Canada Pension Plan Investment Board Raises Position in Teck Resources Limited (NYSE:TECK)

Canada Pension Plan Investment Board boosted its position in shares of Teck Resources Limited (NYSE:TECK) (TSE:TECK) by 55.3% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,506,541 shares of the basic materials company’s stock after buying an additional 892,105 shares during the period. Canada Pension Plan Investment Board owned 0.49% of Teck Resources worth $120,093,000 at the end of the most recent quarter.

A number of other hedge funds have also made changes to their positions in the company. FIL Ltd increased its position in shares of Teck Resources by 98.8% during the fourth quarter. FIL Ltd now owns 11,937,233 shares of the basic materials company’s stock worth $504,588,000 after purchasing an additional 5,933,226 shares in the last quarter. AMF Tjanstepension AB grew its holdings in shares of Teck Resources by 846.6% during the second quarter. AMF Tjanstepension AB now owns 4,383,031 shares of the basic materials company’s stock worth $210,034,000 after buying an additional 3,919,984 shares in the last quarter. Asia Research & Capital Management Ltd purchased a new stake in shares of Teck Resources during the first quarter worth $158,976,000. Principal Financial Group Inc. raised its position in shares of Teck Resources by 115.4% in the first quarter. Principal Financial Group Inc. now owns 5,687,670 shares of the basic materials company’s stock valued at $260,584,000 after buying an additional 3,047,570 shares during the last quarter. Finally, Castle Hook Partners LP purchased a new position in shares of Teck Resources in the first quarter worth about $90,980,000. Institutional investors and hedge funds own 78.06% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on TECK shares. StockNews.com raised shares of Teck Resources from a “sell” rating to a “hold” rating in a research note on Tuesday. UBS Group upgraded Teck Resources from a “neutral” rating to a “buy” rating and upped their price target for the company from $76.00 to $78.00 in a research report on Wednesday, September 4th. CIBC lifted their price objective on Teck Resources from $70.00 to $80.00 and gave the stock an “outperformer” rating in a research report on Friday, July 12th. TD Securities raised Teck Resources to a “strong-buy” rating in a research note on Tuesday, July 16th. Finally, BMO Capital Markets initiated coverage on Teck Resources in a research note on Monday, July 15th. They issued an “outperform” rating for the company. Three equities research analysts have rated the stock with a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $65.00.

Teck Resources Price Performance

Shares of TECK opened at $48.91 on Friday. The firm has a 50-day simple moving average of $46.85 and a two-hundred day simple moving average of $47.63. The stock 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 1-year low of $34.38 and a 1-year high of $55.13. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.48 and a quick ratio of 0.77.

Teck Resources (NYSE:TECK) (TSE:TECK) last posted its 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 net margin of 9.40% and a return on equity of 6.52%. The firm had revenue of $3.87 billion during the quarter, compared to the consensus estimate of $2.67 billion. During the same quarter last year, the firm earned $0.91 EPS. The firm’s revenue for the quarter was up 10.1% on a year-over-year basis. As a group, analysts forecast that Teck Resources Limited will post 2.02 EPS for the current year.

Teck Resources Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, September 27th. Investors of record on Friday, September 13th will be paid a dividend of $0.625 per share. This is a positive change from Teck Resources’s previous quarterly dividend of $0.09. The ex-dividend date is Friday, September 13th. This represents a $2.50 annualized dividend and a yield of 5.11%. Teck Resources’s dividend payout ratio 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.