CIBC Asset Management Inc Increases Stock Position in Teck Resources Limited (NYSE:TECK)

CIBC Asset Management Inc raised its holdings in Teck Resources Limited (NYSE:TECK) (TSE:TECK) by 18.1% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 6,488,857 shares of the basic materials company’s stock after purchasing an additional 993,135 shares during the period. Teck Resources accounts for approximately 0.9% of CIBC Asset Management Inc’s portfolio, making the stock its 27th largest holding. CIBC Asset Management Inc’s holdings in Teck Resources were worth $236,710,000 as of its most recent SEC filing.

A number of other institutional investors have also modified their holdings of the company. Nvwm LLC acquired a new position in Teck Resources during the first quarter worth approximately $26,000. Money Concepts Capital Corp acquired a new position in Teck Resources during the fourth quarter worth approximately $29,000. Achmea Investment Management B.V. acquired a new position in Teck Resources during the first quarter worth approximately $37,000. EverSource Wealth Advisors LLC increased its position in Teck Resources by 1,423.8% during the fourth quarter. EverSource Wealth Advisors LLC now owns 960 shares of the basic materials company’s stock worth $36,000 after purchasing an additional 897 shares during the last quarter. Finally, Covestor Ltd acquired a new position in Teck Resources during the first quarter worth approximately $53,000. Institutional investors and hedge funds own 59.23% of the company’s stock.

Teck Resources Stock Up 2.9 %

Shares of TECK stock traded up $1.18 on Monday, hitting $42.50. The stock had a trading volume of 3,187,600 shares, compared to its average volume of 4,250,832. The firm has a market capitalization of $21.76 billion, a price-to-earnings ratio of 17.21 and a beta of 1.10. The stock’s 50 day moving average is $41.31 and its 200-day moving average is $41.37. The company has a debt-to-equity ratio of 0.22, a quick ratio of 0.72 and a current ratio of 1.29. Teck Resources Limited has a 52-week low of $28.41 and a 52-week high of $49.34.

Teck Resources (NYSE:TECK) (TSE:TECK) last announced its earnings results on Thursday, July 27th. The basic materials company reported $0.91 earnings per share for the quarter, missing the consensus estimate of $0.97 by ($0.06). The firm had revenue of $2.62 billion during the quarter, compared to analysts’ expectations of $2.77 billion. Teck Resources had a net margin of 11.39% and a return on equity of 11.24%. As a group, research analysts expect that Teck Resources Limited will post 3.95 earnings per share for the current year.

Teck Resources Cuts Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 29th. Shareholders of record on Friday, September 15th will be paid a dividend of $0.094 per share. The ex-dividend date is Thursday, September 14th. This represents a $0.38 dividend on an annualized basis and a yield of 0.88%. Teck Resources’s dividend payout ratio (DPR) is 14.98%.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on the stock. B. Riley dropped their price target on shares of Teck Resources from C$68.00 to C$67.00 in a research report on Monday, June 26th. StockNews.com assumed coverage on shares of Teck Resources in a research report on Tuesday, August 29th. They set a “hold” rating for the company. Scotiabank dropped their price objective on shares of Teck Resources from C$70.00 to C$69.00 in a research report on Friday, July 28th. Deutsche Bank Aktiengesellschaft increased their price objective on shares of Teck Resources from $46.00 to $48.00 in a research report on Wednesday, July 5th. Finally, Stifel Nicolaus dropped their price objective on shares of Teck Resources from C$72.00 to C$68.00 in a research report on Monday, July 10th. Five equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $62.21.

Teck Resources Profile

Teck Resources Limited engages in exploring for, acquiring, developing, and producing natural resources in Asia, Europe, and North America. It operates through Steelmaking Coal, Copper, Zinc, and Energy segments. The company's principal products include copper, zinc, steelmaking coal, and blended bitumen.