Myriad Asset Management US LP Takes $466,000 Position in Teck Resources Ltd $TECK

Myriad Asset Management US LP bought a new stake in shares of Teck Resources Ltd (NYSE:TECK) (TSE:TECK) during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund bought 9,737 shares of the basic materials company’s stock, valued at approximately $466,000.

Other institutional investors have also recently added to or reduced their stakes in the company. Principal Financial Group Inc. boosted its position in shares of Teck Resources by 36.1% in the third quarter. Principal Financial Group Inc. now owns 16,879,229 shares of the basic materials company’s stock worth $740,604,000 after buying an additional 4,474,637 shares during the period. Alps Advisors Inc. raised its holdings in shares of Teck Resources by 37.3% during the 3rd quarter. Alps Advisors Inc. now owns 166,334 shares of the basic materials company’s stock valued at $7,300,000 after buying an additional 45,194 shares during the period. Regal Partners Ltd lifted its position in Teck Resources by 14.8% during the 3rd quarter. Regal Partners Ltd now owns 3,481,836 shares of the basic materials company’s stock worth $152,818,000 after acquiring an additional 448,081 shares in the last quarter. Invesco Ltd. lifted its position in Teck Resources by 10.8% during the 2nd quarter. Invesco Ltd. now owns 5,565,955 shares of the basic materials company’s stock worth $224,753,000 after acquiring an additional 543,554 shares in the last quarter. Finally, 44 Wealth Management LLC boosted its holdings in Teck Resources by 250.8% in the 3rd quarter. 44 Wealth Management LLC now owns 31,077 shares of the basic materials company’s stock worth $1,364,000 after acquiring an additional 22,219 shares during the period. 78.06% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several analysts have issued reports on the stock. TD Securities reaffirmed a “hold” rating on shares of Teck Resources in a research report on Monday, February 23rd. UBS Group restated a “buy” rating on shares of Teck Resources in a research note on Tuesday, January 27th. Benchmark raised their price target on shares of Teck Resources from $48.00 to $67.00 and gave the company a “buy” rating in a report on Monday, February 23rd. Truist Financial set a $67.00 price target on shares of Teck Resources in a research note on Monday, February 23rd. Finally, Raymond James Financial lowered shares of Teck Resources from an “outperform” rating to a “market perform” rating in a report on Wednesday, January 14th. Two analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating and twelve have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $57.00.

Teck Resources Price Performance

TECK stock opened at $52.78 on Friday. The stock’s 50 day moving average is $54.44 and its two-hundred day moving average is $47.87. Teck Resources Ltd has a 52-week low of $28.32 and a 52-week high of $62.41. The company has a market capitalization of $25.41 billion, a PE ratio of 26.13, a P/E/G ratio of 2.76 and a beta of 0.85. The company has a quick ratio of 1.91, a current ratio of 2.54 and a debt-to-equity ratio of 0.13.

Teck Resources (NYSE:TECK) (TSE:TECK) last released its earnings results on Thursday, February 19th. The basic materials company reported $0.98 EPS for the quarter, beating the consensus estimate of $0.59 by $0.39. Teck Resources had a return on equity of 5.90% and a net margin of 12.98%.The company had revenue of $2.23 billion during the quarter, compared to analysts’ expectations of $2.28 billion. During the same period in the prior year, the business posted $0.45 EPS. The business’s revenue was up 9.8% on a year-over-year basis. Analysts predict that Teck Resources Ltd will post 1.53 earnings per share for the current fiscal year.

Teck Resources Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, March 31st. Shareholders of record on Friday, March 13th were paid a dividend of $0.125 per share. This represents a $0.50 dividend on an annualized basis and a yield of 0.9%. The ex-dividend date was Friday, March 13th. Teck Resources’s dividend payout ratio is 17.82%.

Teck Resources Company Profile

Teck Resources Ltd. is a diversified natural resource company headquartered in Canada that explores for, develops and produces a portfolio of metallic and energy commodities. Its core businesses center on copper, steelmaking (metallurgical) coal and zinc, with related smelting and refining activities. Teck supplies raw materials and intermediate products to global steelmakers, metals markets and industrial customers, and operates integrated mining and processing facilities as well as earlier-stage exploration and development projects.

The company’s operations and projects are located across multiple geographies, with a significant presence in western Canada and North America and additional exploration and development activities in Latin America.