Cibc World Market Inc. Has $228.95 Million Stake in Teck Resources Limited (NYSE:TECK)

Cibc World Market Inc. grew its holdings in shares of Teck Resources Limited (NYSE:TECK) (TSE:TECK) by 26.1% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 4,779,715 shares of the basic materials company’s stock after acquiring an additional 989,612 shares during the period. Cibc World Market Inc.’s holdings in Teck Resources were worth $228,948,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Hexagon Capital Partners LLC boosted its position in shares of Teck Resources by 143.0% during the 1st quarter. Hexagon Capital Partners LLC now owns 656 shares of the basic materials company’s stock worth $30,000 after purchasing an additional 386 shares in the last quarter. Creekmur Asset Management LLC bought a new position in Teck Resources in the fourth quarter worth approximately $35,000. Headlands Technologies LLC acquired a new stake in Teck Resources in the second quarter valued at approximately $38,000. Optiver Holding B.V. increased its holdings in shares of Teck Resources by 81.9% during the fourth quarter. Optiver Holding B.V. now owns 973 shares of the basic materials company’s stock valued at $41,000 after acquiring an additional 438 shares in the last quarter. Finally, Blue Trust Inc. raised its position in shares of Teck Resources by 583.1% during the second quarter. Blue Trust Inc. now owns 1,052 shares of the basic materials company’s stock worth $48,000 after purchasing an additional 898 shares during the period. 78.06% of the stock is owned by institutional investors and hedge funds.

Teck Resources Stock Performance

TECK stock opened at $44.78 on Thursday. The company has a quick ratio of 0.77, a current ratio of 1.48 and a debt-to-equity ratio of 0.19. The firm has a market cap of $22.91 billion, a PE ratio of 19.81 and a beta of 1.01. The business has a 50 day moving average of $47.28 and a 200-day moving average of $47.28. Teck Resources Limited has a 12-month low of $34.38 and a 12-month high of $55.13.

Teck Resources (NYSE:TECK) (TSE:TECK) last announced its quarterly earnings data on Wednesday, July 24th. The basic materials company reported $0.79 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 during the quarter, compared to the consensus estimate of $2.67 billion. During the same quarter in the prior year, the company earned $0.91 EPS. The business’s revenue for the quarter was up 10.1% on a year-over-year basis. As a group, sell-side analysts expect that Teck Resources Limited will post 2.01 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. Investors of record on Friday, September 13th will be issued a dividend of $0.625 per share. This represents a $2.50 dividend on an annualized basis and a yield of 5.58%. The ex-dividend date is Friday, September 13th. This is an increase from Teck Resources’s previous quarterly dividend of $0.09. Teck Resources’s dividend payout ratio (DPR) is 16.37%.

Analyst Upgrades and Downgrades

A number of brokerages have commented on TECK. CIBC boosted their price target on shares of Teck Resources from $70.00 to $80.00 and gave the company an “outperformer” rating in a research note on Friday, July 12th. TD Securities upgraded shares of Teck Resources to a “strong-buy” rating in a report on Tuesday, July 16th. UBS Group upgraded 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. Paradigm Capital raised Teck Resources to a “moderate buy” rating in a research note on Friday, July 26th. Finally, Benchmark reaffirmed a “buy” rating and set a $55.00 target price on shares of Teck Resources in a research report on Thursday, July 25th. One analyst has rated the stock with a sell rating, two have issued a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Teck Resources currently has a consensus rating of “Moderate Buy” and a consensus 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.