Canada Pension Plan Investment Board Has $73.97 Million Stock Holdings in Teck Resources Limited (NYSE:TECK)

Canada Pension Plan Investment Board grew its position in Teck Resources Limited (NYSE:TECK) (TSE:TECK) by 27.0% during the first quarter, HoldingsChannel reports. The firm owned 1,614,436 shares of the basic materials company’s stock after buying an additional 343,626 shares during the quarter. Canada Pension Plan Investment Board’s holdings in Teck Resources were worth $73,966,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors also recently modified their holdings of the company. Ninety One SA PTY Ltd raised its position in shares of Teck Resources by 45.1% in the fourth quarter. Ninety One SA PTY Ltd now owns 147,093 shares of the basic materials company’s stock valued at $6,236,000 after purchasing an additional 45,750 shares during the period. Mackenzie Financial Corp raised its position in shares of Teck Resources by 45.7% in the fourth quarter. Mackenzie Financial Corp now owns 6,632,418 shares of the basic materials company’s stock valued at $280,491,000 after purchasing an additional 2,080,295 shares during the period. AGF Management Ltd. raised its position in shares of Teck Resources by 13.4% in the fourth quarter. AGF Management Ltd. now owns 136,376 shares of the basic materials company’s stock valued at $5,785,000 after purchasing an additional 16,141 shares during the period. The Manufacturers Life Insurance Company increased its position in Teck Resources by 37.4% during the fourth quarter. The Manufacturers Life Insurance Company now owns 1,935,979 shares of the basic materials company’s stock worth $81,966,000 after acquiring an additional 526,611 shares during the period. Finally, 1832 Asset Management L.P. increased its position in Teck Resources by 13.0% during the fourth quarter. 1832 Asset Management L.P. now owns 856,244 shares of the basic materials company’s stock worth $36,193,000 after acquiring an additional 98,655 shares during the period. Institutional investors own 78.06% of the company’s stock.

Teck Resources Stock Up 3.8 %

TECK opened at $47.45 on Friday. Teck Resources Limited has a fifty-two week low of $34.38 and a fifty-two week high of $55.13. The company has a debt-to-equity ratio of 0.20, a current ratio of 1.49 and a quick ratio of 0.86. The firm’s fifty day moving average price is $49.07 and its two-hundred day moving average price is $45.37. The company has a market capitalization of $24.24 billion, a P/E ratio of 21.00, a P/E/G ratio of 10.93 and a beta of 1.05.

Teck Resources (NYSE:TECK) (TSE:TECK) last posted its quarterly earnings results on Wednesday, July 24th. The basic materials company reported $0.79 earnings per share for the quarter, topping analysts’ consensus estimates of $0.47 by $0.32. Teck Resources had a net margin of 9.40% and a return on equity of 6.61%. The firm had revenue of $3.87 billion for the quarter, compared to the consensus estimate of $2.67 billion. During the same quarter in the previous year, the company earned $0.91 earnings per share. The business’s revenue was up 10.1% compared to the same quarter last year. On average, analysts anticipate that Teck Resources Limited will post 2.03 EPS for the current year.

Teck Resources Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, September 27th. Stockholders of record on Friday, September 13th will be paid a $0.625 dividend. This represents a $2.50 annualized dividend and a dividend yield of 5.27%. The ex-dividend date is Friday, September 13th. This is an increase from Teck Resources’s previous quarterly dividend of $0.09. Teck Resources’s payout ratio is currently 16.37%.

Analysts Set New Price Targets

TECK has been the topic of a number of research reports. Morgan Stanley boosted their target price on shares of Teck Resources from $55.00 to $60.00 and gave the stock an “overweight” rating in a research report on Friday, June 21st. CIBC boosted their target price on shares of Teck Resources from $70.00 to $80.00 and gave the stock an “outperformer” rating in a research report on Friday, July 12th. BMO Capital Markets initiated coverage on shares of Teck Resources in a research report on Monday, July 15th. They set an “outperform” rating on the stock. JPMorgan Chase & Co. dropped their target price on shares of Teck Resources from $56.00 to $54.00 and set an “overweight” rating on the stock in a research report on Thursday. Finally, Eight Capital lowered shares of Teck Resources from a “strong-buy” rating to a “hold” rating in a research report on Thursday, July 11th. Three equities research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $63.50.

Teck Resources 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.