Fifth Third Bancorp Buys 6,195 Shares of Teck Resources Limited (NYSE:TECK)

Fifth Third Bancorp raised its position in shares of Teck Resources Limited (NYSE:TECK) (TSE:TECK) by 690.6% in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 7,092 shares of the basic materials company’s stock after buying an additional 6,195 shares during the period. Fifth Third Bancorp’s holdings in Teck Resources were worth $340,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in the company. Hexagon Capital Partners LLC raised its holdings in shares of Teck Resources by 143.0% during the first quarter. Hexagon Capital Partners LLC now owns 656 shares of the basic materials company’s stock valued at $30,000 after acquiring an additional 386 shares in the last quarter. Creekmur Asset Management LLC purchased a new stake in shares of Teck Resources in the 4th quarter worth about $35,000. Optiver Holding B.V. boosted its stake in shares of Teck Resources by 81.9% during 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 in the last quarter. Blue Trust Inc. increased its position in shares of Teck Resources by 583.1% during the second quarter. Blue Trust Inc. now owns 1,052 shares of the basic materials company’s stock valued at $48,000 after buying an additional 898 shares during the period. Finally, First Horizon Advisors Inc. raised its stake in Teck Resources by 69.4% in the fourth quarter. First Horizon Advisors Inc. now owns 1,162 shares of the basic materials company’s stock worth $49,000 after buying an additional 476 shares in the last quarter. Institutional investors own 78.06% of the company’s stock.

Analyst Ratings Changes

Several research firms have weighed in on TECK. JPMorgan Chase & Co. cut their price objective on Teck Resources from $56.00 to $54.00 and set an “overweight” rating on the stock in a research report on Thursday, July 25th. Paradigm Capital upgraded Teck Resources to a “moderate buy” rating in a research report on Friday, July 26th. TD Securities upgraded Teck Resources to a “strong-buy” rating in a report on Tuesday, July 16th. Morgan Stanley boosted their price target on Teck Resources from $55.00 to $60.00 and gave the stock an “overweight” rating in a research report on Friday, June 21st. Finally, CIBC increased their price objective on Teck Resources from $70.00 to $80.00 and gave the company an “outperformer” rating in a research report on Friday, July 12th. Three research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $62.40.

Teck Resources Trading Up 2.0 %

Shares of Teck Resources stock opened at $48.89 on Friday. Teck Resources Limited has a 1-year low of $34.38 and a 1-year high of $55.13. The company’s fifty day simple moving average is $47.68 and its 200-day simple moving average is $46.54. 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 stock has a market capitalization of $24.97 billion, a PE ratio of 21.63 and a beta of 1.05.

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 the consensus estimate of $0.47 by $0.32. The company had revenue of $3.87 billion for the quarter, compared to the consensus estimate 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% compared to the same quarter last year. During the same period in the previous year, the business earned $0.91 earnings per share. As a group, equities analysts anticipate that Teck Resources Limited will post 1.97 earnings per share for the current year.

Teck Resources Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 27th. Investors of record on Friday, September 13th will be paid a dividend of $0.625 per share. The ex-dividend date of this dividend is Friday, September 13th. This is an increase from Teck Resources’s previous quarterly dividend of $0.09. This represents a $2.50 dividend on an annualized basis and a dividend yield of 5.11%. Teck Resources’s payout ratio is 15.93%.

Teck Resources Company 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.