Intech Investment Management LLC Buys 57,461 Shares of Teck Resources Limited (NYSE:TECK)

Intech Investment Management LLC grew its stake in Teck Resources Limited (NYSE:TECK) (TSE:TECK) by 242.4% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 81,164 shares of the basic materials company’s stock after acquiring an additional 57,461 shares during the quarter. Intech Investment Management LLC’s holdings in Teck Resources were worth $3,889,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Vanguard Personalized Indexing Management LLC increased its position in shares of Teck Resources by 27.1% in the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 23,011 shares of the basic materials company’s stock valued at $1,095,000 after buying an additional 4,903 shares in the last quarter. Foresight Global Investors Inc. increased its stake in Teck Resources by 138.8% during the 2nd quarter. Foresight Global Investors Inc. now owns 220,379 shares of the basic materials company’s stock worth $10,556,000 after purchasing an additional 128,079 shares in the last quarter. WINTON GROUP Ltd raised its holdings in Teck Resources by 23.2% during the 2nd quarter. WINTON GROUP Ltd now owns 40,569 shares of the basic materials company’s stock worth $1,943,000 after buying an additional 7,635 shares during the period. Williams Financial LLC bought a new position in Teck Resources in the second quarter valued at approximately $314,000. Finally, Envestnet Asset Management Inc. boosted its holdings in shares of Teck Resources by 19.3% in the second quarter. Envestnet Asset Management Inc. now owns 431,956 shares of the basic materials company’s stock valued at $20,691,000 after buying an additional 69,763 shares during the period. 78.06% of the stock is currently owned by institutional investors and hedge funds.

Teck Resources Stock Down 0.1 %

Teck Resources stock opened at $48.91 on Friday. 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’s 50-day moving average is $46.85 and its 200-day moving average is $47.69. The firm has a market capitalization of $25.02 billion, a PE ratio of 21.64 and a beta of 1.01. Teck Resources Limited has a fifty-two week low of $34.38 and a fifty-two week high of $55.13.

Teck Resources (NYSE:TECK) (TSE:TECK) last released its quarterly earnings data on Wednesday, July 24th. The basic materials company reported $0.79 earnings per share (EPS) 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 firm 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 company earned $0.91 earnings per share. The business’s revenue for the quarter was up 10.1% compared to the same quarter last year. Sell-side analysts anticipate that Teck Resources Limited will post 2.02 earnings per share for the current year.

Teck Resources Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 27th. Shareholders of record on Friday, September 13th will be issued a $0.625 dividend. This is an increase from Teck Resources’s previous quarterly dividend of $0.09. This represents a $2.50 annualized dividend and a dividend yield of 5.11%. The ex-dividend date of this dividend is Friday, September 13th. Teck Resources’s payout ratio is currently 16.37%.

Analysts Set New Price Targets

Several research firms recently commented on TECK. StockNews.com raised shares of Teck Resources from a “sell” rating to a “hold” rating in a research report on Tuesday, September 17th. 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 report on Friday, June 21st. Eight Capital downgraded shares of Teck Resources from a “strong-buy” rating to a “hold” rating in a report on Thursday, July 11th. CIBC increased their target price on shares of Teck Resources from $70.00 to $80.00 and gave the stock an “outperformer” rating in a report on Friday, July 12th. Finally, UBS Group upgraded shares of Teck Resources from a “neutral” rating to a “buy” rating and lifted their price target for the company from $76.00 to $78.00 in a research note on Wednesday, September 4th. Three research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Teck Resources currently has a consensus rating of “Moderate Buy” and an average target price of $65.00.

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.