Clearbridge Investments LLC Acquires 28,243 Shares of Teck Resources Limited (NYSE:TECK)

Clearbridge Investments LLC increased its holdings in Teck Resources Limited (NYSE:TECK) (TSE:TECK) by 2.7% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,065,704 shares of the basic materials company’s stock after buying an additional 28,243 shares during the quarter. Clearbridge Investments LLC owned 0.21% of Teck Resources worth $51,047,000 at the end of the most recent reporting period.

Several other large investors also recently added to or reduced their stakes in the business. Hexagon Capital Partners LLC raised its stake in shares of Teck Resources by 143.0% in the first quarter. Hexagon Capital Partners LLC now owns 656 shares of the basic materials company’s stock worth $30,000 after buying an additional 386 shares during the period. Creekmur Asset Management LLC purchased a new position in Teck Resources during the fourth quarter valued at approximately $35,000. Headlands Technologies LLC bought a new stake in shares of Teck Resources during the 2nd quarter valued at $38,000. Blue Trust Inc. lifted 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 valued at $48,000 after buying an additional 898 shares in the last quarter. Finally, HHM Wealth Advisors LLC bought a new position in Teck Resources in the 2nd quarter worth $67,000. 78.06% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several equities analysts have recently commented on TECK shares. CIBC boosted 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. Paradigm Capital upgraded Teck Resources to a “moderate buy” rating in a research note on Friday, July 26th. JPMorgan Chase & Co. reduced their price objective on shares of Teck Resources from $56.00 to $54.00 and set an “overweight” rating on the stock in a research report on Thursday, July 25th. Morgan Stanley boosted their target price on shares of Teck Resources from $55.00 to $60.00 and gave the stock an “overweight” rating in a report on Friday, June 21st. Finally, TD Securities upgraded shares of Teck Resources to a “strong-buy” rating in a report on Tuesday, July 16th. One analyst has rated the stock with a sell rating, two have given a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $65.00.

Teck Resources Trading Down 2.0 %

Shares of TECK opened at $51.34 on Friday. 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 debt-to-equity ratio of 0.19, a quick ratio of 0.77 and a current ratio of 1.48. The company’s fifty day moving average is $47.56 and its 200 day moving average is $48.20. The stock has a market capitalization of $26.23 billion, a PE ratio of 22.72 and a beta of 1.02.

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

Teck Resources Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, September 27th. Shareholders of record on Friday, September 13th were given a dividend of $0.625 per share. The ex-dividend date of this dividend was 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 yield of 4.87%. Teck Resources’s dividend payout ratio is 16.37%.

Teck Resources 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.