Zurich Insurance Group Ltd FI Invests $70.55 Million in Teck Resources Limited (NYSE:TECK)

Zurich Insurance Group Ltd FI acquired a new position in shares of Teck Resources Limited (NYSE:TECK) (TSE:TECK) in the 3rd quarter, HoldingsChannel reports. The firm acquired 1,349,315 shares of the basic materials company’s stock, valued at approximately $70,549,000.

Other hedge funds also recently modified their holdings of the company. Principal Financial Group Inc. increased its holdings in shares of Teck Resources by 21.7% in the third quarter. Principal Financial Group Inc. now owns 7,429,981 shares of the basic materials company’s stock valued at $388,507,000 after purchasing an additional 1,326,241 shares in the last quarter. CIBC Asset Management Inc increased its holdings in shares of Teck Resources by 2.6% in the third quarter. CIBC Asset Management Inc now owns 6,495,880 shares of the basic materials company’s stock valued at $341,337,000 after purchasing an additional 165,759 shares in the last quarter. Mackenzie Financial Corp increased its holdings in shares of Teck Resources by 10.3% in the second quarter. Mackenzie Financial Corp now owns 5,855,836 shares of the basic materials company’s stock valued at $280,655,000 after purchasing an additional 546,801 shares in the last quarter. TD Asset Management Inc increased its holdings in shares of Teck Resources by 49.0% in the second quarter. TD Asset Management Inc now owns 4,950,816 shares of the basic materials company’s stock valued at $237,202,000 after purchasing an additional 1,629,149 shares in the last quarter. Finally, Cibc World Market Inc. increased its holdings in shares of Teck Resources by 26.1% in the second quarter. Cibc World Market Inc. now owns 4,779,715 shares of the basic materials company’s stock valued at $228,948,000 after purchasing an additional 989,612 shares in the last quarter. Institutional investors and hedge funds own 78.06% of the company’s stock.

Teck Resources Trading Down 1.0 %

Shares of NYSE TECK opened at $44.96 on Friday. The company’s fifty day moving average is $48.21 and its 200-day moving average is $48.18. The stock has a market cap of $23.03 billion, a price-to-earnings ratio of 68.11 and a beta of 1.03. Teck Resources Limited has a twelve month low of $36.50 and a twelve month high of $55.13. The company has a quick ratio of 2.35, a current ratio of 2.92 and a debt-to-equity ratio of 0.16.

Teck Resources (NYSE:TECK) (TSE:TECK) last announced its quarterly earnings results on Thursday, October 24th. The basic materials company reported $0.60 earnings per share for the quarter, topping analysts’ consensus estimates of $0.36 by $0.24. The company had revenue of $2.86 billion for the quarter, compared to analysts’ expectations of $2.09 billion. Teck Resources had a net margin of 3.32% and a return on equity of 6.37%. The business’s quarterly revenue was down 20.6% compared to the same quarter last year. During the same period last year, the firm posted $0.57 earnings per share. Equities research analysts predict that Teck Resources Limited will post 1.82 EPS for the current year.

Teck Resources Cuts Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Stockholders 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 dividend on an annualized basis and a dividend yield of 0.80%. Teck Resources’s dividend payout ratio is 56.06%.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on TECK. StockNews.com raised shares of Teck Resources from a “sell” rating to a “hold” rating in a report on Thursday, October 24th. JPMorgan Chase & Co. reduced their price objective on shares of Teck Resources from $57.00 to $55.00 and set an “overweight” rating on the stock in a research note on Friday, October 25th. Deutsche Bank Aktiengesellschaft cut shares of Teck Resources from a “buy” rating to a “hold” rating and set a $50.00 price objective on the stock. in a research note on Friday, October 25th. Scotiabank raised their price objective on shares of Teck Resources from $78.00 to $79.00 and gave the company a “sector outperform” rating in a research note on Tuesday, October 8th. Finally, UBS Group cut shares of Teck Resources from a “buy” rating to a “neutral” rating in a research note on Monday, November 11th. Five research analysts have rated the stock with a hold rating, five have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, Teck Resources presently has a consensus rating of “Moderate Buy” and an average price target of $65.29.

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.