Price T Rowe Associates Inc. MD Purchases 662,383 Shares of Teck Resources Limited (NYSE:TECK)

Price T Rowe Associates Inc. MD raised its stake in shares of Teck Resources Limited (NYSE:TECK) (TSE:TECK) by 17.3% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 4,501,078 shares of the basic materials company’s stock after buying an additional 662,383 shares during the quarter. Price T Rowe Associates Inc. MD owned about 0.88% of Teck Resources worth $206,061,000 at the end of the most recent quarter.

Other hedge funds also recently bought and sold shares of the company. Pacer Advisors Inc. bought a new stake in shares of Teck Resources during the fourth quarter valued at approximately $182,000. Clear Harbor Asset Management LLC purchased a new stake in shares of Teck Resources in the fourth quarter worth approximately $226,000. Blue Trust Inc. lifted its stake in shares of Teck Resources by 187.3% during the 4th quarter. Blue Trust Inc. now owns 1,494 shares of the basic materials company’s stock worth $64,000 after acquiring an additional 974 shares during the last quarter. Cigna Investments Inc. New boosted its holdings in Teck Resources by 4.6% during the 4th quarter. Cigna Investments Inc. New now owns 8,800 shares of the basic materials company’s stock valued at $374,000 after acquiring an additional 391 shares during the period. Finally, Black Swift Group LLC bought a new position in Teck Resources in the 4th quarter valued at $254,000. Institutional investors own 78.06% of the company’s stock.

Teck Resources Stock Up 3.8 %

TECK traded up $1.75 on Friday, hitting $47.45. The company had a trading volume of 8,553,777 shares, compared to its average volume of 3,163,340. The stock has a market capitalization of $24.24 billion, a price-to-earnings ratio of 21.00, a P/E/G ratio of 10.93 and a beta of 1.05. The company has a debt-to-equity ratio of 0.20, a quick ratio of 0.86 and a current ratio of 1.49. The stock has a fifty day moving average price of $49.07 and a 200-day moving average price of $45.46. 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 released its quarterly earnings results on Wednesday, July 24th. The basic materials company reported $0.79 earnings per share for the quarter, beating analysts’ consensus estimates of $0.47 by $0.32. The business had revenue of $3.87 billion for the quarter, compared to analysts’ expectations of $2.67 billion. Teck Resources had a net margin of 9.40% and a return on equity of 6.61%. The company’s revenue was up 10.1% compared to the same quarter last year. During the same period last year, the business earned $0.91 EPS. Analysts predict that Teck Resources Limited will post 2.03 EPS for the current fiscal year.

Teck Resources Increases Dividend

The company also recently declared 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 a positive change from Teck Resources’s previous quarterly dividend of $0.09. This represents a $2.50 annualized dividend and a yield of 5.27%. The ex-dividend date of this dividend is Friday, September 13th. Teck Resources’s payout ratio is currently 16.37%.

Analyst Ratings Changes

A number of brokerages have recently issued reports on TECK. Benchmark reissued a “buy” rating and set a $55.00 target price on shares of Teck Resources in a research note on Thursday. CIBC boosted their price objective on shares of Teck Resources from $70.00 to $80.00 and gave the company an “outperformer” rating in a research report on Friday, July 12th. Eight Capital lowered shares of Teck Resources from a “strong-buy” rating to a “hold” rating in a research report on Thursday, July 11th. TD Securities raised shares of Teck Resources to a “strong-buy” rating in a research note on Tuesday, July 16th. Finally, BMO Capital Markets started coverage on Teck Resources in a research note on Monday, July 15th. They issued an “outperform” rating on the stock. Three 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 company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $63.50.

About Teck Resources

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.