Toronto Dominion Bank Grows Stock Position in Teck Resources Limited (NYSE:TECK)

Toronto Dominion Bank boosted its position in Teck Resources Limited (NYSE:TECK) (TSE:TECK) by 128.4% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 644,677 shares of the basic materials company’s stock after buying an additional 362,427 shares during the period. Toronto Dominion Bank’s holdings in Teck Resources were worth $30,880,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of the company. Hexagon Capital Partners LLC increased its position in Teck Resources by 143.0% during the 1st quarter. Hexagon Capital Partners LLC now owns 656 shares of the basic materials company’s stock worth $30,000 after purchasing an additional 386 shares during the period. Headlands Technologies LLC purchased a new position in Teck Resources in the second quarter worth $38,000. Creekmur Asset Management LLC acquired a new stake in Teck Resources in the fourth quarter valued at $35,000. Optiver Holding B.V. boosted its position 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 worth $41,000 after purchasing an additional 438 shares in the last quarter. Finally, Blue Trust Inc. grew its stake in shares of Teck Resources by 583.1% during the 2nd quarter. Blue Trust Inc. now owns 1,052 shares of the basic materials company’s stock worth $48,000 after purchasing an additional 898 shares during the period. 78.06% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on TECK. Morgan Stanley upped their target price on shares of Teck Resources from $55.00 to $60.00 and gave the stock an “overweight” rating in a research report on Friday, June 21st. CIBC raised their price objective on Teck Resources from $70.00 to $80.00 and gave the company an “outperformer” rating in a research note on Friday, July 12th. Paradigm Capital raised Teck Resources to a “moderate buy” rating in a report on Friday, July 26th. JPMorgan Chase & Co. lowered their target price on Teck Resources from $56.00 to $54.00 and set an “overweight” rating on the stock in a report on Thursday, July 25th. Finally, UBS Group raised 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. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $65.00.

Teck Resources Stock Performance

Teck Resources stock opened at $50.58 on Thursday. Teck Resources Limited has a fifty-two week low of $34.38 and a fifty-two week high of $55.13. The company has a market capitalization of $25.88 billion, a price-to-earnings ratio of 22.38 and a beta of 1.01. The stock has a fifty day moving average of $46.90 and a two-hundred day moving average of $47.89. 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 posted its quarterly earnings data on Wednesday, July 24th. The basic materials company reported $0.79 EPS for the quarter, topping analysts’ consensus estimates of $0.47 by $0.32. The firm had revenue of $3.87 billion during the quarter, compared to analysts’ expectations of $2.67 billion. Teck Resources had a return on equity of 6.52% and a net margin of 9.40%. The firm’s quarterly revenue was up 10.1% compared to the same quarter last year. During the same quarter last year, the business posted $0.91 EPS. On average, analysts anticipate that Teck Resources Limited will post 1.98 EPS for the current fiscal year.

Teck Resources Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 27th. Stockholders of record on Friday, September 13th will be given a $0.625 dividend. This represents a $2.50 dividend on an annualized basis and a dividend yield of 4.94%. The ex-dividend date of this dividend is Friday, September 13th. This is a positive change from Teck Resources’s previous quarterly dividend of $0.09. Teck Resources’s payout ratio is currently 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.