11,609,774 Shares in Teck Resources Limited (NYSE:TECK) Acquired by Norges Bank

Norges Bank bought a new position in shares of Teck Resources Limited (NYSE:TECK) (TSE:TECK) in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 11,609,774 shares of the basic materials company’s stock, valued at approximately $470,101,000. Norges Bank owned about 2.33% of Teck Resources at the end of the most recent reporting period.

A number of other large investors have also recently modified their holdings of the business. Synergy Asset Management LLC lifted its position in shares of Teck Resources by 77.7% during the 4th quarter. Synergy Asset Management LLC now owns 16,892 shares of the basic materials company’s stock worth $685,000 after buying an additional 7,387 shares during the last quarter. Public Employees Retirement System of Ohio bought a new position in shares of Teck Resources in the third quarter worth about $1,937,000. Paloma Partners Management Co acquired a new stake in shares of Teck Resources in the 3rd quarter valued at approximately $20,896,000. FNY Investment Advisers LLC grew its holdings in shares of Teck Resources by 709.5% during the 4th quarter. FNY Investment Advisers LLC now owns 17,000 shares of the basic materials company’s stock valued at $689,000 after purchasing an additional 14,900 shares during the last quarter. Finally, BNP Paribas Financial Markets increased its position in Teck Resources by 194.2% during the 3rd quarter. BNP Paribas Financial Markets now owns 141,593 shares of the basic materials company’s stock worth $7,397,000 after purchasing an additional 93,459 shares in the last quarter. Institutional investors and hedge funds own 78.06% of the company’s stock.

Analyst Upgrades and Downgrades

TECK has been the topic of a number of research reports. JPMorgan Chase & Co. decreased their target price on shares of Teck Resources from $55.00 to $51.00 and set an “overweight” rating on the stock in a research note on Thursday, January 16th. National Bank Financial downgraded Teck Resources from an “outperform” rating to a “sector perform” rating in a research report on Tuesday, December 10th. Bank of America upped their price objective on Teck Resources from $62.00 to $64.00 and gave the company a “buy” rating in a research note on Monday, March 10th. Finally, Raymond James reduced their target price on shares of Teck Resources from $75.00 to $70.00 and set an “outperform” rating on the stock in a report on Wednesday, January 22nd. Six research analysts have rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $65.22.

Teck Resources Price Performance

Shares of NYSE TECK opened at $37.43 on Friday. The company has a market capitalization of $18.84 billion, a PE ratio of 68.05 and a beta of 0.93. 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 Limited has a twelve month low of $36.54 and a twelve month high of $55.13. The firm has a fifty day simple moving average of $41.56 and a 200 day simple moving average of $44.64.

Teck Resources (NYSE:TECK) (TSE:TECK) last posted its quarterly earnings data on Thursday, February 20th. The basic materials company reported $0.33 earnings per share for the quarter, topping the consensus estimate of $0.26 by $0.07. Teck Resources had a return on equity of 4.59% and a net margin of 2.96%. The firm had revenue of $1.99 billion during the quarter, compared to analyst estimates of $2.58 billion. On average, sell-side analysts forecast that Teck Resources Limited will post 1.53 EPS for the current year.

Teck Resources Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Friday, March 14th will be issued a dividend of $0.0879 per share. This represents a $0.35 dividend on an annualized basis and a dividend yield of 0.94%. The ex-dividend date of this dividend is Friday, March 14th. Teck Resources’s payout ratio is 61.82%.

About Teck Resources

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.