Teck Resources Ltd $TECK Shares Purchased by The Manufacturers Life Insurance Company

The Manufacturers Life Insurance Company raised its position in Teck Resources Ltd (NYSE:TECK) (TSE:TECK) by 10.6% during the first quarter, according to its most recent filing with the SEC. The institutional investor owned 3,213,104 shares of the basic materials company’s stock after purchasing an additional 309,203 shares during the period. The Manufacturers Life Insurance Company’s holdings in Teck Resources were worth $166,375,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Temasek Holdings Private Ltd grew its stake in Teck Resources by 1.1% during the 4th quarter. Temasek Holdings Private Ltd now owns 5,307,384 shares of the basic materials company’s stock valued at $254,171,000 after acquiring an additional 57,380 shares in the last quarter. New York Life Investment Management LLC acquired a new stake in Teck Resources in the 4th quarter valued at about $11,014,000. Cardinal Point Capital Management ULC purchased a new position in Teck Resources in the 4th quarter worth approximately $379,000. ABN Amro Investment Solutions lifted its stake in Teck Resources by 156.4% in the 4th quarter. ABN Amro Investment Solutions now owns 510,989 shares of the basic materials company’s stock worth $24,471,000 after purchasing an additional 311,694 shares in the last quarter. Finally, Perpetual Ltd purchased a new position in Teck Resources in the 4th quarter worth approximately $26,838,000. Institutional investors and hedge funds own 78.06% of the company’s stock.

Teck Resources Stock Down 1.8%

Shares of TECK opened at $58.70 on Wednesday. The company’s 50-day moving average price is $61.43 and its 200 day moving average price is $57.66. Teck Resources Ltd has a 12-month low of $30.98 and a 12-month high of $71.25. The company has a current ratio of 3.12, a quick ratio of 2.16 and a debt-to-equity ratio of 0.12. The firm has a market cap of $28.35 billion, a P/E ratio of 15.91, a price-to-earnings-growth ratio of 1.77 and a beta of 0.92.

Teck Resources Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 29th. Shareholders of record on Tuesday, September 15th will be given a dividend of $0.125 per share. The ex-dividend date is Tuesday, September 15th. This represents a $0.50 dividend on an annualized basis and a dividend yield of 0.9%. Teck Resources’s dividend payout ratio (DPR) is currently 9.76%.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on TECK. TD Securities restated a “hold” rating on shares of Teck Resources in a research report on Friday, April 24th. Zacks Research downgraded Teck Resources from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, April 22nd. Deutsche Bank Aktiengesellschaft boosted their price objective on Teck Resources from $64.00 to $68.00 and gave the stock a “buy” rating in a research note on Thursday, July 2nd. Raymond James Financial upgraded Teck Resources from a “market perform” rating to an “outperform” rating in a report on Thursday, July 23rd. Finally, Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Teck Resources in a research note on Tuesday, July 21st. Five research analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the company. Based on data from MarketBeat, Teck Resources has an average rating of “Hold” and an average target price of $62.25.

Teck Resources 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.