Mackenzie Financial Corp Purchases 546,801 Shares of Teck Resources Limited (NYSE:TECK)

Mackenzie Financial Corp increased its position in shares of Teck Resources Limited (NYSE:TECK) (TSE:TECK) by 10.3% in the 2nd quarter, Holdings Channel.com reports. The institutional investor owned 5,855,836 shares of the basic materials company’s stock after buying an additional 546,801 shares during the quarter. Mackenzie Financial Corp’s holdings in Teck Resources were worth $280,655,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also bought and sold shares of the company. Hexagon Capital Partners LLC increased its position in Teck Resources by 143.0% during the first quarter. Hexagon Capital Partners LLC now owns 656 shares of the basic materials company’s stock worth $30,000 after acquiring an additional 386 shares during the period. Creekmur Asset Management LLC bought a new position in shares of Teck Resources during the 4th quarter worth about $35,000. Headlands Technologies LLC acquired a new position in shares of Teck Resources during the second quarter valued at about $38,000. Optiver Holding B.V. lifted its stake in shares of Teck Resources by 81.9% in the fourth quarter. Optiver Holding B.V. now owns 973 shares of the basic materials company’s stock valued at $41,000 after buying an additional 438 shares during the period. Finally, Blue Trust Inc. grew its position in Teck Resources by 583.1% during the second quarter. Blue Trust Inc. now owns 1,052 shares of the basic materials company’s stock worth $48,000 after buying an additional 898 shares in the last quarter. 78.06% of the stock is currently owned by institutional investors and hedge funds.

Teck Resources Price Performance

TECK opened at $53.40 on Friday. The company has a fifty day moving average price of $47.05 and a two-hundred day moving average price of $47.93. The firm has a market capitalization of $27.32 billion, a PE ratio of 23.63 and a beta of 1.01. 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 Limited has a 52 week low of $34.38 and a 52 week high of $55.13.

Teck Resources (NYSE:TECK) (TSE:TECK) last issued its earnings results on Wednesday, July 24th. The basic materials company reported $0.79 EPS for the quarter, beating the consensus estimate of $0.47 by $0.32. The firm had revenue of $3.87 billion during the quarter, compared to the consensus estimate of $2.67 billion. Teck Resources had a net margin of 9.40% and a return on equity of 6.52%. The business’s quarterly revenue was up 10.1% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.91 earnings per share. As a group, analysts anticipate that Teck Resources Limited will post 1.98 earnings per share for the current year.

Teck Resources Increases Dividend

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

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on the stock. Paradigm Capital upgraded shares of Teck Resources to a “moderate buy” rating in a research report on Friday, July 26th. UBS Group raised shares of Teck Resources from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $76.00 to $78.00 in a report on Wednesday, September 4th. CIBC boosted their target price on Teck Resources from $70.00 to $80.00 and gave the stock an “outperformer” rating in a report on Friday, July 12th. BMO Capital Markets assumed coverage on Teck Resources in a research report on Monday, July 15th. They set an “outperform” rating on the stock. Finally, Eight Capital downgraded Teck Resources from a “strong-buy” rating to a “hold” rating in a research report on Thursday, July 11th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $65.00.

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.