Pictet Asset Management Holding SA Purchases 156,980 Shares of Teck Resources Limited (NYSE:TECK)

Pictet Asset Management Holding SA increased its position in Teck Resources Limited (NYSE:TECK) (TSE:TECK) by 102.6% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 309,987 shares of the basic materials company’s stock after buying an additional 156,980 shares during the period. Pictet Asset Management Holding SA owned 0.06% of Teck Resources worth $12,563,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. PNC Financial Services Group Inc. boosted its position in shares of Teck Resources by 2.1% during the 4th quarter. PNC Financial Services Group Inc. now owns 11,632 shares of the basic materials company’s stock valued at $471,000 after acquiring an additional 243 shares during the last quarter. Sequoia Financial Advisors LLC lifted its position in Teck Resources by 2.9% during the fourth quarter. Sequoia Financial Advisors LLC now owns 9,809 shares of the basic materials company’s stock valued at $398,000 after purchasing an additional 279 shares during the last quarter. Steward Partners Investment Advisory LLC grew its stake in shares of Teck Resources by 6.5% in the 4th quarter. Steward Partners Investment Advisory LLC now owns 4,844 shares of the basic materials company’s stock worth $196,000 after buying an additional 297 shares in the last quarter. Commonwealth Equity Services LLC increased its holdings in shares of Teck Resources by 2.2% in the 4th quarter. Commonwealth Equity Services LLC now owns 13,959 shares of the basic materials company’s stock worth $566,000 after buying an additional 302 shares during the last quarter. Finally, Exchange Traded Concepts LLC raised its position in shares of Teck Resources by 7.2% during the 4th quarter. Exchange Traded Concepts LLC now owns 4,897 shares of the basic materials company’s stock valued at $198,000 after buying an additional 327 shares in the last quarter. Hedge funds and other institutional investors own 78.06% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on the company. JPMorgan Chase & Co. dropped their price target 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. Bank of America boosted their target price on Teck Resources from $62.00 to $64.00 and gave the company a “buy” rating in a research report on Monday, March 10th. National Bank Financial downgraded Teck Resources from an “outperform” rating to a “sector perform” rating in a research report on Tuesday, December 10th. Finally, Raymond James cut their price objective on shares of Teck Resources from $75.00 to $70.00 and set an “outperform” rating on the stock in a research report on Wednesday, January 22nd. Six equities 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’s stock. Based on data from MarketBeat.com, Teck Resources has an average rating of “Moderate Buy” and an average target price of $65.22.

Teck Resources Stock Performance

Teck Resources stock opened at $36.73 on Wednesday. The company has a debt-to-equity ratio of 0.16, a quick ratio of 2.35 and a current ratio of 2.92. The company has a market capitalization of $18.18 billion, a PE ratio of 66.79 and a beta of 0.93. The company has a 50 day moving average price of $41.28 and a 200-day moving average price of $44.50. Teck Resources Limited has a fifty-two week low of $35.14 and a fifty-two week high of $55.13.

Teck Resources (NYSE:TECK) (TSE:TECK) last issued its earnings results on Thursday, February 20th. The basic materials company reported $0.33 earnings per share for the quarter, topping the consensus estimate of $0.26 by $0.07. The business had revenue of $1.99 billion during the quarter, compared to analysts’ expectations of $2.58 billion. Teck Resources had a return on equity of 4.59% and a net margin of 2.96%. As a group, equities analysts forecast that Teck Resources Limited will post 1.53 earnings per share for the current year.

Teck Resources Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Friday, March 14th were issued a dividend of $0.0879 per share. This represents a $0.35 annualized dividend and a yield of 0.96%. The ex-dividend date of this dividend was Friday, March 14th. Teck Resources’s payout ratio is 61.82%.

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.