Frank Rimerman Advisors LLC Acquires New Holdings in Teck Resources Limited (NYSE:TECK)

Frank Rimerman Advisors LLC bought a new position in shares of Teck Resources Limited (NYSE:TECK) (TSE:TECK) during the 2nd quarter, Holdings Channel reports. The institutional investor bought 104,149 shares of the basic materials company’s stock, valued at approximately $4,989,000.

Several other hedge funds have also recently bought and sold shares of TECK. Private Advisor Group LLC acquired a new stake in shares of Teck Resources in the 4th quarter valued at about $241,000. Janney Montgomery Scott LLC raised its position in Teck Resources by 4.7% in the 4th quarter. Janney Montgomery Scott LLC now owns 40,702 shares of the basic materials company’s stock valued at $1,721,000 after buying an additional 1,810 shares during the last quarter. PNC Financial Services Group Inc. lifted its stake in Teck Resources by 8.2% in the 4th quarter. PNC Financial Services Group Inc. now owns 11,357 shares of the basic materials company’s stock valued at $480,000 after acquiring an additional 865 shares in the last quarter. Corient Private Wealth LLC boosted its position in Teck Resources by 7.4% during the 4th quarter. Corient Private Wealth LLC now owns 38,713 shares of the basic materials company’s stock worth $1,636,000 after acquiring an additional 2,653 shares during the last quarter. Finally, Trexquant Investment LP bought a new position in shares of Teck Resources during the 4th quarter worth approximately $737,000. 78.06% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

TECK has been the topic of a number of research reports. Paradigm Capital raised shares of Teck Resources to a “moderate buy” rating in a research report on Friday, July 26th. BMO Capital Markets assumed coverage on shares of Teck Resources in a research note on Monday, July 15th. They set an “outperform” rating for the company. Benchmark reaffirmed a “buy” rating and issued a $55.00 target price on shares of Teck Resources in a research report on Thursday, July 25th. StockNews.com raised Teck Resources from a “sell” rating to a “hold” rating in a research report on Tuesday, September 17th. Finally, Eight Capital lowered Teck Resources from a “strong-buy” rating to a “hold” rating in a research report on Thursday, July 11th. Three investment analysts have rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $65.00.

Teck Resources Price Performance

NYSE:TECK opened at $48.91 on Friday. The company has a quick ratio of 0.77, a current ratio of 1.48 and a debt-to-equity ratio of 0.19. Teck Resources Limited has a 12-month low of $34.38 and a 12-month high of $55.13. The stock’s 50 day moving average price is $46.85 and its two-hundred day moving average price is $47.69. The firm has a market capitalization of $25.02 billion, a price-to-earnings ratio of 21.64 and a beta of 1.01.

Teck Resources (NYSE:TECK) (TSE:TECK) last announced its quarterly earnings results on Wednesday, July 24th. The basic materials company reported $0.79 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.47 by $0.32. Teck Resources had a return on equity of 6.52% and a net margin of 9.40%. The business had revenue of $3.87 billion during the quarter, compared to the consensus estimate of $2.67 billion. During the same quarter last year, the firm posted $0.91 EPS. The company’s quarterly revenue was up 10.1% on a year-over-year basis. On average, analysts anticipate that Teck Resources Limited will post 2.02 earnings per share for the current year.

Teck Resources Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, September 27th. Investors of record on Friday, September 13th will be issued a dividend of $0.625 per share. This is an increase from Teck Resources’s previous quarterly dividend of $0.09. The ex-dividend date of this dividend is Friday, September 13th. This represents a $2.50 annualized dividend and a dividend yield of 5.11%. Teck Resources’s payout ratio is presently 16.37%.

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.