Envestnet Asset Management Inc. Boosts Stake in Teck Resources Limited (NYSE:TECK)

Envestnet Asset Management Inc. increased its holdings in shares of Teck Resources Limited (NYSE:TECK) (TSE:TECK) by 19.3% during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 431,956 shares of the basic materials company’s stock after acquiring an additional 69,763 shares during the period. Envestnet Asset Management Inc. owned approximately 0.08% of Teck Resources worth $20,691,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of TECK. Hexagon Capital Partners LLC grew its holdings in Teck Resources by 143.0% in the first quarter. Hexagon Capital Partners LLC now owns 656 shares of the basic materials company’s stock valued at $30,000 after purchasing an additional 386 shares during the period. Headlands Technologies LLC acquired a new stake in Teck Resources in the 2nd quarter valued at $38,000. Creekmur Asset Management LLC purchased a new stake in Teck Resources in the 4th quarter worth $35,000. Optiver Holding B.V. raised its position in Teck Resources by 81.9% during the fourth quarter. Optiver Holding B.V. now owns 973 shares of the basic materials company’s stock worth $41,000 after acquiring an additional 438 shares during the period. Finally, Blue Trust Inc. lifted its holdings in Teck Resources by 583.1% during the second quarter. Blue Trust Inc. now owns 1,052 shares of the basic materials company’s stock valued at $48,000 after purchasing an additional 898 shares in the last quarter. Hedge funds and other institutional investors own 78.06% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have recently commented on the stock. Eight Capital cut shares of Teck Resources from a “strong-buy” rating to a “hold” rating in a research note on Thursday, July 11th. JPMorgan Chase & Co. reduced their target price on Teck Resources from $56.00 to $54.00 and set an “overweight” rating for the company in a report on Thursday, July 25th. Paradigm Capital upgraded Teck Resources to a “moderate buy” rating in a report on Friday, July 26th. Benchmark reaffirmed a “buy” rating and set a $55.00 target price on shares of Teck Resources in a report on Thursday, July 25th. Finally, Morgan Stanley raised their price target on shares of Teck Resources from $55.00 to $60.00 and gave the stock an “overweight” rating in a research note on Friday, June 21st. Three 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’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $65.00.

Teck Resources Stock Down 0.1 %

TECK stock opened at $48.91 on Monday. The firm has a market cap of $25.02 billion, a PE ratio of 21.64 and a beta of 1.01. Teck Resources Limited has a one year low of $34.38 and a one year 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 firm’s 50 day moving average price is $46.85 and its 200-day moving average price is $47.75.

Teck Resources (NYSE:TECK) (TSE:TECK) last announced its quarterly earnings results on Wednesday, July 24th. The basic materials company reported $0.79 EPS for the quarter, beating the consensus estimate of $0.47 by $0.32. The business had revenue of $3.87 billion for the quarter, compared to analyst estimates of $2.67 billion. Teck Resources had a return on equity of 6.52% and a net margin of 9.40%. The company’s quarterly revenue was up 10.1% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.91 EPS. On average, equities research analysts anticipate that Teck Resources Limited will post 2.02 EPS for the current year.

Teck Resources Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 27th. Investors of record on Friday, September 13th will be given a dividend of $0.625 per share. The ex-dividend date is Friday, September 13th. This represents a $2.50 dividend on an annualized basis and a dividend yield of 5.11%. This is a boost from Teck Resources’s previous quarterly dividend of $0.09. Teck Resources’s dividend payout ratio (DPR) is presently 16.37%.

Teck Resources Company 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.