New York Life Investment Management LLC Invests $11.01 Million in Teck Resources Ltd $TECK

New York Life Investment Management LLC purchased a new position in shares of Teck Resources Ltd (NYSE:TECK) (TSE:TECK) during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 229,979 shares of the basic materials company’s stock, valued at approximately $11,014,000.

Several other institutional investors have also modified their holdings of TECK. Vanguard Group Inc. increased its position in shares of Teck Resources by 1.4% during the 4th quarter. Vanguard Group Inc. now owns 20,185,694 shares of the basic materials company’s stock worth $966,370,000 after purchasing an additional 278,481 shares during the last quarter. Principal Financial Group Inc. increased its position in shares of Teck Resources by 11.6% during the 4th quarter. Principal Financial Group Inc. now owns 18,832,299 shares of the basic materials company’s stock worth $902,769,000 after purchasing an additional 1,953,070 shares during the last quarter. Davis Selected Advisers increased its position in shares of Teck Resources by 9.0% during the 4th quarter. Davis Selected Advisers now owns 12,019,609 shares of the basic materials company’s stock worth $575,620,000 after purchasing an additional 995,947 shares during the last quarter. Hancock Prospecting Pty Ltd increased its position in shares of Teck Resources by 1.6% during the 3rd quarter. Hancock Prospecting Pty Ltd now owns 7,820,949 shares of the basic materials company’s stock worth $343,261,000 after purchasing an additional 125,000 shares during the last quarter. Finally, Wellington Management Group LLP increased its position in shares of Teck Resources by 264.5% during the 3rd quarter. Wellington Management Group LLP now owns 5,781,060 shares of the basic materials company’s stock worth $253,695,000 after purchasing an additional 4,194,868 shares during the last quarter. Hedge funds and other institutional investors own 78.06% of the company’s stock.

Analysts Set New Price Targets

A number of analysts recently issued reports on TECK shares. Weiss Ratings raised Teck Resources from a “hold (c)” rating to a “hold (c+)” rating in a research report on Friday, April 24th. Citigroup raised Teck Resources from a “neutral” rating to a “buy” rating in a research report on Monday, February 2nd. TD Securities reissued a “hold” rating on shares of Teck Resources in a research report on Friday, April 24th. JPMorgan Chase & Co. raised their price objective on Teck Resources from $45.00 to $48.00 and gave the stock a “neutral” rating in a research report on Friday, May 1st. Finally, Scotiabank reissued a “sector perform” rating on shares of Teck Resources in a research report on Tuesday, April 14th. One equities research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and thirteen have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $59.17.

Teck Resources Stock Performance

NYSE TECK opened at $61.26 on Friday. The company has a market cap of $29.53 billion, a P/E ratio of 22.44, a P/E/G ratio of 4.79 and a beta of 0.86. The company has a debt-to-equity ratio of 0.13, a current ratio of 2.83 and a quick ratio of 2.16. The stock has a 50-day moving average of $55.38 and a two-hundred day moving average of $51.23. Teck Resources Ltd has a 1-year low of $30.98 and a 1-year high of $67.67.

Teck Resources (NYSE:TECK) (TSE:TECK) last released its earnings results on Thursday, February 19th. The basic materials company reported $0.98 earnings per share for the quarter, beating the consensus estimate of $0.59 by $0.39. The company had revenue of $2.23 billion during the quarter, compared to the consensus estimate of $2.28 billion. Teck Resources had a return on equity of 7.94% and a net margin of 14.91%.Teck Resources’s revenue was up 9.8% compared to the same quarter last year. During the same period in the previous year, the company posted $0.45 EPS. As a group, analysts anticipate that Teck Resources Ltd will post 2.68 EPS for the current year.

Teck Resources Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, June 30th. Shareholders of record on Monday, June 15th will be given a $0.125 dividend. This represents a $0.50 annualized dividend and a yield of 0.8%. The ex-dividend date of this dividend is Monday, June 15th. Teck Resources’s payout ratio is currently 13.55%.

About Teck Resources

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.