Private Advisor Group LLC Buys 4,358 Shares of Teck Resources Limited (NYSE:TECK)

Private Advisor Group LLC lifted its stake in shares of Teck Resources Limited (NYSE:TECK) (TSE:TECK) by 73.4% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 10,295 shares of the basic materials company’s stock after acquiring an additional 4,358 shares during the quarter. Private Advisor Group LLC’s holdings in Teck Resources were worth $493,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Synergy Asset Management LLC bought a new position in shares of Teck Resources in the second quarter worth approximately $335,000. ANTIPODES PARTNERS Ltd lifted its position in shares of Teck Resources by 52.5% in the second quarter. ANTIPODES PARTNERS Ltd now owns 1,604,845 shares of the basic materials company’s stock valued at $76,872,000 after acquiring an additional 552,189 shares in the last quarter. National Bank of Canada FI boosted its stake in shares of Teck Resources by 48.4% in the second quarter. National Bank of Canada FI now owns 3,934,663 shares of the basic materials company’s stock worth $188,111,000 after acquiring an additional 1,283,876 shares during the period. TD Asset Management Inc grew its position in shares of Teck Resources by 49.0% during the second quarter. TD Asset Management Inc now owns 4,950,816 shares of the basic materials company’s stock worth $237,202,000 after purchasing an additional 1,629,149 shares in the last quarter. Finally, TIAA Trust National Association bought a new stake in Teck Resources during the 2nd quarter valued at approximately $8,134,000. 78.06% of the stock is owned by hedge funds and other institutional investors.

Teck Resources Trading Up 0.7 %

Shares of TECK stock opened at $47.10 on Thursday. The company has a market cap of $24.06 billion, a PE ratio of 20.84 and a beta of 1.01. 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 stock’s 50 day simple moving average is $46.90 and its two-hundred day simple moving average is $47.55. Teck Resources Limited has a 1 year low of $34.38 and a 1 year high of $55.13.

Teck Resources (NYSE:TECK) (TSE:TECK) last released its quarterly earnings results on Wednesday, July 24th. The basic materials company reported $0.79 earnings per share 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 company had revenue of $3.87 billion for the quarter, compared to analyst estimates of $2.67 billion. During the same quarter in the prior year, the firm posted $0.91 EPS. Teck Resources’s quarterly revenue was up 10.1% compared to the same quarter last year. Research analysts predict that Teck Resources Limited will post 2 earnings per share for the current year.

Teck Resources Increases Dividend

The company 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 dividend of $0.625 per share. This represents a $2.50 annualized dividend and a yield of 5.31%. 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. Teck Resources’s dividend payout ratio is presently 16.37%.

Wall Street Analysts Forecast Growth

TECK has been the subject of a number of research analyst reports. TD Securities raised shares of Teck Resources to a “strong-buy” rating in a report on Tuesday, July 16th. BMO Capital Markets started coverage on shares of Teck Resources in a report on Monday, July 15th. They issued an “outperform” rating on the stock. UBS Group raised shares of Teck Resources from a “neutral” rating to a “buy” rating and increased their price objective for the company from $76.00 to $78.00 in a report on Wednesday, September 4th. Eight Capital cut Teck Resources from a “strong-buy” rating to a “hold” rating in a report on Thursday, July 11th. Finally, Paradigm Capital upgraded Teck Resources to a “moderate buy” rating in a research report on Friday, July 26th. Three equities research analysts have rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, Teck Resources has an average rating of “Moderate Buy” and a consensus price target of $65.00.

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.