Maryland State Retirement & Pension System Has $3.42 Million Stock Holdings in Teck Resources Ltd $TECK

Maryland State Retirement & Pension System grew its stake in shares of Teck Resources Ltd (NYSE:TECK) (TSE:TECK) by 46.3% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 84,431 shares of the basic materials company’s stock after acquiring an additional 26,714 shares during the period. Maryland State Retirement & Pension System’s holdings in Teck Resources were worth $3,417,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of the stock. Mirae Asset Global Investments Co. Ltd. acquired a new stake in Teck Resources during the second quarter worth approximately $49,000. J. Safra Sarasin Holding AG lifted its holdings in shares of Teck Resources by 18.5% during the second quarter. J. Safra Sarasin Holding AG now owns 30,517 shares of the basic materials company’s stock worth $1,232,000 after buying an additional 4,761 shares in the last quarter. Ninety One SA PTY Ltd lifted its holdings in shares of Teck Resources by 425.1% during the second quarter. Ninety One SA PTY Ltd now owns 321,421 shares of the basic materials company’s stock worth $13,056,000 after buying an additional 260,209 shares in the last quarter. Ninety One UK Ltd lifted its holdings in shares of Teck Resources by 436.6% during the second quarter. Ninety One UK Ltd now owns 1,480,334 shares of the basic materials company’s stock worth $59,768,000 after buying an additional 1,204,440 shares in the last quarter. Finally, Union Bancaire Privee UBP SA lifted its holdings in shares of Teck Resources by 4.3% during the second quarter. Union Bancaire Privee UBP SA now owns 6,402 shares of the basic materials company’s stock worth $259,000 after buying an additional 264 shares in the last quarter. 78.06% of the stock is currently owned by institutional investors and hedge funds.

Teck Resources Stock Performance

Teck Resources stock opened at $43.88 on Friday. Teck Resources Ltd has a 12-month low of $28.32 and a 12-month high of $51.58. The company has a quick ratio of 2.45, a current ratio of 3.47 and a debt-to-equity ratio of 0.15. The business’s 50-day moving average price is $36.84 and its two-hundred day moving average price is $36.63. The stock has a market cap of $21.08 billion, a PE ratio of 115.48, a P/E/G ratio of 0.54 and a beta of 0.92.

Teck Resources (NYSE:TECK) (TSE:TECK) last released its earnings results on Thursday, July 24th. The basic materials company reported $0.27 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.20 by $0.07. Teck Resources had a return on equity of 3.91% and a net margin of 2.51%.The firm had revenue of $1.49 billion for the quarter, compared to analysts’ expectations of $2.25 billion. During the same quarter in the previous year, the business posted $0.79 earnings per share. The business’s revenue for the quarter was up 12.3% on a year-over-year basis. As a group, analysts expect that Teck Resources Ltd will post 1.53 earnings per share for the current fiscal year.

Teck Resources Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, September 29th. Shareholders of record on Monday, September 15th were given a $0.0918 dividend. This is a boost from Teck Resources’s previous quarterly dividend of $0.09. This represents a $0.37 dividend on an annualized basis and a yield of 0.8%. The ex-dividend date was Monday, September 15th. Teck Resources’s dividend payout ratio (DPR) is presently 94.74%.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on TECK shares. UBS Group raised Teck Resources from a “neutral” rating to a “buy” rating in a report on Wednesday, September 3rd. Morgan Stanley downgraded Teck Resources from an “overweight” rating to an “equal weight” rating and lifted their target price for the stock from $42.00 to $44.00 in a report on Tuesday, July 15th. Stifel Canada raised Teck Resources to a “hold” rating in a report on Tuesday, July 8th. Citigroup reissued a “neutral” rating on shares of Teck Resources in a report on Wednesday. Finally, B. Riley downgraded Teck Resources from a “buy” rating to a “neutral” rating in a research note on Monday, July 28th. One equities research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, eleven have issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $54.00.

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.