PCJ Investment Counsel Ltd. Acquires 32,090 Shares of Teck Resources Ltd $TECK

PCJ Investment Counsel Ltd. increased its holdings in shares of Teck Resources Ltd (NYSE:TECK) (TSE:TECK) by 151.6% in the 2nd quarter, Holdings Channel.com reports. The institutional investor owned 53,260 shares of the basic materials company’s stock after purchasing an additional 32,090 shares during the period. PCJ Investment Counsel Ltd.’s holdings in Teck Resources were worth $2,154,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of TECK. Smartleaf Asset Management LLC raised its stake in Teck Resources by 69.2% during the first quarter. Smartleaf Asset Management LLC now owns 856 shares of the basic materials company’s stock worth $32,000 after acquiring an additional 350 shares in the last quarter. Costello Asset Management INC acquired a new position in Teck Resources during the 1st quarter worth approximately $33,000. Banque Cantonale Vaudoise bought a new position in Teck Resources in the 1st quarter valued at approximately $36,000. Mirae Asset Global Investments Co. Ltd. bought a new position in Teck Resources in the 2nd quarter valued at approximately $49,000. Finally, MassMutual Private Wealth & Trust FSB boosted its position in Teck Resources by 102.5% in the second quarter. MassMutual Private Wealth & Trust FSB now owns 1,320 shares of the basic materials company’s stock valued at $53,000 after buying an additional 668 shares in the last quarter. Institutional investors own 78.06% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have recently issued reports on the stock. UBS Group upgraded shares of Teck Resources from a “neutral” rating to a “buy” rating in a report on Wednesday, September 3rd. JPMorgan Chase & Co. upped their target price on Teck Resources from $41.00 to $43.00 and gave the stock a “neutral” rating in a report on Thursday, October 9th. Wall Street Zen upgraded Teck Resources from a “sell” rating to a “hold” rating in a research report on Saturday, July 26th. Raymond James Financial reissued an “outperform” rating on shares of Teck Resources in a research note on Friday, October 10th. Finally, B. Riley downgraded Teck Resources from a “buy” rating to a “neutral” rating in a research note on Monday, July 28th. One analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, twelve have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $54.00.

Teck Resources Stock Down 1.0%

Shares of NYSE:TECK opened at $41.05 on Friday. The firm has a market cap of $19.72 billion, a P/E ratio of 23.06, a P/E/G ratio of 0.74 and a beta of 0.90. Teck Resources Ltd has a 12-month low of $28.32 and a 12-month high of $49.71. The business has a fifty day simple moving average of $41.11 and a 200 day simple moving average of $37.88. The company has a quick ratio of 2.08, a current ratio of 2.78 and a debt-to-equity ratio of 0.15.

Teck Resources (NYSE:TECK) (TSE:TECK) last issued its quarterly earnings results on Wednesday, October 22nd. The basic materials company reported $0.55 earnings per share for the quarter, beating the consensus estimate of $0.39 by $0.16. Teck Resources had a return on equity of 4.14% and a net margin of 11.93%.The company had revenue of $2.43 billion during the quarter, compared to analysts’ expectations of $2.93 billion. During the same quarter in the prior year, the firm posted $0.60 earnings per share. The business’s quarterly revenue was up 18.4% on a year-over-year basis. Analysts predict that Teck Resources Ltd will post 1.53 earnings per share for the current year.

Teck Resources Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, December 31st. Shareholders of record on Monday, December 15th will be issued a dividend of $0.125 per share. This represents a $0.50 annualized dividend and a yield of 1.2%. The ex-dividend date is Monday, December 15th. This is a positive change from Teck Resources’s previous quarterly dividend of $0.09. Teck Resources’s dividend payout ratio (DPR) is 19.66%.

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.