The Manufacturers Life Insurance Company Has $112.74 Million Position in Teck Resources Limited (NYSE:TECK)

The Manufacturers Life Insurance Company lifted its holdings in shares of Teck Resources Limited (NYSE:TECK) (TSE:TECK) by 19.5% in the second quarter, HoldingsChannel reports. The institutional investor owned 2,356,064 shares of the basic materials company’s stock after buying an additional 384,580 shares during the period. The Manufacturers Life Insurance Company’s holdings in Teck Resources were worth $112,743,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. Hexagon Capital Partners LLC raised its position in 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 acquiring an additional 386 shares in the last quarter. Headlands Technologies LLC acquired a new position in shares of Teck Resources during the 2nd quarter worth about $38,000. Creekmur Asset Management LLC bought a new stake in shares of Teck Resources in the 4th quarter valued at about $35,000. Optiver Holding B.V. lifted its stake in 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 during the last quarter. Finally, Blue Trust Inc. lifted its stake in Teck Resources by 583.1% in the 2nd quarter. Blue Trust Inc. now owns 1,052 shares of the basic materials company’s stock valued at $48,000 after purchasing an additional 898 shares during the last quarter. Institutional investors own 78.06% of the company’s stock.

Teck Resources Trading Down 1.8 %

Shares of NYSE:TECK opened at $52.43 on Friday. The business’s 50 day simple moving average is $47.16 and its 200 day simple moving average is $48.01. 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 current ratio of 1.48 and a quick ratio of 0.77. The company has a market capitalization of $26.78 billion, a P/E ratio of 23.20 and a beta of 1.01.

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 (EPS) for the quarter, topping the consensus estimate of $0.47 by $0.32. The company 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%. Teck Resources’s quarterly revenue was up 10.1% on a year-over-year basis. During the same period in the prior year, the firm posted $0.91 EPS. On average, research analysts anticipate that Teck Resources Limited will post 1.98 EPS for the current fiscal year.

Teck Resources Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, September 27th. Stockholders of record on Friday, September 13th were given a $0.625 dividend. The ex-dividend date of this dividend was Friday, September 13th. This is a boost from Teck Resources’s previous quarterly dividend of $0.09. This represents a $2.50 annualized dividend and a dividend yield of 4.77%. Teck Resources’s payout ratio is presently 16.37%.

Wall Street Analyst Weigh In

Several analysts have issued reports on the company. Eight Capital lowered Teck Resources from a “strong-buy” rating to a “hold” rating in a research note on Thursday, July 11th. JPMorgan Chase & Co. dropped their price objective on shares of Teck Resources from $56.00 to $54.00 and set an “overweight” rating on the stock in a research report on Thursday, July 25th. Benchmark reiterated a “buy” rating and issued a $55.00 price target on shares of Teck Resources in a research note on Thursday, July 25th. TD Securities upgraded shares of Teck Resources to a “strong-buy” rating in a research report on Tuesday, July 16th. Finally, BMO Capital Markets began coverage on Teck Resources in a report on Monday, July 15th. They set an “outperform” rating for the company. One analyst has rated the stock with a sell rating, two have given a hold rating, seven have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock has a consensus 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.