HighTower Advisors LLC Boosts Stake in Teck Resources Limited (NYSE:TECK)

HighTower Advisors LLC lifted its holdings in shares of Teck Resources Limited (NYSE:TECK – Get Rating) (TSE:TECK) by 111.9% in the fourth quarter, HoldingsChannel.com reports. The firm owned 43,673 shares of the basic materials company’s stock after acquiring an additional 23,061 shares during the quarter. HighTower Advisors LLC’s holdings in Teck Resources were worth $1,656,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of the business. Hollencrest Capital Management acquired a new stake in shares of Teck Resources in the fourth quarter valued at $38,000. Thrivent Financial for Lutherans acquired a new position in shares of Teck Resources in the fourth quarter valued at approximately $2,920,000. Advisors Asset Management Inc. grew its holdings in shares of Teck Resources by 71.2% in the third quarter. Advisors Asset Management Inc. now owns 10,151 shares of the basic materials company’s stock valued at $309,000 after purchasing an additional 4,220 shares in the last quarter. CWM LLC increased its stake in Teck Resources by 41.1% during the 4th quarter. CWM LLC now owns 2,635 shares of the basic materials company’s stock worth $100,000 after buying an additional 768 shares during the period. Finally, Hsbc Holdings PLC lifted its holdings in Teck Resources by 73.9% during the 3rd quarter. Hsbc Holdings PLC now owns 250,309 shares of the basic materials company’s stock worth $7,712,000 after buying an additional 106,382 shares in the last quarter. 56.15% of the stock is currently owned by hedge funds and other institutional investors.

Teck Resources Stock Performance

NYSE TECK opened at $37.49 on Friday. The company has a fifty day moving average of $42.05 and a two-hundred day moving average of $39.83. The company has a market capitalization of $19.21 billion, a PE ratio of 9.01, a P/E/G ratio of 1.34 and a beta of 1.06. Teck Resources Limited has a 1 year low of $24.72 and a 1 year high of $49.34. The company has a debt-to-equity ratio of 0.24, a current ratio of 1.28 and a quick ratio of 0.80.

Teck Resources (NYSE:TECK – Get Rating) (TSE:TECK) last posted its earnings results on Tuesday, February 21st. The basic materials company reported $0.79 earnings per share for the quarter, missing the consensus estimate of $0.96 by ($0.17). The firm had revenue of $2.31 billion during the quarter, compared to analysts’ expectations of $2.58 billion. Teck Resources had a net margin of 16.80% and a return on equity of 15.71%. As a group, analysts expect that Teck Resources Limited will post 4.88 earnings per share for the current year.

Teck Resources Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 30th. Shareholders of record on Thursday, June 15th will be paid a $0.125 dividend. The ex-dividend date is Wednesday, June 14th. This represents a $0.50 dividend on an annualized basis and a yield of 1.33%. This is a boost from Teck Resources’s previous quarterly dividend of $0.09. Teck Resources’s payout ratio is currently 8.89%.

Analysts Set New Price Targets

A number of analysts have recently weighed in on the company. 92 Resources reaffirmed a “maintains” rating on shares of Teck Resources in a research report on Thursday, April 27th. Bank of America reduced their price target on Teck Resources from C$65.00 to C$62.00 in a research report on Monday, April 3rd. Morgan Stanley lowered their price objective on Teck Resources from $44.00 to $42.00 and set an “overweight” rating for the company in a research report on Wednesday, March 29th. Stifel Nicolaus raised their target price on shares of Teck Resources from C$65.00 to C$66.00 in a report on Tuesday, April 11th. Finally, CIBC lifted their price target on shares of Teck Resources from C$65.00 to C$76.00 in a research note on Thursday, April 27th. Six research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $61.86.

About Teck Resources

(Get Rating)

Teck Resources Limited is a resource company, which engages in the exploration, acquisition, development, production, and sale of natural resources, Its products include steelmaking coal, copper, zinc, industrial products and fertilizers, and other metals. Its project operations are located in Canada, Peru, Chile, and US.