the basic materials company’s stock valued at $260,584,000 after purchasing an additional 3,047,570 shares during the last quarter. Boston Partners grew its holdings in shares of Teck Resources by 28.8% during the 4th quarter. Boston Partners now owns 10,881,781 shares of the basic materials company’s stock valued at $484,995,000 after purchasing an additional 2,432,378 shares during the last quarter. Finally, Mackenzie Financial Corp grew its holdings in shares of Teck Resources by 45.7% during the 4th quarter. Mackenzie Financial Corp now owns 6,632,418 shares of the basic materials company’s stock valued at $280,491,000 after purchasing an additional 2,080,295 shares during the last quarter. 78.06% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on TECK shares. Benchmark boosted their price target on shares of Teck Resources from $50.00 to $52.00 and gave the stock a “buy” rating in a research report on Monday, April 8th. Eight Capital lowered shares of Teck Resources from a “strong-buy” rating to a “hold” rating in a research note on Thursday. Morgan Stanley increased their price target on shares of Teck Resources from $55.00 to $60.00 and gave the company an “overweight” rating in a research report on Friday, June 21st. JPMorgan Chase & Co. increased their price target on shares of Teck Resources from $44.00 to $50.00 and gave the company an “overweight” rating in a research report on Wednesday, April 17th. Finally, CIBC increased their target price on shares of Teck Resources from $70.00 to $80.00 and gave the stock an “outperformer” rating in a research report on Friday. Three research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Teck Resources currently has a consensus rating of “Moderate Buy” and a consensus target price of $62.33.

Teck Resources Price Performance

TECK stock opened at $51.25 on Monday. The firm has a 50 day moving average of $49.94 and a 200-day moving average of $45.01. The company has a current ratio of 1.49, a quick ratio of 0.86 and a debt-to-equity ratio of 0.20. Teck Resources Limited has a 12 month low of $34.38 and a 12 month high of $55.13. The firm has a market capitalization of $26.18 billion, a P/E ratio of 22.47, a price-to-earnings-growth ratio of 11.97 and a beta of 1.05.

Teck Resources (NYSE:TECK) (TSE:TECK) last announced its earnings results on Thursday, April 25th. The basic materials company reported $0.56 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.87 by ($0.31). Teck Resources had a net margin of 10.59% and a return on equity of 7.52%. The company had revenue of $2.96 billion for the quarter, compared to the consensus estimate of $2.99 billion. As a group, sell-side analysts predict that Teck Resources Limited will post 2.05 earnings per share for the current fiscal year.

Teck Resources Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, September 27th. Shareholders of record on Friday, September 13th will be given a dividend of $0.625 per share. The ex-dividend date of this dividend is Friday, September 13th. This is a positive change from Teck Resources’s previous quarterly dividend of $0.09. This represents a $2.50 annualized dividend and a yield of 4.88%. Teck Resources’s payout ratio is presently 16.37%.

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.