Bourgeon Capital Management LLC Raises Holdings in Teck Resources Limited (NYSE:TECK)

Bourgeon Capital Management LLC grew its position in shares of Teck Resources Limited (NYSE:TECK) (TSE:TECK) by 7.7% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 7,000 shares of the basic materials company’s stock after acquiring an additional 500 shares during the quarter. Bourgeon Capital Management LLC’s holdings in Teck Resources were worth $284,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of TECK. Principal Financial Group Inc. increased its holdings in Teck Resources by 21.7% in the 3rd 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 raised its holdings in shares of Teck Resources by 2.6% during the 3rd quarter. CIBC Asset Management Inc now owns 6,495,880 shares of the basic materials company’s stock valued at $341,337,000 after buying an additional 165,759 shares during the period. Mackenzie Financial Corp lifted its position in Teck Resources by 10.3% during the 2nd quarter. Mackenzie Financial Corp now owns 5,855,836 shares of the basic materials company’s stock worth $280,655,000 after acquiring an additional 546,801 shares in the last quarter. AMF Tjanstepension AB boosted its holdings in Teck Resources by 3.9% in the 3rd quarter. AMF Tjanstepension AB now owns 4,552,507 shares of the basic materials company’s stock worth $238,055,000 after acquiring an additional 169,476 shares during the period. Finally, FMR LLC boosted its holdings in Teck Resources by 72.8% in the 3rd quarter. FMR LLC now owns 3,634,430 shares of the basic materials company’s stock worth $189,848,000 after acquiring an additional 1,531,563 shares during the period. 78.06% of the stock is currently owned by hedge funds and other institutional investors.

Teck Resources Price Performance

Shares of TECK opened at $43.76 on Wednesday. The firm has a market capitalization of $21.82 billion, a price-to-earnings ratio of 66.30 and a beta of 1.05. The stock’s fifty day moving average is $43.60 and its 200-day moving average is $46.52. Teck Resources Limited has a one year low of $36.50 and a one year high of $55.13. 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 (NYSE:TECK) (TSE:TECK) last released its quarterly earnings results on Thursday, October 24th. The basic materials company reported $0.60 EPS 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 the consensus estimate of $2.09 billion. Teck Resources had a net margin of 3.32% and a return on equity of 6.37%. Teck Resources’s revenue was down 20.6% on a year-over-year basis. During the same period in the previous year, the firm earned $0.57 EPS. Equities analysts anticipate that Teck Resources Limited will post 1.69 EPS for the current year.

Teck Resources Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, December 31st. Stockholders of record on Friday, December 13th were given a dividend of $0.0895 per share. This represents a $0.36 annualized dividend and a dividend yield of 0.82%. The ex-dividend date was Friday, December 13th. Teck Resources’s dividend payout ratio (DPR) is presently 53.03%.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on TECK shares. Citigroup raised shares of Teck Resources to a “hold” rating in a report on Wednesday, October 2nd. JPMorgan Chase & Co. lowered their target price on Teck Resources from $55.00 to $51.00 and set an “overweight” rating for the company in a research note on Thursday, January 16th. Scotiabank boosted their price target on Teck Resources from $78.00 to $79.00 and gave the stock a “sector outperform” rating in a research note on Tuesday, October 8th. National Bank Financial downgraded Teck Resources from an “outperform” rating to a “sector perform” rating in a report on Tuesday, December 10th. Finally, Deutsche Bank Aktiengesellschaft lowered Teck Resources from a “buy” rating to a “hold” rating and set a $50.00 target price on the stock. in a research report on Friday, October 25th. Six investment 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. According to MarketBeat, Teck Resources has an average rating of “Moderate Buy” and a consensus target price of $64.71.

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.