MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. Increases Position in Teck Resources Ltd $TECK

by · The Markets Daily

MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in Teck Resources Ltd (NYSE:TECK – Free Report) (TSE:TECK) by 2.2% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 3,015,149 shares of the basic materials company’s stock after purchasing an additional 66,225 shares during the quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. owned 0.61% of Teck Resources worth $109,817,000 as of its most recent SEC filing.

A number of other large investors have also modified their holdings of TECK. Smartleaf Asset Management LLC increased its position in shares of Teck Resources by 69.2% during the first quarter. Smartleaf Asset Management LLC now owns 856 shares of the basic materials company’s stock worth $32,000 after acquiring an additional 350 shares during the period. Costello Asset Management INC acquired a new position in Teck Resources in the first quarter valued at $33,000. Banque Cantonale Vaudoise acquired a new position in Teck Resources in the first quarter valued at $36,000. Golden State Wealth Management LLC grew its holdings in shares of Teck Resources by 7,560.0% during the first quarter. Golden State Wealth Management LLC now owns 1,149 shares of the basic materials company’s stock worth $42,000 after buying an additional 1,134 shares during the last quarter. Finally, Ameriflex Group Inc. purchased a new position in shares of Teck Resources during the fourth quarter worth about $50,000. Hedge funds and other institutional investors own 78.06% of the company’s stock.

Analysts Set New Price Targets

A number of research firms recently issued reports on TECK. JPMorgan Chase & Co. reissued a “neutral” rating and set a $41.00 price target (down previously from $46.00) on shares of Teck Resources in a report on Friday, July 25th. Benchmark dropped their target price on shares of Teck Resources from $55.00 to $48.00 and set a “buy” rating for the company in a report on Monday, July 28th. UBS Group raised shares of Teck Resources from a “neutral” rating to a “buy” rating in a research note on Wednesday. Wall Street Zen raised shares of Teck Resources from a “sell” rating to a “hold” rating in a research note on Saturday, July 26th. Finally, Desjardins cut shares of Teck Resources from a “buy” rating to a “hold” rating in a research note on Friday, July 18th. One analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and eleven have issued a Hold rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $57.88.

Read Our Latest Stock Analysis on Teck Resources

Teck Resources Stock Down 2.8%

Shares of NYSE TECK opened at $32.78 on Friday. Teck Resources Ltd has a 1 year low of $28.32 and a 1 year high of $54.13. The firm’s 50 day moving average price is $35.26 and its 200 day moving average price is $36.65. The firm has a market cap of $15.74 billion, a P/E ratio of 86.25, a price-to-earnings-growth ratio of 0.53 and a beta of 0.78. The company has a debt-to-equity ratio of 0.15, a quick ratio of 2.45 and a current ratio of 3.47.

Teck Resources (NYSE:TECK – Get Free Report) (TSE:TECK) last announced its earnings results on Thursday, July 24th. The basic materials company reported $0.27 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.20 by $0.07. Teck Resources had a net margin of 2.51% and a return on equity of 3.91%. The firm had revenue of $1.49 billion for the quarter, compared to analyst estimates of $2.25 billion. During the same quarter last year, the business earned $0.79 earnings per share. Teck Resources’s revenue was up 12.3% compared to the same quarter last year. As a group, sell-side analysts anticipate that Teck Resources Ltd will post 1.53 earnings per share for the current year.

Teck Resources Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, September 29th. Investors of record on Monday, September 15th will be given a dividend of $0.0918 per share. This represents a $0.37 dividend on an annualized basis and a yield of 1.1%. This is an increase from Teck Resources’s previous quarterly dividend of $0.09. The ex-dividend date is Monday, September 15th. Teck Resources’s dividend payout ratio (DPR) is 94.74%.

Teck Resources Company Profile

(Free Report)

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.

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