Teck Resources Limited (NYSE:TECK) Shares Bought by Federated Hermes Inc.

Federated Hermes Inc. raised its stake in Teck Resources Limited (NYSE:TECK) (TSE:TECK) by 67.5% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 242,766 shares of the basic materials company’s stock after acquiring an additional 97,822 shares during the quarter. Federated Hermes Inc.’s holdings in Teck Resources were worth $11,628,000 at the end of the most recent quarter.

A number of other institutional investors also recently made changes to their positions in the stock. The Manufacturers Life Insurance Company increased its stake in Teck Resources by 37.4% in the fourth quarter. The Manufacturers Life Insurance Company now owns 1,935,979 shares of the basic materials company’s stock valued at $81,966,000 after purchasing an additional 526,611 shares during the last quarter. 1832 Asset Management L.P. increased its stake in Teck Resources by 13.0% in the fourth quarter. 1832 Asset Management L.P. now owns 856,244 shares of the basic materials company’s stock valued at $36,193,000 after purchasing an additional 98,655 shares during the last quarter. Susquehanna Fundamental Investments LLC acquired a new position in Teck Resources in the first quarter valued at $485,000. Vanguard Group Inc. increased its stake in Teck Resources by 1.8% in the first quarter. Vanguard Group Inc. now owns 16,721,130 shares of the basic materials company’s stock valued at $765,493,000 after purchasing an additional 290,034 shares during the last quarter. Finally, Country Club Bank acquired a new position in Teck Resources in the second quarter valued at $1,747,000. 78.06% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research firms recently commented on TECK. CIBC upped their target price 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 upgraded Teck Resources to a “moderate buy” rating in a research note on Friday, July 26th. Morgan Stanley upped their price target on Teck Resources from $55.00 to $60.00 and gave the stock an “overweight” rating in a research note on Friday, June 21st. UBS Group upgraded Teck Resources from a “neutral” rating to a “buy” rating and upped their price target for the stock from $76.00 to $78.00 in a research note on Wednesday, September 4th. Finally, TD Securities upgraded Teck Resources to a “strong-buy” rating in a research note on Tuesday, July 16th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $65.00.

Teck Resources Price Performance

Shares of NYSE TECK opened at $47.06 on Tuesday. Teck Resources Limited has a 1-year low of $34.38 and a 1-year high of $55.13. The business has a 50-day moving average of $47.02 and a 200-day moving average of $47.44. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.48 and a quick ratio of 0.77. The company has a market capitalization of $24.08 billion, a price-to-earnings ratio of 20.82 and a beta of 1.01.

Teck Resources (NYSE:TECK) (TSE:TECK) last issued its earnings results on Wednesday, July 24th. The basic materials company reported $0.79 earnings per share for the quarter, topping the consensus estimate of $0.47 by $0.32. The company had revenue of $3.87 billion during the quarter, compared to the consensus estimate of $2.67 billion. Teck Resources had a return on equity of 6.52% and a net margin of 9.40%. The company’s revenue was up 10.1% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.91 earnings per share. On average, equities analysts anticipate that Teck Resources Limited will post 2 EPS for the current fiscal year.

Teck Resources Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 27th. Investors of record on Friday, September 13th will be issued 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 5.31%. This is an increase from Teck Resources’s previous quarterly dividend of $0.09. Teck Resources’s dividend payout ratio is currently 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.