PNC Financial Services Group Inc. Acquires 243 Shares of Teck Resources Limited (NYSE:TECK)

PNC Financial Services Group Inc. boosted its holdings in shares of Teck Resources Limited (NYSE:TECK) (TSE:TECK) by 2.1% in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 11,632 shares of the basic materials company’s stock after purchasing an additional 243 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Teck Resources were worth $471,000 at the end of the most recent quarter.

A number of other hedge funds also recently modified their holdings of TECK. Swedbank AB bought a new stake in shares of Teck Resources in the 4th quarter worth approximately $103,878,000. FMR LLC lifted its position in shares of Teck Resources by 72.8% in the 3rd quarter. FMR LLC now owns 3,634,430 shares of the basic materials company’s stock worth $189,848,000 after acquiring an additional 1,531,563 shares during the period. Zurich Insurance Group Ltd FI bought a new stake in shares of Teck Resources in the 3rd quarter worth approximately $70,549,000. Principal Financial Group Inc. lifted its position in shares of Teck Resources by 21.7% in the 3rd quarter. Principal Financial Group Inc. now owns 7,429,981 shares of the basic materials company’s stock worth $388,507,000 after acquiring an additional 1,326,241 shares during the period. Finally, Holocene Advisors LP lifted its position in shares of Teck Resources by 152.7% in the 3rd quarter. Holocene Advisors LP now owns 2,070,377 shares of the basic materials company’s stock worth $108,156,000 after acquiring an additional 1,251,203 shares during the period. Institutional investors own 78.06% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have commented on the company. National Bank Financial downgraded Teck Resources from an “outperform” rating to a “sector perform” rating in a research report on Tuesday, December 10th. Raymond James reduced their price objective on Teck Resources from $75.00 to $70.00 and set an “outperform” rating for the company in a research report on Wednesday, January 22nd. JPMorgan Chase & Co. cut their target price on Teck Resources from $55.00 to $51.00 and set an “overweight” rating for the company in a research report on Thursday, January 16th. Finally, Bank of America raised their target price on Teck Resources from $62.00 to $64.00 and gave the stock a “buy” rating in a research report on Monday, March 10th. Six research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $65.22.

Teck Resources Trading Up 1.0 %

TECK stock opened at $42.69 on Thursday. The business has a fifty day moving average price of $41.78 and a 200 day moving average price of $44.84. Teck Resources Limited has a fifty-two week low of $36.54 and a fifty-two week high of $55.13. The stock has a market capitalization of $21.20 billion, a price-to-earnings ratio of 77.61 and a beta of 0.93. The company has a debt-to-equity ratio of 0.16, a current ratio of 2.92 and a quick ratio of 2.35.

Teck Resources (NYSE:TECK) (TSE:TECK) last released its quarterly earnings results on Thursday, February 20th. The basic materials company reported $0.33 earnings per share for the quarter, beating analysts’ consensus estimates of $0.26 by $0.07. Teck Resources had a return on equity of 4.59% and a net margin of 2.96%. The firm had revenue of $1.99 billion during the quarter, compared to analysts’ expectations of $2.58 billion. Analysts expect that Teck Resources Limited will post 1.53 EPS for the current fiscal year.

Teck Resources Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Friday, March 14th will be paid a $0.0879 dividend. The ex-dividend date of this dividend is Friday, March 14th. This represents a $0.35 annualized dividend and a dividend yield of 0.82%. Teck Resources’s dividend payout ratio (DPR) is currently 61.82%.

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.