Teck Resources Limited (NYSE:TECK) Shares Purchased by PNC Financial Services Group Inc.

PNC Financial Services Group Inc. increased its stake in shares of Teck Resources Limited (NYSE:TECK) (TSE:TECK) by 8.2% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 11,357 shares of the basic materials company’s stock after acquiring an additional 865 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Teck Resources were worth $480,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of TECK. Creekmur Asset Management LLC acquired a new stake in Teck Resources during the 4th quarter worth $35,000. Optiver Holding B.V. increased its stake in 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 purchasing an additional 438 shares during the period. First Horizon Advisors Inc. increased its stake in Teck Resources by 69.4% in the fourth quarter. First Horizon Advisors Inc. now owns 1,162 shares of the basic materials company’s stock valued at $49,000 after purchasing an additional 476 shares during the period. Blue Trust Inc. increased its stake in Teck Resources by 187.3% in the fourth quarter. Blue Trust Inc. now owns 1,494 shares of the basic materials company’s stock valued at $64,000 after purchasing an additional 974 shares during the period. Finally, Gold Investment Management Ltd. acquired a new position in Teck Resources in the fourth quarter valued at $110,000. 78.06% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research analysts have commented on TECK shares. Morgan Stanley lifted their price objective on shares of Teck Resources from $55.00 to $60.00 and gave the company an “overweight” rating in a research note on Friday, June 21st. Benchmark lifted their price objective on shares of Teck Resources from $50.00 to $52.00 and gave the company a “buy” rating in a research note on Monday, April 8th. Finally, JPMorgan Chase & Co. lifted their target price on shares of Teck Resources from $44.00 to $50.00 and gave the company an “overweight” rating in a report on Wednesday, April 17th. Two analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $58.57.

Teck Resources Stock Down 0.5 %

TECK stock opened at $48.01 on Friday. Teck Resources Limited has a 52 week low of $34.38 and a 52 week high of $55.13. The company has a market cap of $24.53 billion, a P/E ratio of 21.24, a P/E/G ratio of 10.51 and a beta of 1.08. The company has a current ratio of 1.49, a quick ratio of 0.86 and a debt-to-equity ratio of 0.20. The company’s 50-day moving average price is $49.70 and its 200 day moving average price is $44.34.

Teck Resources (NYSE:TECK) (TSE:TECK) last announced its quarterly earnings results on Thursday, April 25th. The basic materials company reported $0.56 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.87 by ($0.31). Teck Resources had a net margin of 10.59% and a return on equity of 7.52%. The business had revenue of $2.96 billion during the quarter, compared to analysts’ expectations of $2.99 billion. On average, research analysts expect that Teck Resources Limited will post 2.19 earnings per share for the current fiscal year.

Teck Resources Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 28th. Shareholders of record on Monday, June 17th will be issued a $0.0911 dividend. This represents a $0.36 annualized dividend and a dividend yield of 0.76%. The ex-dividend date of this dividend is Monday, June 17th. Teck Resources’s dividend payout ratio (DPR) is presently 15.93%.

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.