Insigneo Advisory Services LLC Acquires New Position in Teck Resources Limited (NYSE:TECK)

Insigneo Advisory Services LLC acquired a new stake in Teck Resources Limited (NYSE:TECK) (TSE:TECK) during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor acquired 5,419 shares of the basic materials company’s stock, valued at approximately $240,000.

Several other large investors have also bought and sold shares of the business. First Hawaiian Bank lifted its holdings in Teck Resources by 6.0% in the first quarter. First Hawaiian Bank now owns 5,552 shares of the basic materials company’s stock valued at $254,000 after buying an additional 313 shares during the period. Cigna Investments Inc. New raised its holdings in Teck Resources by 3.8% in the second quarter. Cigna Investments Inc. New now owns 8,762 shares of the basic materials company’s stock worth $420,000 after purchasing an additional 317 shares during the period. Candriam S.C.A. raised its holdings in Teck Resources by 4.0% in the second quarter. Candriam S.C.A. now owns 8,897 shares of the basic materials company’s stock worth $426,000 after purchasing an additional 343 shares during the period. Verdence Capital Advisors LLC raised its holdings in Teck Resources by 3.3% in the first quarter. Verdence Capital Advisors LLC now owns 10,981 shares of the basic materials company’s stock worth $503,000 after purchasing an additional 353 shares during the period. Finally, Evergreen Capital Management LLC raised its holdings in Teck Resources by 7.8% in the second quarter. Evergreen Capital Management LLC now owns 5,064 shares of the basic materials company’s stock worth $243,000 after purchasing an additional 365 shares during the period. 78.06% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research firms have weighed in on TECK. JPMorgan Chase & Co. cut their target price on shares of Teck Resources from $56.00 to $54.00 and set an “overweight” rating on the stock in a report on Thursday, July 25th. 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 report on Friday, July 12th. UBS Group upgraded shares of Teck Resources from a “neutral” rating to a “buy” rating and increased their target price for the stock from $76.00 to $78.00 in a report on Wednesday, September 4th. Paradigm Capital raised shares of Teck Resources to a “moderate buy” rating in a research report on Friday, July 26th. Finally, TD Securities raised shares of Teck Resources to a “strong-buy” rating in a research report on Tuesday, July 16th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $65.00.

Teck Resources Stock Down 1.8 %

Teck Resources stock opened at $52.43 on Friday. The company has a market cap of $26.78 billion, a P/E ratio of 23.20 and a beta of 1.01. Teck Resources Limited has a 1-year low of $34.38 and a 1-year high of $55.13. The company has a fifty day simple moving average of $47.16 and a 200 day simple moving average of $48.01. The company has a current ratio of 1.48, a quick ratio of 0.77 and a debt-to-equity ratio of 0.19.

Teck Resources (NYSE:TECK) (TSE:TECK) last released its earnings results on Wednesday, July 24th. The basic materials company reported $0.79 earnings per share for the quarter, beating analysts’ consensus estimates of $0.47 by $0.32. The business had revenue of $3.87 billion during the quarter, compared to the consensus estimate of $2.67 billion. Teck Resources had a net margin of 9.40% and a return on equity of 6.52%. The firm’s revenue for the quarter was up 10.1% compared to the same quarter last year. During the same quarter last year, the firm earned $0.91 earnings per share. Research analysts anticipate that Teck Resources Limited will post 1.98 earnings per share for the current fiscal year.

Teck Resources Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, September 27th. Investors of record on Friday, September 13th were given a $0.625 dividend. The ex-dividend date was Friday, September 13th. This represents a $2.50 dividend on an annualized basis and a yield of 4.77%. This is an increase from Teck Resources’s previous quarterly dividend of $0.09. Teck Resources’s dividend payout ratio (DPR) is 16.37%.

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.