TIAA Trust National Association Takes Position in Teck Resources Limited (NYSE:TECK)

TIAA Trust National Association bought a new stake in shares of Teck Resources Limited (NYSE:TECK) (TSE:TECK) in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 169,804 shares of the basic materials company’s stock, valued at approximately $8,134,000.

Other institutional investors also recently made changes to their positions in the company. First Hawaiian Bank grew its holdings in Teck Resources by 6.0% in the 1st quarter. First Hawaiian Bank now owns 5,552 shares of the basic materials company’s stock worth $254,000 after buying an additional 313 shares in the last quarter. Cigna Investments Inc. New grew its holdings in Teck Resources by 3.8% in the 2nd quarter. Cigna Investments Inc. New now owns 8,762 shares of the basic materials company’s stock worth $420,000 after buying an additional 317 shares in the last quarter. Verdence Capital Advisors LLC grew its holdings in Teck Resources by 3.3% in the 1st quarter. Verdence Capital Advisors LLC now owns 10,981 shares of the basic materials company’s stock worth $503,000 after buying an additional 353 shares in the last quarter. Hexagon Capital Partners LLC grew its holdings in Teck Resources by 143.0% in the 1st quarter. Hexagon Capital Partners LLC now owns 656 shares of the basic materials company’s stock worth $30,000 after buying an additional 386 shares in the last quarter. Finally, WR Wealth Planners LLC grew its holdings in Teck Resources by 17.4% in the 2nd quarter. WR Wealth Planners LLC now owns 2,700 shares of the basic materials company’s stock worth $129,000 after buying an additional 400 shares in the last quarter. 78.06% of the stock is owned by institutional investors.

Teck Resources Price Performance

Shares of NYSE:TECK opened at $44.58 on Wednesday. Teck Resources Limited has a one year low of $34.38 and a one year high of $55.13. The stock has a fifty day moving average of $47.66 and a 200-day moving average of $47.08. The company has a market capitalization of $22.81 billion, a PE ratio of 19.73 and a beta of 1.01. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.77 and a current ratio of 1.48.

Teck Resources (NYSE:TECK) (TSE:TECK) last released its earnings results 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. The company had revenue of $3.87 billion during 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 revenue for the quarter was up 10.1% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.91 earnings per share. As a group, equities analysts anticipate that Teck Resources Limited will post 2.01 EPS for the current fiscal year.

Teck Resources Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, September 27th. Stockholders of record on Friday, September 13th will be paid a $0.625 dividend. The ex-dividend date is Friday, September 13th. This is an increase from Teck Resources’s previous quarterly dividend of $0.09. This represents a $2.50 dividend on an annualized basis and a dividend yield of 5.61%. Teck Resources’s dividend payout ratio is 16.37%.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on TECK. BMO Capital Markets began coverage on Teck Resources in a report on Monday, July 15th. They issued an “outperform” rating for the company. Morgan Stanley upped their target price on Teck Resources from $55.00 to $60.00 and gave the stock an “overweight” rating in a research report on Friday, June 21st. Eight Capital downgraded Teck Resources from a “strong-buy” rating to a “hold” rating in a research report on Thursday, July 11th. Benchmark restated a “buy” rating and issued a $55.00 target price on shares of Teck Resources in a research report on Thursday, July 25th. Finally, CIBC upped their target price on Teck Resources from $70.00 to $80.00 and gave the stock an “outperformer” rating in a research report on Friday, July 12th. Three equities research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, Teck Resources presently has an average rating of “Moderate Buy” and an average target price of $62.40.

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.