Swiss National Bank Acquires 14,000 Shares of Teck Resources Limited (NYSE:TECK)

Swiss National Bank increased its stake in Teck Resources Limited (NYSE:TECK) (TSE:TECK) by 1.0% during the third quarter, according to its most recent filing with the SEC. The fund owned 1,391,579 shares of the basic materials company’s stock after buying an additional 14,000 shares during the quarter. Swiss National Bank owned 0.27% of Teck Resources worth $72,799,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. Natixis Advisors LLC increased its position in Teck Resources by 129.6% in the third quarter. Natixis Advisors LLC now owns 246,190 shares of the basic materials company’s stock worth $12,861,000 after buying an additional 138,952 shares during the last quarter. Empowered Funds LLC increased its holdings in Teck Resources by 3.4% in the 3rd quarter. Empowered Funds LLC now owns 21,607 shares of the basic materials company’s stock worth $1,129,000 after acquiring an additional 707 shares during the last quarter. CIBC Asset Management Inc increased its holdings in Teck Resources by 2.6% in the 3rd quarter. CIBC Asset Management Inc now owns 6,495,880 shares of the basic materials company’s stock worth $341,337,000 after acquiring an additional 165,759 shares during the last quarter. Metis Global Partners LLC raised its stake in Teck Resources by 29.9% in the 3rd quarter. Metis Global Partners LLC now owns 38,324 shares of the basic materials company’s stock valued at $2,002,000 after acquiring an additional 8,825 shares during the period. Finally, Regal Partners Ltd lifted its holdings in Teck Resources by 1.4% during the third quarter. Regal Partners Ltd now owns 2,728,980 shares of the basic materials company’s stock valued at $142,562,000 after purchasing an additional 38,949 shares during the last quarter. Institutional investors own 78.06% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on TECK. JPMorgan Chase & Co. lowered their price target on shares of Teck Resources from $57.00 to $55.00 and set an “overweight” rating on the stock in a research report on Friday, October 25th. Scotiabank upped their price target on Teck Resources from $78.00 to $79.00 and gave the company a “sector outperform” rating in a research report on Tuesday, October 8th. Deutsche Bank Aktiengesellschaft lowered shares of Teck Resources from a “buy” rating to a “hold” rating and set a $50.00 price objective for the company. in a research report on Friday, October 25th. Paradigm Capital upgraded shares of Teck Resources to a “moderate buy” rating in a research note on Friday, July 26th. Finally, Benchmark restated a “buy” rating and set a $55.00 price target on shares of Teck Resources in a research report on Thursday, July 25th. Five research analysts have rated the stock with a hold rating, five have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, Teck Resources currently has an average rating of “Moderate Buy” and a consensus target price of $65.29.

Teck Resources Trading Up 2.1 %

TECK stock opened at $47.14 on Wednesday. The company has a market capitalization of $23.71 billion, a PE ratio of 71.42 and a beta of 1.04. The company has a debt-to-equity ratio of 0.16, a quick ratio of 2.35 and a current ratio of 2.92. Teck Resources Limited has a one year low of $35.25 and a one year high of $55.13. The company’s 50 day moving average price is $48.83 and its two-hundred day moving average price is $48.63.

Teck Resources (NYSE:TECK) (TSE:TECK) last posted its quarterly earnings results on Thursday, October 24th. The basic materials company reported $0.60 earnings per share for the quarter, topping the consensus estimate of $0.36 by $0.24. Teck Resources had a net margin of 3.32% and a return on equity of 6.37%. The business had revenue of $2.86 billion during the quarter, compared to the consensus estimate of $2.09 billion. The firm’s revenue for the quarter was down 20.6% on a year-over-year basis. During the same period in the previous year, the firm posted $0.57 earnings per share. As a group, analysts predict that Teck Resources Limited will post 1.84 earnings per share for the current fiscal year.

Teck Resources Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Investors of record on Friday, December 13th will be given a dividend of $0.0895 per share. The ex-dividend date of this dividend is Friday, December 13th. This represents a $0.36 annualized dividend and a yield of 0.76%. Teck Resources’s payout ratio is 56.06%.

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.