Teck Resources Limited (NYSE:TECK) Shares Purchased by EverSource Wealth Advisors LLC

EverSource Wealth Advisors LLC boosted its position in shares of Teck Resources Limited (NYSE:TECK) (TSE:TECK) by 40.3% in the 2nd quarter, HoldingsChannel reports. The fund owned 3,258 shares of the basic materials company’s stock after acquiring an additional 936 shares during the period. EverSource Wealth Advisors LLC’s holdings in Teck Resources were worth $160,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of the company. Itau Unibanco Holding S.A. acquired a new position in shares of Teck Resources during the second quarter worth $1,605,000. Frank Rimerman Advisors LLC purchased a new stake in Teck Resources during the 2nd quarter worth about $4,989,000. Forest Avenue Capital Management LP acquired a new position in shares of Teck Resources during the 2nd quarter worth about $33,314,000. Sei Investments Co. increased its holdings in shares of Teck Resources by 25.0% in the 2nd quarter. Sei Investments Co. now owns 168,226 shares of the basic materials company’s stock valued at $8,058,000 after acquiring an additional 33,664 shares during the last quarter. Finally, Columbus Hill Capital Management L.P. acquired a new stake in shares of Teck Resources during the 2nd quarter worth about $11,178,000. 78.06% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on TECK. BMO Capital Markets initiated coverage on Teck Resources in a report on Monday, July 15th. They issued an “outperform” rating for the company. Morgan Stanley increased their target price on shares of Teck Resources from $55.00 to $60.00 and gave the company an “overweight” rating in a research report on Friday, June 21st. UBS Group upgraded shares of Teck Resources from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $76.00 to $78.00 in a research note on Wednesday, September 4th. JPMorgan Chase & Co. decreased their price objective on shares of Teck Resources from $56.00 to $54.00 and set an “overweight” rating for the company in a research note on Thursday, July 25th. Finally, TD Securities upgraded Teck Resources to a “strong-buy” rating in a research report on Tuesday, July 16th. One research analyst has rated the stock with a sell rating, two have issued a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $65.00.

Teck Resources Price Performance

Shares of TECK opened at $53.40 on Friday. The company has a market capitalization of $27.32 billion, a price-to-earnings ratio of 23.63 and a beta of 1.01. Teck Resources Limited has a fifty-two week low of $34.38 and a fifty-two week high of $55.13. The firm has a 50-day simple moving average of $47.05 and a 200-day simple moving average of $47.93. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.77 and a current ratio of 1.48.

Teck Resources (NYSE:TECK) (TSE:TECK) last announced 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%. The company’s revenue was up 10.1% on a year-over-year basis. During the same period last year, the business posted $0.91 EPS. On average, equities research analysts anticipate that Teck Resources Limited will post 1.98 earnings per share for the current year.

Teck Resources Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 27th. Shareholders of record on Friday, September 13th will be given a dividend of $0.625 per share. The ex-dividend date of this dividend is Friday, September 13th. This represents a $2.50 dividend on an annualized basis and a yield of 4.68%. This is an increase from Teck Resources’s previous quarterly dividend of $0.09. Teck Resources’s dividend payout ratio is presently 16.37%.

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.